The #1 Financial Regret of Americans (And How to Fix It)

[@kD-bx1mu]

you can really tell that Bo looks up to Brian. just by the way he looks at him, its truly amazing to see two people in the same field that work together have this much passion together as well. it's just nice to see.

[@rhondavigil795]

I see mutual respect for each other. Each brings something special to the program.

[@JoshHallingse]

When I started my first job fully funding a roth on top of matching the work 401k and saving for my first home would have been tough. I wish someone would have told me it's ok to contribute what you can and work towards the fully funded status in future years. Get out of the mindset of all or nothing.

[@rossinverted]

Goldilocks for sure. Think the majority of the country is inverse to your strategy. Educate early and make a solid plan is so underrated.

[@kylen6430]

Yeah that’s the thing. Even if you start contributing just a little, if you can get raises/promotion/etc without letting lifestyle creep get the better of you, you will be maxing out both Ira and 401k soon enough

[@Username_CC_]

Agreed. Making 45k and rent was 1k so I didn't have much left. Getting skills and promotions were the best thing I did.

[@curtiswfranks]

Meanwhile, I am feeling bad because I have been maxing out all of my accounts for the last several years (basically for as long as I have had a big-boy job) and this will be the first one in a while such that I fail to do so. My company did not hand out bonuses this year, and they have historically been a full fifth of the respective 401(k) maxima for those years. I have other priorities this year, but I could not max it out on my own even if I wanted to do so, unless I divert other investment funds or choose to not eat for a few months straight.

[@Username_CC_]

@@curtiswfranks those are accomplishments to be proud of for sure, but not all steps are forward and so you can only do your best now and possibly look to move companies or take one step going forward to improve your own situation. Best of luck

[@graceyloufb]

Finally a pension related question! I'm further into my career, but this confirmed I need to save more on top of my pension to be financially secure. Thanks, guys!

[@rhondavigil795]

Definitely. Especially if you want to retire early. The rule of 55 would allow you access to your 401k without penalty.

[@rhondavigil795]

We invested in our 401ks slow and steady. Then, we got out of debt and took control of our finances. We turbo charged our investing after paying off the mortgage. Now, we are retired and loving it.

[@grantgoodman5373]

Is there ever a time Bo’s not SO EXCITED??? I love it guys! Keep up the great videos!

[@JoeFromSomewhere2303]

He alluded to it during the video: thinking about going back to Disney world with his kids lol

[@zackcinq-mars2129]

Brian should sign the books during a podcast so we can all see how dedicated he is!

[@RyDoC21]

Hearing the cup, shhhhh, and quieted giggle at the beginning gave me life

[@Nishala8]

Samsies! 😊

[@KellyAddington-j4t]

I’m 52 and way behind in retirement savings but have learned so much from these guys since I started focusing when I turned 50. When I was younger part of me just really didn’t care and the other part thought investing was solely about buying, holding and selling individual company stocks and I would first have to understand all the terminology and know what all those numbers mean when you watch CNBC. Therefore I only contributed off and on small amounts to my 401k and did 100% bonds because it said safe. 😞

[@angierice7154]

I wish id started at 10% 401k contribution instead of 6. It took me years to understand what I should have done, and Im now compensating by doing 15% in addition to my Roth and HSA. Time has been good, but man, it could have been great!

[@andrewlopez1906]

It hurt when I finally understood all that and checked the balance at 6%. So far behind just based on that alone

[@triciabrown1462]

If it makes you feel better, I started at 5% and am currently deferring 20%.

[@michaelschiemer3]

The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?

[@Rachadrian]

Just get a financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but I'm comfortable in my financial environment.

[@Olsontim21]

Just get a financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but I'm comfortable in my financial environment.

[@michaelschiemer3]

I agree. Exactly why I now work with one. A lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m

[@SteveEstrada-js9nu]

@@michaelschiemer3 Who is your advsor please? if you don't mind me asking

[@michaelschiemer3]

The advisor that guides me is Amber Dawn Brummit, most likely the internet is where to find her basic info, just search her name. She's established.

[@wpelfeta]

My favorite memories are ones that were completely unexpected and maybe not so fun in the moment. But looking back, they are memories I wouldn't give away for anything. Like the time when we spent 72 hours hopping from airport to airport because our flights kept getting cancelled and delayed due to winter storms and they kept rerouting us.

[@arh1234]

Hiking at state parks all day, pbj and apple lunch, and getting happy hour sonic slushes on the way home.

