5 Financial Decisions That Changed Our Lives (And Can Change Yours, Too!)

5 Financial Decisions That Changed Our Lives (And Can Change Yours, Too!)
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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.

[@LucasSChiefsLightning]

I'm terrified of the day which Bo isn't excited.

[@xmochix604]

haha same!

[@Sam-tg4ii]

I won't even watch the video if Bo does not express excitement at the beginning

[@DanielPanuzi]

This video indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. Investing is mostly about behavioural psychology. How can I generate more income to retire with at least $3m for long term care?

[@NO-TIME170]

We share common goal, making sure you are ready for your later years is very important. That's why passive investing works, low costs, better diversification and it enables people to overcome their behavioural bias especially if they engage professional help.

[@gregorywhem]

@@NO-TIME170 Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 275 cash earning 5.25 interest, 685k in 401k, 120k cash account, 80k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed shortly.

[@SmithWills664]

Generally speaking, a good number of people discredit the effectiveness of a certified fiduciary in planning for retirement, For over the past 10years, I’ve had a CFA consistently restructure and diversify my portfolio/expenses and I’ve made over $1m in gains.Might not be a lot but retirement doesn’t seem so farfetched anymore.

[@Dollrnri]

@@SmithWills664 I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance

[@sledgeyyyyy]

@smithwills664 I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance

[@FA9082]

I love Brian & Bo. Their passion is absolutely infectious and they actually know what they're talking about unlike most in the personal finance space 👍

[@bilo6832]

The Money Guy is one of my top recommendations to family and friends. Especially the FOO.

[@BobHutchins]

The best financial decision I ever made was an off-the-cuff decision in my late 30s to set my 401k to automatically increment by 1% each year, then forget about it for almost a decade. I came to financial mutantism late in life, my late 40s in 2020. I always just assumed I would have to work until I died. In 2020 I got interested in investing and realized that because of that one decision I’d made years before, that if I buckled down, I would be able to retire. Now I’m putting back 40% of my income, maxing out my HSA, maxing out my Roth IRA, and I was maxing out my 401k until I turned 50. :)

[@chrissawyer1484]

I have a similar testimony. When I got my first "professional" job at 23, I went ahead and put 10% of my gross into a 401(k). I increased it to 12% about ten years later, and thanks to this channel, have maxed it out this year. Thanks to that one decision, I'm already a millionaire in my 401(k), and I turn 50 next year. My regret? Not having added more into my Roth IRA during that same time.

[@glasshalffull2930]

Single best financial decision I made was 34 years ago when I decided to invest 100% in the S&P 500.

[@RCGuitar982]

started doing the same when i turned 30. I am hoping to retire at 63 when i am eligible for my state pension. By then, our roths should be at 3.5 million or so (assuming 10% annual avg. growth). Throw in that pension ($100K/Year) plus any Social Security and I think we'll be able to do anything we want in life

[@glasshalffull2930]

@@RCGuitar982 Awesome! How old are you now?

[@Rastebb]

At 30 as well and like 95% in SP 500. This is just because my taxable brokerage holds a total market index with a large unrealized gain. Don't want the tax hit, I'll just hold that for another 30 years

[@Endgator]

19 right now and taking all my wins from NVIDIA and throwing somewhere safer. Probably S&P500 and NASDAQ. Hope it pays off.

[@glasshalffull2930]

@@Endgator Over the long run it averages 10%, but you CANNOT panic sell when there is a major correction as there certainly will be over the decades.

[@KeanuReevesf]

I wish i learnt most of these principles about seven years ago. A lot of people have been trapped strongly in the matrix-- Go to school, get a job, and then slave your whole life. Many miss out on life-changing information that could have great effect on their finances. I played with the stock market sometime in 2020, and I was surprised at how well it turned out. I want to put in $90k more into the market. I heard people are making really great returns despite the downturn. Any recommendations?

[@ValeriePheasant]

Nobody knows anything you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving

[@AmberHeardo]

Odegaard I agree, that's the more reason I prefer my day to day invt decisions being guided by a fin-advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a fin-advisor for over 2years+ and I've netted over 2.8million

[@Sylvesterhunter870]

I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.

