We're FINALLY Going on Tour!!

Brian Preston
Head secret keeper here. Guess what? We're going on tour run. I am so excited because we are taking this show on the road. It's something that we have never done before.

Beau Henderson
And we are so excited that over the next few months, there's just exciting stuff happening. Obviously, we have your book coming out, millionaire mission. That is going to be what's coming out. It's going to be amazing, and you guys are going to love it. And as part of that, we want to go on a little millionaire mission book tour so that you guys can learn even more about the book and get to interact with us.

And it's going to be a blast. I am excited. Uh huh. So excited. I'm nervous, but more, I just can't wait to be around fellow financial mutants whenever I meet you guys, whether you come on studio tours or whether see you out and about, you're always so awesome.

Brian Preston
And what I love is you're a successful group of people, too. Like, I was just at the airport yesterday, met a Jag, you know, so legal minds, I mean, we run into all types and, you know, that come through here that are brilliant. And I just. I'm so excited. We get to do a new endeavor and going on a book tour.

Cause we haven't done a lot of live events. No, no. This is like a cool. I really. Look, if you've ever.

And we're about to share with you what to expect from this so we can show you the value proposition. But I do hope, and I encourage you guys when we share the website. Go check this out. Because, I mean, I absolutely love that we have, and I'll just say it, accidentally discovered the greatest thing in the world by creating content to help you become better with money, to kind of understand the wonderful world of finance. And I'd love for us all to kind of be able to get together now and hang out, be financial mutants, celebrate the 18 years.

That's right. This thing is old enough to vote, no matter what that means in this crazy year. But just go on this journey with us as we go on this new endeavor. So I love it. Can you tell I'm nervous?

This is the way that, by the way, my keynote's gonna be as well. I'm gonna get up there. And the more nervous is, the more chaos. You'll be just amazing. It's gonna be awesome.

Beau Henderson
So we're all gonna get to hang out together. It's gonna be great. And here's what we want you to expect when you show up to the book tour. You're gonna be able to come in, you're gonna be able to grab a snack, and you're gonna be able to mingle with other mutants. So you're gonna get to meet other folks.

Mutant mingle. We trademarked that chat. Mutant mingle. You're gonna get to hang out with folks that view and think about the world in the same way that you do when it comes to finances. And it's gonna be so, so awesome.

You're also gonna be able to find your seat for the speech. Cause it's gonna be great. Brian has been working on this amazing speech to tell you a little bit about his millionaire mission, what he's done, and as well, is how you can start your own, where you can go with that. And then after Brian's speech, we're going to do a live in person q and a, where we're going to take questions directly from you, the audience. So I'm going to come up there, we'll sit there and we haven't talked.

Brian Preston
About this, but I'd even. I'd be okay if it's like an ask me anything type thing where, you know, really. I mean, because it's going to be like the show, but better in some ways, because I think you can take off some barriers in a lot of territory. I like it. So you heard.

Beau Henderson
You heard it here first, Ruby. We'll see if the head cat herder lets that. I also heard it here first. If this is. Ask me anything.

Q and a. Interesting. Okay. That didn't come up in free show. You don't have to karaoke.

Brian Preston
When they ask you to karaoke, you can put your own boundaries, which you certainly could. You know what I mean? And if you want the full experience, one of the things we're gonna do on this tour is we're also gonna offer vip tickets. And here's what a vip ticket will get. You get a private meet and greet before the show, where you get to come in.

Beau Henderson
We'll kind of be hanging out, chatting with everyone. We're going to be there. Brian's willing to sign your book, and then we'll take photos then. One of the great things about Brian's. Privilege to sign your book.

Brian Preston
What are you talking about? I'm excited. I'm embracing this. And by the way, by the time we get there, man, how good is that signature going to be? Because of all of the reps you're getting right now.

Beau Henderson
And then you're going to get priority seating for the keynote. So you're going to get to come in before general admission, you're going to get to choose where you want to sit and what proximity you want to be in for both the keynote as well as for our live Q and A. It's going to be a lot of fun. I feel like it's going to be just a party that we're going to be hanging out at where we all get to do essentially this. But instead of you only seeing us and us only looking at the camera, we get to all see each other, which I think is going to be amazing.

Brian Preston
So are we ready to announce key locations? All right, Rebi, is this the time? Can we say it? It is time. You are set loose.

