The Money Guy Show’s 9-Step Path to Financial Independence

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BiggerPockets Money

Күн бұрын

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@MoneyGuyShow 5 ай бұрын

Thank you so much for having us on! 💙

@mrniceguy423 5 ай бұрын

A lot of your financial advice makes sense. However, I feel like when Gen Xer's and boomers talk about real estate investing, the GFC and the people they knew who lost it all they omit that those people were using ARM's.

@Scott_Trench 5 ай бұрын

Thanks for coming on! Great show and book!

@leitm3912 5 ай бұрын

@@Scott_Trench This was a fantastic crossover from the two BEST money shows on the internet and I loved the back and forth about the thoughts on FIRE. The money guy show always felt like a retire at 65 plan with little advice for early retirement. As someone who wants to be retired by 40 at the latest, I never agreed fully with their FOO. I'm currently 31 with a net worth of 532k according to the net worth statement from the money guys resources page but I personally don't include my primary residence. My house has no cash value if I don't sell which I don't plan on ever doing, so that puts me at ~260k net worth. It felt really good to hear that both Scott and Mindy got Brian talking about the plan being different for FIRE instead of only focusing on hitting Fi through going in order on the FOO. I also really enjoyed the discussion on paying off mortgages early or not. I never want to have a mortgage, regardless of the interest rate, for my primary residence. That's why I paid cash for mine. That being said, I have a 4.25% rate on my rental property and that one I'm not in any hurry to pay off so I'm kind of doing both.

@Kornheiser10 4 ай бұрын

@mrniceguy423 not really, ARMs, they used leverage and often were susceptible to banks calling in loans. That's, as he explains, Ramsey went bankrupt. Leverage is what can make you "blow up."

@RommanysWorld 5 ай бұрын

OMG! I love this crossover! Thank you everyone for all you do! 😇🙏

@einstein1102 5 ай бұрын

I saw the title and the thumbnail, I clicked faster than gazelle.

@johannab7715 5 ай бұрын

Lmao 😂

@leitm3912 5 ай бұрын

Glad I wasn't the only one, I've been hoping for and waiting for this crossover ever since I discovered the money guy show (was always a fan and follower of BP money).

@fawzibryankairouani9539 4 ай бұрын

These two are on another level. I listen to them on my way to work and I benefited a lot from their advice. They know what they are talking about.

@JEREMY99218 5 ай бұрын

The FOO makes a lot more sense than the Baby Steps

@Esther-uo7fs 5 ай бұрын

Thank you for covering book launches. Audiobooks are the primary way I keep myself motivated in the messy middle. It's nice to know of all the options of financial content to listen to.

@chasestewart3172 5 ай бұрын

Two of my favorite money shows having a great and thoughtful discussion! Love these collabs!

@PowerfulMoneyHabits 5 ай бұрын

I love The Money Guys! Watch them every week! Great interview. I don’t do things the same way either but I learn something new with every video!

@borderpatrolnp 5 ай бұрын

The crossover we all needed

@kiltedpiper98 5 ай бұрын

Wow! Two of my favorite podcasts sharing! Fantastic episode

@isiah675 5 ай бұрын

Money guy collabs are always fantastic content

@christophercohen418 5 ай бұрын

Love the Money Guy Show

@davisamills597 5 ай бұрын

Yay!!! My two favorite finance channels!!! ❤

@zo_471 5 ай бұрын

Clicked because of the money guy ❤

@Kornheiser10 5 ай бұрын

The Money Guy(s) are for people out of debt. Ramsey might be great getting people there, but B&B move you along your financial path. They are professionals, and don't just use anecdotal evidence to support their advice. Mindy said it best, when she pointed out not to believe the anomaly of early success in real-estate will work for most people. That's the fallacy of survivorship bias. Most of the people pumping real-estate options early have never gone through even one of the real-estate crash cycles Brian and Mindy noted. Great episode.

@anniealexander9616 4 ай бұрын

I've been a landlord since age 19. I've worked very hard. Brian and Bo came from privileged lives where they hire someone to do everything for them. And yes I know Bo is adopted.

@anniealexander9616 4 ай бұрын

Real estate crash is the best time to buy.

@Kornheiser10 4 ай бұрын

@anniealexander9616 Obviously, you know nothing about Brian and Bo. As Brian talks often about his life when his father was fired and they had no money, and how Bo was adopted and raised by a grandparent and got to UGA on a scholarship. Both these guys are truly self made from years of hard work. Definitely no privileged upbringing for these two. Watch there show or read Brian's new book if you want to be financially educated on proven methods towards wealth. As the always say, it's not complex to get wealthy (not rich), but it does take a plan, time and patience, which isn't always easy.

@anniealexander9616 4 ай бұрын

@@Kornheiser10 Didn't Brian's parents pay for his college?

@anniealexander9616 4 ай бұрын

@@Kornheiser10My sister helped raise her granddaughter after the Mom left to go party. She grew up privileged. I have a friend who was adopted. He grew up privileged. We've even had conversations about how I was working while he was partying!!

@jaredgates4310 2 ай бұрын

Great episode. Money guys have been a great resource.

@CarlosMataShow 5 ай бұрын

Wow; 2 of my highest valued sources of personal finance info coming together. Excellent debate and good for thought!

@JessicaT10118 5 ай бұрын

Scott was spot on

@davidandrews9914 5 ай бұрын

At about 17min, In the debate to pay down mortgage vs invest, people very often make the mistake of comparing interest rates with returns and don't factor in any current or future tax benefits if you haven't already maxed out tax advantage accounts.

@stom3998 5 ай бұрын

Great show! I did enjoy the back-and-forth. I watch both of your content regularly; both provide lots of great information.