[@AmberHeardo]

Sure, 'Melissa Elise Robinson' is the licensed advisor I use. Just research the name. You’d find necessary details on the web to set up an appointment.

[@Sylvesterhunter870]

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip

[@soothingrelaxationandmedit68]

Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes .It's always good to have a financial plan,, thank you.

[@soothingrelaxationandmedit68]

that's a good path, focus on a good strategy, relax back and watch it compound within the years. In good time you'll see returns.

[@camela8445Mar]

No doubt being financially free cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.

[@camela8445Mar]

Well with the ever-changing global economy, tax laws and regulations can also vary, impacting how investments are taxed. It's essential to stay informed and plan tax strategies accordingly.

[@Deitricklaverne]

Certainly but the problem is that don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high in these challenging conditions.

[@Deitricklaverne]

the strategies for diversification into other commodities are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skills and knowledge

[@MattR88]

From reading a DIY podcast book to becoming passionate, far-reaching influencers changing peoples lives for the better. Love it. Glad to be on the healthy part of the internet!

[@amangahis]

Early 90s won a jackpot. Next day at work I ask my boss what should I buy with the money, I'm thinking car or clothes. My boss said son ever heard of an I R A? By the end of the day I said to him, "So, deposit it all, boss?" Following years, I continued to contribute. It's the best move I ever made. Seriously, it changed my life!

[@MyNameIsJeff872]

My 15 year old started lifeguarding this summer and we just opened a Roth IRA for him and invested his first $100 into VT. "A journey of a thousand miles begins with a single step" -Lao Tzu

[@Rob-me8vp]

Doing the same with my 21 and 18 yo. One thing that might help is plug the dollars into an online investment calculator and show them the graphs and annual interest from their investments. My wife’s and kids eyes almost popped out of their heads. I have been talking about this to my wife for yrs but it never really sunk in, but when I showed her visually it made a huge difference for her and my kids.

[@MsCristina38]

The best decision I ever made as a disabled woman was not to have kids. I don’t have to worry about anyone else or doing a terrible job raising them. It’s such a massive relief to only be responsible for myself.

[@TaylerALong]

Hey, I want to say I'm proud of you for making that decision. I'm sure you have experienced loads of pushback and I just want to be a quick positive. I have one kid and am not so sure about a second, having many health issues myself, and I am sure you can guess how many times I've been asked when we're having more even after explaining the situation. So, go you. I hope you're able to surround yourself with good, supporting friends and family 💙

[@ron9665]

I was driving around here in Sioux City and saw a license plate that read, "THE FOO"

[@damcrac]

Ordered your book yesterday. Excited to be able to sit down and figure out what adjustments I might consider making now I'm in my 40s.

[@jirehguy]

7:17 had me bursting out laughing when Brian got up running. I have never seen that before.

[@misssophiamae]

Bo’s face was gold!! 😂

[@jwarnstarsmile]

Best financial decision I made was marrying well. Second best was going back to school after having my daughter (@ 28 years old)

[@Rastebb]

Best decision i made was deciding to downgrade my lifestyle when moving to a new city for a job change. Everything was already in flux so I didnt mind the change as much. The saved money and increase in income got me from 15% to 30% savings at 28 yrs old. Well on track for a rule of 55 retirement now

[@RonMcCoy-d8k]

We always put that as "the harder I work, the luckier I get" . Hard work - WORKS!

[@RobWilliams007]

Luck is putting yourself in the path of it. I tell my kids, the more paths you travel on, the more opportunities and people you will meet.

[@FIRE_DrNinjaTurtle]

Buying assets to fund my liabilities is one my best decisions.

[@1aadam]

7:16 Bo’s face is full terror 😂😂😂😂😂

[@divesaildivesss]

This podcast reminds me of: "The harder I work, the luckier I get".

[@chazrmiller]

Number 4 is pushing me to save up to get my license to become a financial advisor and eventually get my ChFc. I am leaving the trucking industry after 8 years of service.