Beau Henderson
Brian, by the way, I want to. Tell you guys, first of all, financial mutants, you guys. Awesome. I loved getting all the feedback of where you guys were asking. Pitbull, Anchorage, Alaska, shout out to you.

Brian Preston
That was, that is not the first announcement, but I gotta say, it made me chuckle a little bit.

But, and I like to think of myself as the financial Mister 305. But unfortunately, or more fortunately or more likely, let's face it, we are here in Franklin, Tennessee, which is just south of Nashville. You know, the music city. I was just in New York yesterday, and everybody, when you say you're from Nashville, they all talk about the honky tonks of Broadway. But we also have a great history here in Franklin, Tennessee.

And that's why we are going to kick off this tour in Nashville. We say Nashville, but it's actually in Franklin on the Franklin theater, which is right down the street from our studio off of Main street here in Franklin, Tennessee. And so the date of that's going to be May 30 is the night that we're going to be doing the speech here in Franklin. So if you happen to be enter around the middle Tennessee area or you want to come to the middle Tennessee area, we would encourage you to do that. So if you want to go buy tickets right now, you can go to moneyguide.com booktour slash Nashville and buy tickets right now.

Beau Henderson
And again, this is literally one block over from our world headquarters. And we love this little town. So if you are going to come and visit and see it, you're going to fall in love with it, too. No, this is fun. And then the second one, by the way, this one got a lot of shout outs yesterday on social media, and it made me excited because it's also, we got, we got quite a few employees from the money God family and the abound wealth family that are, that hail from this area, literally hell from this area, because since one of them has that last name, but Dallas, Texas.

Brian Preston
And you can see we're in the Angelica film Center. That's right. Yeah. I won't do the rest of it. That's June 1, 2024.

That's pretty exciting. I mean, just seeing the picture of these theaters kind of gives me some butterflies in both the awesomeness and nervousness side of things. This is located right in the heart of Mockingbird station, which I understand is a staple there. So this will be on June 1. If you want to buy tickets to the Dallas money guy tour, you can go to moneyguide.com book tour slash Dallas and buy tickets there.

Beau Henderson
We're going to have general admission as well as vip. So that's going to be a fun one that we're going to get to do. And then in week two of the book tour, of course, going back to the roots, Atlanta, Georgia. That's right. This one, I'm kind of excited because I know that I'll have friends, family.

Brian Preston
Probably the guy that I got in the fight with in the second grade over pine cones will be there. He's gonna be there. I think guys that, you know, were neighbors of mine down in Georgia will likely be there. So this is gonna be, you never know who you're going to be sitting next to in Atlanta. So this will be a fun one to do.

And that's gonna be at the variety playhouse. Variety playhouse. And it's gonna be on June 6. If you want ticketsmoneyguide.com booktour slash Atlanta and then the final location for the book tour brought. Well, of course, why wouldn't we in an election year with presidential election, we're doing the last event out of our four city tour is going to be on Saturday, June 8 in Washington, DC at the Miracle Theater.

Beau Henderson
That's right. It's located on Capitol Hill in the historic barracks row neighborhood on June 8. And it's going to be great. And look, like I said, this is the first time we've done a tour. This is the first time we've done this before.

So we're really excited to see what it's like to get to hang out with you guys, to see what it's like to get to spend time, time with you. And who knows, Bron, maybe if this goes really, really well, maybe we'll do more of this in the future. Let's let this cart develop on its own. Before we start talking about future events, I just want. I would really, all my financial meetings come out and hang out with us.

Brian Preston
Let's just let's do a proof of concept. Show me that this 18 years that a lot of you guys have connected. I'd love to hear your stories and I can't wait to meet you in person. So if you want to go buy tickets, we would encourage you. Go to moneyguy.com book tour and you can check it out.

Beau Henderson
By the way, if you've not pre ordered the book, Brian, you want to tell anything about the book? For folks who've not pre ordered the. Book, guys, I would encourage you. Just go to moneyguy.com millionaire mission. Even be a financial mutant.

Brian Preston
Go price shop all the different links on there. Get the best deal possible on millionaire mission. But this thing I am, as you can imagine, I've been in the weeds with such a big announcement. I have been drinking out of the millionaire mission mug, but I needed a friend. I brought him, but brought back an old friend.

