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Money Guy Show

Financial Advisors React to Massive Money Mistakes

5/18/202618 min

Why go small when you can go massive? Financial Advisors, Brian Preston and Bo Hanson, react to the internet's biggest money mistakes, from Steve-O getting someone approved on a 120-month Dodge Charger to a man who cashed out his 401(k) to buy a boat in the Virgin Islands (and somehow met his wife doing it). We break down the solar panel loan trap, the job-hopping debate, and why personal finance is so personal that a 30-second clip telling you what you must do may be the biggest mistake of all. 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 preview

First 90 seconds

  1. Brian Preston· Host0:00

    Why go small when you can go massive? That's what we're covering today, massive money mistakes Everyone, I am so excited to see what the content team has in store for us today.

  2. Speaker 2· Soundbite0:10

    Yo, what up folks? It's your boy, Got Me Rollin'.

  3. Bo Hanson· Host0:11

    Oh, it's Got Me Rollin'.

  4. Speaker 3· Soundbite0:11

    And Ashley Got Me Rollin'.

  5. Speaker 2· Soundbite0:12

    And today we got my dog, TK. You got it. I will make it. Keep that energy. And we got him approved on this Dodge Charger.

  6. Brian Preston· Host0:20

    120 months.

  7. Speaker 2· Soundbite0:21

    [laughs] First-time buyer.

  8. Brian Preston· Host0:22

    [laughs] 10 years.

  9. Speaker 2· Soundbite0:22

    TK, how was your experience here today, brother? Great experience. I highly recommend it. They got me on 300 monthly payments. For only 10 years.

  10. Brian Preston· Host0:29

    [laughs] He's gonna pay it off and then be able to put an antique tag on the back.

  11. Bo Hanson· Host0:32

    That's... Yeah, buddy, that's... Oh, I- If it's still rolling, like, unlike Steve-O. We believe that there's a better way to buy cars. We want you to do 23-8. We want you to put 20% down. We don't want you to finance for any more than three years or 36 months. By the way, 120 months is more than 36 months, and we do not want your total monthly payment to exceed 8% of your gross income. If you can do that, you can prevent your car from becoming financial napalm in your financial life.

  12. Brian Preston· Host1:01

    I'm surprised Steve-O hasn't figured out how he can slap a tent in the trunk- [laughs] ... and then give him the mortgage interest deduction for how long he's financing these cars.

  13. Bo Hanson· Host1:09

    I just, I don't know that I want Steve-O to get me rolling.

  14. Brian Preston· Host1:11

    [laughs] People willingly go in to get slaughtered financially.

  15. Speaker 2· Soundbite1:15

    Clothing company is very successful, made it to seven figures. They have no coaches, no mentor, none of that. What I did was I was borrowing from my property to invest into my clothing company.

  16. Bo Hanson· Host1:25

    Oh.

  17. Speaker 2· Soundbite1:25

    I didn't know about credit, I didn't know about funding. I didn't even know that I could borrow- He, he knew about some credit ... equity from my own property

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