[@mrjuvy49]

Through life ins, be careful here.

[@LeaMcCaw]

Get your SIE first and then start applying to financial planning offices. Will show you're serious, you'll get some experience and they may pay for you to sit for the exams.

[@Brandon.Kucera]

I think being motivated to take risks is one of the best decisions one can make. Just a couple months before college, I unenrolled and changed my field of study. I told myself I didn't want to look back and have regrets about not trying this new degree. Years later, Including a major job promotion and employer change, I am now a financial mutant working my dream job. It wasn't an easy journey, but one I was happy I took.

[@joshuawesterman6097]

I’m really excited to get into finance whether it’s private accounting or wealth management, I just can’t wait to be done with college, I’m ready to do something I love! I love that I saw this channel at 19yo. I always loved learning about money and this channel helped me realize I should go to school and learn how to help others with their money.

[@SOAP-jf7ue]

I've been enjoying your book so far. I'll likely keep it in my personal library for my future curious children to happen upon it like I did with my parents' mini library.

[@backpackmatt8160]

Im so excited abt this one brain 🧠

[@6thManSam]

At 0:44 in the video, you guys should update the image now that the book is out and put the link to purchase the book in the description of all videos. (Maybe this video is old and scheduled, but just wanted to give you a heads-up!)

[@taaro8324]

Love listening to Brian and Beau, proof that it doesn't matter where you start in life. It is the journey that matters.

[@phoenixnmhesq]

The greatest financial decision I ever made was to not give a “friend” $2000 cash for a summer vacation we were planning. I didn’t trust her. Because I didn’t give her the money, I ended up taking my first solo trip. I’ve traveled extensively since and it has greatly enhanced every aspect of my life. It helped me become more confident and resourceful. I save a ton of my money now by maxing my 401-k, HSA, and IRA in case I need to stop working early for travel. I invest on my own and save for emergencies. It helped me to know there is more to life than just climbing a corporate ladder, and to know that I can leave where I am and have a totally different life and be happy.

[@FirefightersFinancialToolbox]

I totally remember the Rainbow Splash background, thats when I first saw you guys. Helped me to start my small channel.Thanks for all you do.

[@BillPritchard]

*LOVED* this content fellas! Healthy risk, make-the-change movement, preparation, determination, and hard work, pay off!

[@delmymartinez1989]

Love your podcasts. I think the best financial decision I made was to move out of NY in 2012. I was so broke when I left barely no savings and debt up to my eyeballs. I repaid all my debt and now I'm saving more for retirement. I found that I was trying to keep up with the jones when I lived in NY. Once I left that environment my financial mindset changed. Its been eyeopening.

[@xPOOPDog7]

Great show!! Thank you for the free content! Reading the book right now and it has been great so far!

[@The-Financial-Hooper]

The Tuesday live questions are great, don’t get me wrong….. but there is always some extra insight in these Friday deep dives! 🧠📈

[@robinholstein2266]

First best decision was to read multiple financial books and understanding and applying the common thread through wealth building. Second best decision was going lean with wants and expenses, and taking on extra work, during COVID to pay off $75k of student loans, while the interest was on pause. Now I’m on step 8 of the FOO! Read Millionaire Mission and loved it! I appreciate that Brian goes a step further into what it means to “wealthy” and how money is just a tool to achieve goals towards happiness.

[@christinab9133]

Amazing thx for sharing ❤❤❤

[@AS-kq7hw]

Alvin, Simon, and Theodore colors are right, too 🥰

[@PhilStephens-z4i]

Way to go! This is fantastic advice for young people who are just starting out also. Like Bo said, a little discomfort in the moment can really advance a person's life. Excellent advice. "Be an advocate for your future self" Excellent Bo! Excellent Brian! I have been listening /watching your channel for a couple of years now. My husband and I have taught all of our children many of these ideals too. Somehow the same advice Mom and Dad give their kids sticks better when told to them by someone else. 🙂Thanks. Great channel! Great Team all around!