But you can see we are surrounded by millionaire mission. We even have some of the early books out on the shelves now. So just go on this journey with us. I think you'll have a blast. I can ensure that this will be a spectacle that you'll remember.

Just get me long enough talking about things and I'll give you some memories. And I encourage you to go on this with us. What I'm so excited about is one of the things, and I don't want to. Can I, am I allow, I'm not going to give away information, but can I just say some stuff? I'm excited to see what you're going to say.

Beau Henderson
One of the things that's going to be awesome. You know, Brian's going to kind of give this speech. You're going to get to hear about his millionaire mission. You're going to get to hear some of the things that formed and made him who he is today. And what I love is even as we've kind of been, like, listening to and watching him craft his speech, some stuff is coming out that we've not talked about on the show.

It's not stuff that's been on the podcast before. It's not stuff that maybe you would have heard or stories you would have heard just by listening. So it's going to be something that's unique, that folks who buy the book and read the book are gonna get a different insight into the man, the myth and the legend of Brian. I don't wanna talk. I don't wanna over talk it up.

Rebecca Henderson
But there is something. There were a few things in Brian's speech that he's been crafting that I had never seen before. Well, I had to get some. I know all of your stories. And I was like, this is so good.

Oh, this is part of this story that we haven't uncovered yet. And it's really impactful. So I'm excited. I'm excited for people to have that special experience. I enlisted some of my childhood friends to go dig into their pictures and details.

Brian Preston
And so we've got some unique things that you're even outside of the Preston archives. I love it. So one of the things that we got to do, we said at the book tour, we're going to be doing a live q and A, where you're going to ask questions and we're going to give you answers. And that's one of our favorite things in the world that we get to do. And that's why every Tuesday here, we like to load you up with answers to the questions of the things that you care about.

Beau Henderson
So right now, we've got the team out adjacent to the wings collecting questions. So make sure, if you want us to speak to it, get it in right now. And with that producer, Reby, I'm gonna throw it over to you. Let's go. All right, I do have a few questions queued up.

Rebecca Henderson
We're gonna kick it off with Jack's question. He says, I am 25 and currently building my own business after leaving a lucrative career. So this year, I will have very little income. How can I take advantage of a low income year? And, I mean, he's starting a business, too, guys.

Like, what can you, what food for thought can you give him as he embarks on this journey this year? Well, you know, I think about, as someone who is starting a business, and frankly, you're starting business pretty early on, right? Like, 25 is still very, very young. And I love the idea that you're thinking, okay, I know that my income is going to be lower now than it has been previously. Are there things that I should be thinking about?

Beau Henderson
Are there ways I should take advantage of that? And while I like that mindset, I think for any brand new entrepreneur, someone who is, like, very early on in their entrepreneurial journey, you have to keep in mind that one of the things that you want to really make sure you do is you maintain enough liquidity in this small business so that you can last through the uptimes and the downtimes of the early years. Because, Brian, you've said this a thousand times. When you start a business, it's not like you hang, you know, you hang your sign up, and all of a sudden, customers start coming in, and there's no roadblocks. It can be hard, it can be tumultuous, and a lot of small businesses don't even make it past years, two, three, or four.

So if you're very early on in this, I think rather than thinking about, like, optimization strategies and how can I take advantage of the low income? And are there things I could do? I mean, sure, you can. You know, you can accelerate capital gains, and if your income is low enough, you can pay a 0% capital gain. You can do that kind of stuff.

You can certainly do roth contributions. We'll talk about that when we talk about the financial order of operations. But the big thing, I would encourage you, is don't get so far out and out ahead of yourself strategizing that you're not focusing on making sure you're keeping appropriate liquidity so that when things maybe are a little bit tighter, maybe when that capital you initially started with begins to wane, you have enough liquidity behind you to give you the staying power to push on to the next phase of your business. Yeah, Jack, I mean, I wrote three quick notes, but I will kind of give you the experience share of exactly what Bo was talking about. And back in 2002, when I started my first business, I remember that if I had not built up enough cash to carry me those first three years, this thing wouldn't be what it is today.

Brian Preston
Because here's the thing. Just like it sounds like you had a great income, you left. I left. Right. At six figures, went all the way down.

