Is Aggressive Saving Derailing Their Short Term Goals?
7/6/202659 min
Joey (24) and Lia (24) are doing almost everything right: nearly $240,000 in net worth, close to $200,000 in household income, aggressive retirement investing, and a wedding on the horizon. But living in the San Francisco Bay Area brings a new challenge: should they keep investing, save for a home, fund a $30,000 wedding, or prepare for future kids? In this episode of Making a Millionaire, Brian and Bo help this young power couple navigate high-cost-of-living realities, Roth vs. Traditional 401(k) decisions, homeownership myths, financial planning for marriage, and balancing wealth building with life goals. If you're wondering how much to save in your 20s, whether renting beats buying, or how to prioritize competing financial goals, this episode is packed with actionable insights.
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
Clips
Transcript preview
First 90 secondsBrian Preston· Host0:00
That's one of the biggest things I have with achievers. You're running an internal checklist. You're like, "You know what?" [laughs] Good student? Check. AP classes? [laughs] Check. You know, been rewarded for every one of these decisions, but I'm here to tell you, you're running up against the internal narrative is separated from the reality.
Bo Hanson· Host0:18
[upbeat music] Give us a background. Who are you guys, right? So obviously, you come from San Francisco. What, what got you from, uh, birth to San Francisco- [laughs] ... and now here today?
Joey· Guest0:33
I grew up on the Central Coast of California.
Bo Hanson· Host0:35
Okay.
Joey· Guest0:35
Uh, went to... I'm one of five sons, so I have four brothers.
Bo Hanson· Host0:39
Let's go.
Joey· Guest0:40
Uh, and- Full basketball team. [laughs] I kinda knew- Where are you in the order? I'm number four.
Bo Hanson· Host0:45
Number four, okay.
Joey· Guest0:46
Number four, so almost the last. One younger brother.
Brian Preston· Host0:48
Did they have a female name for you?
Joey· Guest0:49
[laughs] You know- Yes, I'm sure ... probably Josephina, 'cause I'm number- [laughs] [laughs] I'm just, I'm just curious- [laughs] ...
Brian Preston· Host0:55
'cause you know that every time, they're like, "Okay, here's the daughter. Here's the daughter."
Joey· Guest0:58
This is the daughter. This- So this is gonna be the girl's name, just in case, and then- [laughs] ...
Brian Preston· Host1:01
it didn't happen.
Joey· Guest1:01
Well, that's what I'm saying. I, I don't know if I'd exist if [laughs] a daughter came before.
Leah· Guest1:05
[laughs] Would there have been a before?
Joey· Guest1:05
And then after five, they're just like, "Okay, I guess it's just not happening." [laughs] But [laughs] I don't know. But yeah, uh, grew up there, went to college, uh, locally.
Bo Hanson· Host1:14
Okay.
Joey· Guest1:14
Uh, kinda knew that I would have to cover most of college.
Bo Hanson· Host1:18
Mm-hmm.
Joey· Guest1:18
So I, uh, I was kinda researching when I was in high school. I'm, uh, I knew the college I wanted to go to. I knew I wanted to go into business. Uh, and I was researching, you know, which AP credits are gonna transfer to