[@HaNguyen-dy6xq]

Love your guys, thank you for sharing your history

[@cleavelandrankin6851]

Alvin and the chipmunks lol😂. Love it. Storing up those acorns over time

[@drticktock4011]

ABB=Always Be Buying

[@liammateo287]

This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!..

[@Lucas75332]

Don’t be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you’re investing in great companies. kudos to kiana rachel

[@LeaMcCaw]

What are you invested in? How long? S&P500 is up.over 17% YTD

[@laundrygoddess4]

My best first decision was when I was injured at 21. I was getting lump sum small payouts for every term of school I missed. I invested half of them knowing I'll have permanent injuries and might be disabled before I retired. I did that with every lump sum payment of any kind for the next 19 years. Then I got divorced and even though I stopped investing... I'm gonna be ok. I'm better financially than almost all my friends

[@victoriaschwarz6972]

Be open, be LOOKING for the opportunities, and being in the flow is possible.

[@dougbaron7853]

Great segment guys!! Thanks

[@AKBRONCOSFAN007]

The three best decisions I’ve made is deciding to marry my wife of 28 years. Staying in the Air Force and retiring after 20 years of service and after I retired from active duty listening to my wife and staying in Alaska to finish raising our children.

[@victoriaschwarz6972]

I also have a moving story. I came to a new country at 52 with no job, no language, two suitcases. That was 22 years ago. Write lists and get through the list to disengage from the old life into the new. Face the fear, get through the lists and do it.

[@learning.finances]

Love your guys content. I have probably watched at least 50 episodes. I agree 100% with time is your friend when it comes to investing. However, I find it interesting how much emphasis is placed on age (e.g. starting at 20 years of age vs. 30) and not on total time invested and how total time invested is the reason for a higher final savings at retirement, not age. Yes, age is indirectly associated with time, but isn't total time invested the direct reason? For example, lets say Matt started saving $500 per month at 20 years of age and then stopped at 30 and then just left the money to compound for the next 32 years. Thus, he invested only 10 years (total contributions $60k). Assuming an 8% return, he would have $1,020,175 at age 62. Lets say Fred started 5 years later (age 25) and also only invested for 10 years and thus stopped at age 35. Thus, Fred's total contributions was also $60k like Matt. Assuming an 8% return, Fred would only have $694,314 at age 62. However, Fred only had 27 years (62-35) of compounding and Matt had 32 years (62-30) of compounding. Thus, it makes perfect since that Matt would have more than Fred at age 62, because Matt's money had longer to compound, but what if Fred decides to wait until 67 years of age to start withdrawing his money, unlike Matt who started at 62 years of age. Now, Fred will have had 32 years (67-35) of compounding like Matt and lo and behold, Fred would have $1,020,175 at age 67. Thus, the total time compounding (32 years) is the direct reason for the higher amount at retirement, not age, even though, age is of course very important, since we all have limited time on this earth and limited time to start withdrawing our investments. Just my 2 cents :)

[@ConserveMore]

I wouldn't have hired Bo either based on my assumptions about his looks. I'm glad he didn't take no for an answer because he's great to have on the show.

[@colegreene2153]

Love this channel. Really keeps me motivated to stay investing consistently Currently at $200, and next month I'll be able to jump up to $800 a month

[@PK_Starfire]

Looking for any advice for my current position: - 18 Years Old - Make 71K AUD a year - Have 40K AUD invested in 2 ETFs (VGS and NDQ) - Have 3K AUD in cash What else should I be doing??

[@exclusivelymatt]

You're already killing it for your age. That said, I'd recommend you increase your cash position. Try and get to 3 to 6 months worth of living expenses and throw it into a savings account. After that begin to invest heavily once more. When I was younger my goal was to have a years worth, which I have now winded down over time. That said it saved my butt once I had a few emergencies occur in a short period.

[@Dollar_Dad]

How about some merch with Bo's likeness saying "I'm so excited".

[@mrjuvy49]

Luck is being at the intersection of opportunity and preparation avenue.

[@michaelswami]

Fortune favors the bold.

[@japanesecinema6736]

Im turning 37 this year, and I have just under 70k in my retirement account. Do you think I will have financial independence when I retire?