I think the first year, I made $17,000. So it was a drop. It was a very intense drop. But fortunately, I put on my 3d glasses, so I had the dream plan of, oh, my gosh, this is why we're doing this, so I can spend more time with my family, but also we'll have financial success. Then there's a down to earth plan of what I think will happen.

But, of course, I also built a plan understanding the doo doo. And I got to tell you, I'm not so sure my business startup didn't look more like the doo doo plan for the first three years, because it is interesting when you look back on and dissect what success is, I'm not so sure. You look at the first four to five years of my entrepreneurship vision, and you say, so that's why you got to make sure you have enough cash to make it through that journey. So then, yes, ten years in the future, people go man, that looked, you made that look easy, like, yeah, you weren't there those first two to three years where it was pretty rough. So pay attention to the cash.

If you need access to cash or turn investment assets into cash, that's what you can lean into. What Bo was talking about, because if your income is low enough, there is a 0% capital gains tax for people. I think for married couples, it's around $80,000. For singles, it's around 40,000. You could get access, but it's more of just survival.

And then prospering and building upon successful is the way to make things work initially. And then we'll get into optimization after you've kind of reached some less choppy waters out there from the beginning of your endeavor. But I still think even in this journey, the Foo will not lead your straight. Brian, will you hold the thing up for me? If you want to check your cop out.

Beau Henderson
Moneyguide.com resources. If you're working through the financial order of operations, and even as a small business owner, as an entrepreneur, when you get to step four, emergency reserves. Let's say that you've accounted for that and you know that. Okay, I'm supposed to have like three to six months is three to six months of expenses. But because I'm an entrepreneur, maybe I've got twelve months of expenses.

So I feel really good there. You can continue on in the financial order. There's nothing wrong with going to step five and say, hey, you know what? I have a high deductible plan. I can fund an HSA.

Or you know what? Our income now will allow us to contribute directly to Ross. I'm going to go ahead and do Ross. There's absolutely nothing wrong with doing those things, so long as you don't get out of order. You want to make sure step four is completely funded, especially for small business owners.

Before you start going into five, six. Or seven, by the way, I want you guys who are writing us and sharing that you have laminated, you've printed it out, laminated your financial order operations. We hear you. And I would tell you if you want to, you can go to moneyguy.com book tour, bring your laminated foo, and we can have one heck of a time making sound. I know you gonna sign that laminated book?

Brian Preston
Why? Can you leave? Yeah, bring a dry eraser. I'll sign all your laminated foods. But I do.

It cracks me up when people tell me that they are laminating the food just like we do. I love it. I love it. I love it, too, Jack. Thank you for your question.

Rebecca Henderson
Is a tumblr day, so if you would like a money guy tumblr, you can just write to Matt. It's m a t ty.com, and we will work on getting that sent out to you. Yes, it is a tumblr, but it can also transform into a koozie. It can be either one. I just thought about this.

Beau Henderson
Can I throw this out there? Yeah. For the book tour, to make sure that we take a bunch of different kinds of, like, markers and sharpies. Because, like, if someone, like, someone wants you to sign the book, like, there's, like, you want, like, a. Like, a nice pen, right?

But if someone wants to sign a tumbler, you'll need a different kind of marker if you want to sign a tumbler. You know what I mean? Did you tell her? Bam. Left handed?

Yeah. Have you seen how I write? I mean, it's. It's not crazy. We talk about laminated.

Brian Preston
We don't talk about signing a bunch of. I sign books. I think in the book tour, we're. Gonna sign a bunch of stuff. That's my prediction.

Beau would have me sign his bicep. Yeah. I mean, that's why we created the vip ticket. Cause we wanted to have that time to actually talk to you or actually sign books and actually share stories. So I don't know.

Rebecca Henderson
I'd get ready. I agree with Beau. It would be a plan. I'd make a plan. We'll talk about it.

Beau Henderson
All right. You ready for the next question? Oh, yeah. Mia's question is up next. She says, I'm a 20 year old student living at home.

Rebecca Henderson
I have a full tuition scholarship and a 529 plan. Great. Would it be smart for me to roll over the funds to my roth ira to help me save for a home? Mia, Mia. There's a few.

Beau Henderson
There's a financial elements there. Do you realize how all the cool things that are going on with Mia's question? First of all, 20 scholarship, 529 savings. So living, obviously, having parents that started saving as well. I mean, there's lots of good modeling going on there.