@rudyardganuelas6254 5 ай бұрын

I don’t know. Bo didn’t seem to be so excited.

@youknowme1701 3 ай бұрын

😂😂

@healthyaisletoasia 5 ай бұрын

Oh, this is nice. Two of my fav money shows together!

@ParkDari 5 ай бұрын

I would always choose to pay off the mortgage first if it was a reasonable mortgage because I would never want to pay extra for my house we bought a reasonable home on a 10 year mortgage at 6 1/4% in 2001 and lived at poverty level for three years to pay it off that freed up an enormous amount of cash flow

@lunallena5594 5 ай бұрын

I also want to pay off my house fast. I'm old enough to know that anything can happen, and no matter what, housing always gets more expensive.

@lukewilliams6364 5 ай бұрын

Great guests 🎉

@kayjay7865 2 ай бұрын

There were double digit mortgage rates in the 80s and 90s. The mortgage interest rates went down when builders started creating these homogenous home communities all over America. The mortgage interest rates went down so people could buy these huge homes

@NerdyRamblinWreck 5 ай бұрын

Dream colab! ❤❤❤🎉🎉🎉

@anniealexander9616 4 ай бұрын

I remember in 2007 when the stock market was halted because it was dropping so fast. Credit froze and I had a property under contract. We aren't all the same. Some of us did great during the housing crash. What did people lose during the tech crash?

@coya8coy175 5 ай бұрын

I’m tired of everyone telling me to invest into real estate. I get it, I understand why, but I want nothing to do with it. I don’t want to deal with people, or running a business. It’s just not for me. Hell, I’m not even sure I want to own a home right now.

@zackdreamcast 5 ай бұрын

Look at and run the numbers. Real estate growth is circa 1.7% above inflation. Whereas the the compounding of your market investments returns are just over 7% above inflation. At 7% mortgages you should be buying broad index funds. If rates come down to 2-3% interest rates you can look to invest in real estate or even home ownership. Home ownership only makes sense in the Midwest or low cost areas as the mortgage payments and rents are similar. In high cost areas where ownership is way higher cost than renting you shouldn’t buy. Rent and invest the difference.

@lilibethvilella 5 ай бұрын

Thank you for sharing these steps! Sharing it w my son. I’m in book tour myself in NY today. Book on healing from divorce called “THE SUN ALWAYS PIERCES THROUGH” ☀️

@cameronhatzel3084 5 ай бұрын

Homeowner's deductible is $30k. So you can't get off step one of the Financial Order of Operations until you have $30k in savings. That might be more than an emergency fund in some situations.

@amycolucci6769 5 ай бұрын

I love them!!!!

@lmbarnes3 4 ай бұрын

I was thinking my emergency fund would be reduced in retirement since i am living on a set income, and the original emergency fund was to cover job loss. Now getting ss, pension, and 401k 4%... what would the new emergency be? Medical?elder care?

@ethanbolinger1220 5 ай бұрын

The money guys are too conservative for me. They give good advice for a lot of people, but the goal for me is to retire ASAP! If i want to retire well before traditional retirment age, I cant be putting in all my money in the tax advantaged accounts that i dont have access to until im freakin 60!!! I need the cash to support my lifestyle now.

@Howaboutyoublow 5 ай бұрын

Getting money from tax deferred accounts is ridiculously simple and easy. Look into 72t SEPP and rule of 55.

@HughMirin-Bruh 4 ай бұрын

Don't necessarily agree with you on that. I don't *need* all of it right now, but I can't *afford* to wait for all of the funds to get freed from tax advantaged accounts either. But it's not an either/or scenario. You can do both so you have enough when you need it, as you need it.

@lilibethvilella 5 ай бұрын

U guys are crushing it. Ignore the naysayers!

@krazyd00 4 ай бұрын

Me gusto el video

@zackdreamcast 5 ай бұрын

31:30 💯 my situation. Maxed out backdoor roth and 401k for both wife and I for 10 yrs (30-40). We now have $1.5m and 20 yrs to access it. 10yrs of doubling means at 59.5 we are at $6m. Way too much. Followed the generic script for way too long. No longer contributing to retirement accounts.

@anniealexander9616 4 ай бұрын

I bet you put in a lot more capital than he did into paying off the mortgages. I also bet you would be surprised to learn what his rental homes are worth. I paid $69,150 for a property. In 5 years a tenant paid for the initial investment. My neighbors house sold for $875k. That's just one property. Brain and Bo are for high earners who can put in lots of capital. Real estate is for people who use others to build our retirement.

@customersupport-v9h 2 ай бұрын

So you didn’t contribute any savings towards taxable brokerage accounts? Must be hard to determine how much to put in each bucket

@zackdreamcast 2 ай бұрын

@@customersupport-v9h we did not, everything we made went towards real estate (currently have 2.2M in real estate across 3 rentals and primary ..$1M in mortgages) or retirement accounts for the tax benefits

@Fitmomlyfe 4 ай бұрын

I was just thinking about how dumb it was that he was saying he expects interest rates to go down. Obviously nobody knows, but they are average right now and then Mindy said it lol. My exact thought process was about how interest rates were even 12% back in the 70s.

@michelleh9794 5 ай бұрын

Please excuse my dear aunt Sally (PEMDAS)

@christinab9133 5 ай бұрын

❤❤❤

@zackdreamcast 5 ай бұрын

Mortgage interest rates on the long term average is 7%… which is where they are right now. They are not high. They are just higher than recent experience. You will never see a 3% or sub 3% again. It’s a result of a global economy shut down.

@HughMirin-Bruh 4 ай бұрын

Still smacking myself for not going for 30 years fixed @1,5%. Chose 15 years fixed @1,01% instead. Ah well, still a pretty good rate if you ask me! We'll see where those 15 years will take me.