[@elchotaloks63]

Nice

[@barryblack8817]

I invest 47 a week into my Roth IRA

[@bens3134]

All this great advice, and you still use public schools for your kids?

[@aannika2012]

Have Brian say “5 bowls of boiling oil”

[@LoganGregg-v7m]

2 million today will be like 6 million in 40 years. Should talk more about inflation adjusted investing

[@WallaceDunn]

TIME is the biggest factor. $100 a month at 18 will surely make you a millionaire. At 30… not so much.

[@stellarussell9666]

You have not aged a bit, Beau! and were you just as excited back then?😂

[@christinad1651]

Vwa-lah 😊

[@dylankramer9249]

Comment

[@RobWilliams007]

Best financial decision I made was getting a divorce. I’d be broke going into retirement! Pick your significant other well!

[@innout3x3]

I know these Chipmunks

[@YelloDuzzit]

Sayin Rebie 'infiltrated" the show is hahlarious

[@gregshirk6176]

The podcasting book…hahah don’t date yourself too much!

[@michaelswami]

The Chipmunks!

[@rayangus4057]

Stop saying “lean in”

[@MikeLuvsMG]

Why? It's a good phrase

[@devonpeters8205]

I took the time to apply for a few of your open roles, including a personalized cover letter for each, and am dissapointed that you and your team have not said a single thing. Considering you are often saying you’re Christians, are trying to run your company effectively with high values, and seem personable on video, I expected differently. The salary was lower than I am desiring, so it may not have been a good fit regardless, but I’m disappointed that you wouldn’t even have the decency to simply respond to an applicant to let them know it’s not a good fit. I’ve even reached out and responded to newsletter emails a few times to see if it was received, and no one has replied. I think what disappoints me the most is that I can’t receive from and recommend you all to people any more. I did enjoy the content and think it was sound, but now when I see you all and your brand, it feels so empty, not authentic, and not respectable/all show. Hopefully that may still be able to change.

[@miketheyunggod2534]

Fire your financial advisor. They are ALL crooks. They steal YOUR money. That’s the best thing you can do.

[@RobWilliams007]

Kin folks move away from there. Tennessee is the place ya outta be.

[@Bacciagalupe]

: )

[@MagnoosChess]

100k now will be worth the value of 1m in 50 years from now. Please speak about this you noobs lol.

[@MikeLuvsMG]

This is the beauty of inflation-adjusted rates of return

[@MagnoosChess]

@@MikeLuvsMG shh

[@anniealexander9616]

The best decision I made was choosing NOT to go to college. I think it's hard for people who wasted that time, to admit it was a mistake. I bought two homes at 19. I was so young that I didn't know we were in a housing recession. I just knew I needed a home. My landlord taught me a lot. She taught me that I worked and made money to give to her. At first I was angry. 😡 Then I thought to myself, this bitch is a genius. I have a good friend who made 6 figures working for the power company. He took classes after work. He was two classes away when he dropped out. He said, "what's it going to do for me?". He was right. It wouldn't have been worth the paper it was written on. He had two sisters who went to college but never worked a day in their life. My teenage job was at a family owned restaurant. Both daughters started college. Only one finished. They flipped burgers their entire lives. I have a friend who works at the college. She got a degree while working there....doing the same thing.

[@mlsasd6494]

Ah yes, dont go to college, just buy two properties with 19 at the bottom of the housing market. Its so simple

[@anniealexander9616]

@@mlsasd6494 Yes! In a way, it is simple. Money guy teaches about asset appreciation everyday. The key is, don't stop at two properties. Learn about business cycles. Keep debt low. Keep your financing in place, so you are ready to take advantage of a deal at anytime.

[@anniealexander9616]

​@@mlsasd6494Actually, it is that simple. We are taught to be worker bees in school while giving them our money.

[@anniealexander9616]

​@@mlsasd6494They say, give us your money because that's the only way you can be successful. You are a loser without a stamp of approval from us.

[@anniealexander9616]

The key is not to stop at 2 properties. Learn about business cycles and keep your financing in place to always be able to take advantage of a opportunity.