Brian Preston
I like where your heads at, Mia. But here's the thing. 529 to Roth, that's a brand new provision. I like that. You know, especially if you don't have the earned income while you're still a student and you're over funded because of the scholarship.

It is. I'll just share this for everybody. This is outside of the Mia realm. You know, when you do have a scholarship and you have 529 assets. In the past, you always could say, well, you could pull the money out of the 529 penalty free and just pay the income taxes.

Well, then with most recent. With recent legislation, they've made it. Made it where now you can actually, if as long as the account's been open for over 15 years, you can convert a portion of it towards a Roth IrA. So I love that thought. If your 529 is over funded and there's not, like, a sibling behind you or some other planning need that this money is.

Is required for, and by all means, I love the thought of turning it into a Roth IRA. But here's where this went a little askew for me, Bo. She said, then, can I use that Roth Ira money for a first time home purchase? There is can, and then there's should. Because, I mean, if you think about Roth IRa money for a 20 year old, that is 88 times over territory.

Roth Ira money is tax free territory. Why are we going to mess that up with a house purchase with those assets when there's so much potential that it could become a tax free millionaire for yourself down the road? Yeah, I think in order to do, you know, in order to be able to roll the 599. Now, check me on this. I think that you have to have earned income to be able to do the conversion from 529.

Beau Henderson
You still have to be Roth eligible to do that. I think I need to check on that. But I would argue, Mia, if you are, let's say that you are working and you are creating some sort of income and you are earning, I would love to see you be able to save for that house down payment, of having to use your Roth dollars for the exact same reason that Brian just said. I think if you can get those dollars in Roth and you can let them continue to grow, even though there are certain curve outs, carve outs for first time home buyers, I think that your future self will thank you for funding that Roth at the age of 20, because of how powerful those dollars can be. But I would look at, okay, because I'm getting scholarship funds, and I do have a fully funded 529, what are the ways that I can get that money reimbursed to myself and make sure that I'm not having to pay the penalty, even if I have to pay ordinary income taxes?

Because even if I'm paying ordinary income taxes, but I'm a 20 year old, there's a really good chance that I'm not earning a ton. I might be in a very low tax bracket, so the income tax might not be as cumbersome as I think. And then if you're able to distribute those dollars out, even if it's for non qual, or even if you are able to reimburse for the scholarships you are going to have after tax dollars that you're going to be able to potentially use to save for a down payment or save for a house or whatever while still funding your Roth. I think those are two separate goals that you are commingling. And I would encourage you, if you can figure out how you pursue both save for the house down payment, but also fund the Roth and let those dollars work for you.

Brian Preston
And then me, I'm going to give you the old man wisdom advice here, because I've given the same talk to Bo as well, is that I look back on my own life and I say, man, why was I in such a hurry on so many life events? And I think this is an achievers mentality, is that we, we think, man, I need to prepare for this. I need to prepare for this and you need to prepare for this. And I think about my first home purchase, and I forced it in a lot of ways, meaning it was not in the best part of town, it was not probably more house than I needed at the time. It was way earlier than I should have.

But I think this is what us achievers do. I just wanted to share, say, mia, congratulations on your success, but make sure you're also taking time to enjoy each decade of your life. You will. You are only in your teens once. You're only gonna be in your twenties once.

There is a. You're already on the financial mutant path of saving, building and having success. But I'd also make sure you're taking time to enjoy that. That, that season of life as well. Love it.

Rebecca Henderson
Fantastic. Mia, thank you for your question. If you would like a money guy Tumblr, just email Matt M a t ty.com. And since we answered your question on the show, so we would love to send you one. All right, we've got a question from Matt.

Up next. Not the same matt. Is it two Matt or one team Matt? Two t matt. Two t Matt.

He says, help. I took out a 401K loan for the first time. Home purchase. Before finding y'all. Any general advice for how to recover?

Should I pay it off ASAP? It's a 3.12%. I think he means interest rate. And can payments count as part of my savings rate? What do you think?

Beau Henderson
So, any general advice? So for those of you that don't know, a lot of 401 ks have a provision where they say, hey, if you need access to money, you can borrow against your four hundred one k and you can borrow money for yourself. And you might think yourself, well, that sounds amazing, I'm going to borrow from myself. And when I pay it back, whatever that interest rate is, I'm going to pay myself back interest. And while that's true, what most people don't account for is the opportunity of those costs, the opportunity cost of those dollars that you are taking out of play.

Because when you take out a 401K loan, you're essentially pulling those soldiers off the field. You're pulling those players off the field, they're no longer working for you. So if you're someone who's in your twenties, we know that every dollar that you invest can turn into 88. That's how valuable those dollars can be. Well, if you instead borrow against them and they're not working for you, you are literally robbing your future self.

So when I look at your situation in a vacuum, without knowing like any of the other variables or any other unique circumstances that surround you, I think if I were in that situation, I would probably prioritize getting that 401K loan paid back as quickly as possible, whatever was required to make that happen, so that I could get all of those dollars working for me. And then I can begin my wealth building journey in all the other areas and all the other parts of the foo that I should be working towards. By the way, Bo is spot on. I just wanted a mental thing that I was thinking about. As you're explaining the logistics of how borrowing from your 401K works.

Brian Preston
It cracks me up as is we get it so excited that you got to borrow from yourself for 3.12%. That sounds so good. But realize exactly what Bo said. The money's not making money anymore. You're paying yourself back 3.12% versus earning.

Do you see the delta there? The difference between that? So it's actually not a good, that's, that's all it did was give you an amortization payment that is lower on the payback. So it's actually going to probably for people who are not financial mutants, they're going to think they have more time to, because of the low interest rate to pay themselves back. And that is just more time.

That money is not going in to build their army of dollars and it's working against them. Because realize guys, you can do after hour works, you can spend less, but you can't get more time. I mean, that is the biggest thing that I wish that whenever we do our annual millionaire survey, when we ask millionaires, our millionaires, what their biggest regret is, every year, you can set your clock to it. They're gonna say, I wish I'd have started saving and investing earlier. Um, don't.

Don't fall into that trap, Matt. Um, so, yeah, prioritize. I'm glad you found us. Now get busy paying yourself back. We don't care that it's 3.12%.

We're trying to get you back to baseline zero. So now your army of dollars can actually do whatever your wealth multiplier is. Go to moneyguy.com resources if you want to see specifically what your wealth multiplier by age is, and then get motivated and make it happen. And the last part of your question was, is it okay? Can this count as part of my savings rate?

Beau Henderson
In my opinion, it's any means necessary. However, you have to mentally account for it if you need to think, okay, for the next two months, I'm going to take everything I've got in terms of free cash flow and apply it back to this 401K loan. To do that, I would encourage you to do that and then get to where you need to be saving 25%. Get back to your wealth building journey. I just don't think that having debt, especially a 401K loan, is serving you any benefit right now.

Rebecca Henderson
Fantastic answer. Okay, Matt, if you would like a tumblr, you can email our money guy, Matt. Cause we'd love to send you one since we answered your question today. Just email him@mattoneyguy.com. Dot.

Brian Preston
Probably not gonna forget that email address now. That's right. How could he? Okay, the next question is from the Kwanzu dude. He says, how do I balance larger vacations while investing 25%?

Rebecca Henderson
My wife's mom passed away recently, and she wants to take some bigger vacations. And this reminds me of what you say, Brian, about making the memories, memories blossoming. And so this is that part where the math meets the life fulfillment and emotion. So what can you say to him? Well, I'll give you sort of a thing I've thought about.

Beau Henderson
You know, my wife and I have had these conversations previously. Like, in the past, she might have wanted to go on a big trip or do a big thing. And what I tell her is, I say, sweetheart, anything is possible. Anything that you want to do is possible, but there are costs associated with that meaning, all right, if you want to take a really big trip, if you want to go do this thing, that's great. We can do it, and we're going to save to be able to do that.

But what's the thing that we're going to give up? Or what's the thing we're going to sacrifice? Or what's the thing we're going to squeeze somewhere else in our financial life to make that work? When we were younger, that's how we would approach making decisions around that. Okay, if we want to do this, what are we going to squeeze in order to allow us to do that now?

I think, and this is my opinion, Brian, I'll be curious if he says, like, I think that, like, traveling and making memories are wonderful and they're something that should absolutely take priority. But I am of the opinion that vacations and large trips are probably something that we talk about lifestyle creep not inherently being a bad thing. I think that vacation creep is not a bad thing. And I think it's something that probably should happen, but it's something that should happen in stages. I mean, there's a place and a time in your financial journey where what I'm going to call large vacations makes sense.

And there's a place in time in your financial journey where large vacations probably don't make sense. Right? Wouldn't you agree with that? I was going to put an asterisk, but I do completely agree with you, is. Is if you go to moneyguy.com resources on the financial order of operations, I classify big vacations where, you know, is a kind of a step eight prepaid future expenses or abundance goals.

Brian Preston
There's a reason we call them abundance goals is because this is when you got your, your base underneath you and you can fund those things. But now, don't mishear me, because I do want you to bedazzle your basic life and the fact that I do want you still traveling, making memories, and other things. Now, here's where the asterisk is. Cause there was an extra element here that you don't typically hear when you get these examples. Was it this money's a gift?

Or was it inherit? What was the first part of the question? I just think the wife's mom passed away. There you go. So it's a catalyst.

So that's what. That's what they are. Look, I don't know if there was an inheritance. I just think it was the idea that they wanted. But I do want to say this because I think this is something worth noting, as I said in the previous answer, is that you can go work harder and make more money, meaning you can take on more hours you can spend less money to create savings that way.

But one thing you can never get back is time. Now, that, that cuts you both ways, that cuts you on your saving and investing goals is meaning that you need to be very deliberate with every second of your life to make sure that you are not wasting opportunities. But it also catches you on the other side of it is if there's people in your life that you love. That's why if there was, if this did come from an inheritance or something, and you know that this person, it's no different than like, when you're given a gift or. Or even inherited assets and there.

There's some intent behind it, then that's going to be different. If there was a one off that, you know, mom, you know, my mother in law passed away, and she always wanted us to go on an alaskan cruise. And we daydreamed and we never got to do it. So this is the way we're going to honor her legacy because we think that this money would really. I would probably lean into that somewhat because the intent, it's no different than when you come into a marriage and somebody's got inherited assets.

Legally, that stuff's treated differently. I think goal wise, that stuff can be treated because it's. Its intent came from a different place. But if this is just now, I think I've lived enough life and I now need to kick up my. To go to big vacations.

Be careful going away from the 25% before you reach step eight of the financial order of operation. So it's hard to, without knowing your specific details when we triage this, but I think we've given you enough crumbs there or morsels or nuggets of information to kind of figure out how you navigate that well, because you do need to feel like while you're below 25%, that that clock is ticking. And you need to kind of prioritize that as much as possible, but also with the ultimate goal of building those blossoming memories. And I think one of the things you ought to approach vacationing as a financial mutant, and this is what I mean, focus on the things that actually make sense for you to spend money on because you value them. I've got some friends of mine, they love to travel, could care less about the accommodations.

Beau Henderson
Like, they are perfectly fine staying in, like, hostile and just, like, roughing it and sleeping on a couch and whatever. I am not that way. Like, when I travel, when I go on vacation, I want, like, nice accommodations. I want to be super, super comfortable. Well, I'm willing to pay a premium for that.

Where they would much rather they care more about the location than the accommodation. And so really figure out when your wife says larger vacations, what does larger actually mean? Does that mean further away? Does it mean longer time period? Does it mean more excursions?

Does it mean more luxurious? If you can really dial into that, just like any other consumption decisions you make, you only want to spend your money on the areas where you really, really, really find a ton of value. If it's not something that's actually valuable to you, don't waste your money on it. If you don't care about the, you know, being in the top floor of the hotel, don't pay the premium to be in the top floor of the hotel. Figure out what you guys value and spend excessively on those things.

Brian Preston
Yeah, I think you make a great point because I often talk about part of the bedazzle. Basic is like you can go to Europe and do it. Cook, book all your own tours, viator and all the other thing apps. You know, you don't have to do the tippity top Sla. When I first went to Italy, it was very much that same way always.

You guys now pick on me when I talk about dragging my bags down the cobblestone, because I've told that story. But you can make blossoming memories even without a ton of money. So don't lose, don't mishear what we say. We're not saying no, we're just saying do it in a very financial mutant type of way. Love it.

Rebecca Henderson
Awesome. The money Guy show is hosted by Brian Preston. Abound Wealth Management is a registered investment advisory firm regulated by the securities and Exchange Commission. In accordance and compliance with the securities laws and regulations. Abound wealth management does not render or offer to render personalized investment or tax advice through the money guy show.

The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

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