[@saraashkir5793]

Once my daily bus to university got stuck in the snow at our station after a huge snowstorm. I only went because I had an exam that day. Then we got news that school day got cancelled so I called my brother to come pick me up cuz I was gonna go home (he had just left the station 2-3 minutes prior). He came by and then we spent the next hour helping everyone’s car, along with the bus, get unstuck! It was a great memory

[@MoneyGuyShow]

All solid examples of blossoming memories 🙌

[@gojl5567]

I've been to Chatanooga. Ruby Falls and Rock City, then the Battlefield are fun. Also my aunt wouldn't paint See Rock City on her backyard birdhouse, which I think she should. But I love road trips. My Dad's factory would close for two weeks every July. We drove up to Nova Scotia one trip, to Banff/Jasper one year, to LA and the Grand Canyon another. It was incredible. I've been to 48 states which will make you unusual.

[@iansean]

lol @ the lemon over Bo’s left shoulder. That’s a new one in the background.

[@Kindred192]

It's true. I'm in my 40s now, mid-career and relatively successful making about $200k, and I'm living like I'm making $70k trying to catch up. If you're in the early phases of your financial journey - don't follow in my footsteps. It's not fun.

[@pfifltrigg]

My husband is set to get an 80% pension if he stays at his job and retires at age 62, but we don't want to fully count on that. We're aiming towards retiring at 60 if we can, and trying to replace our income 100% so we have room in our budget to travel etc.

[@Draggonny]

Stretch goals are awesome. It's always better to have more than the bare minimum when it comes to a pension. It will help cover unexpected setbacks or improve your quality of life if everything runs smoothly. I've spoken to too many people lamenting their "fixed income" when their bills have gone up unexpectedly. Car insurance went up by 40% last year and meant many older people had to start considering whether they needed to sell their cars. To be honest, a lot of them didn't drive enough miles to make it worth having but they sounded so stressed out about it.

[@rossinverted]

Would love to hear you on legacy 529 ideas. Legacy being opening multiple accounts (one per state rules) to let interest accrue to the cap for “infinite” college expenses. Multiple beneficiaries! A Trust the best option? Rules after I pass away? Love coming on and exchanging finance energy in a lacking society. Thanks Team

[@RoqueCowboy25]

Hi guys, would it be possible to have a second channel for highlights? I don't subscribe because I want to watch the full episodes and streams and don't need the highlights filling up my feed

[@Zombiebeast1995]

Subscribe anyways! I don’t watch the shorts either most of the time, but it’s still worth it! Been watching for about 6 years (before they even split into shorts lol)

[@Kat_Ville]

It is FREE content! I listen to a lot of financial podcast and these guys are seriously the best. I love that they go over all the nuances so we can all make informed decisions rather than just pushing a an advice to everyone. The least we can do is subscribe. ☺️

[@albert1558]

Keep investing even if you have a pension … I wished I had done that more off. As they say you will have more options and feel safer. Please please keep investing even if you have a pension!!!

[@MT-sq3jo]

I don’t quite agree on using the current marginal tax rate alone to determine making pretax or Roth contributions. Savings 30% tax now on a $1000 401k contribution may sound attractive, but for a 35 years old, that $1000 could turn to $8000 by the time he turns 65 (double 3 times over a 30-year span, approx. 7.2% yearly return). When he withdraws the money, even his marginal tax rate drops to 22%, this $8000 pretax withdrawal could cost him $1760 in income tax. So, instead of saving $300 pretax money at age 35, one should still consider doing Roth instead so by the time he retires at age 65, the whole $8000 could be tax free. Of course, this is oversimplified since one can argue that he could still invest the $300 tax savings to generate extra income by 65. But you get the point of my argument - if you are young, consider the potential size of tax free ‘earnings’ and not just the size of the initial investment. P.S. Tax diversification is almost always a good thing, having money in pretax, Roth, and regular accounts make tax planning after retirement easier (mindful of Medicare surcharges, social security tax torpedo, RMD, etc.)

[@eedre4864]

I wish I would have started a brokerage account earlier. Sure it's nice to have all those tax advantages and comfort factor in retirement accounts, but you won't have true dominance of your time and peace of mind until 59-1/2 without a an income stream separate from your pay check.

[@sklegg]

I’m very glad to live where getting around doesn’t require a car. They’re so expensive.

[@treesarecool]

I’ve done so many of the roadtrip stops they’ve talked about. We did some ruby mining in North Carolina and then on to Chattanooga!

[@treesarecool]

17:25 I’m all about frugal travel in my 20s- cruises with internal cabins, freebie strolls in Vegas, etc.

[@janw999]

Best marathon runner for a while is Kipchoge 😅

[@xaldath4265]

Eliud is an true inspiration. I look forward to the day he officially crosses that 2h threshold. 🎉

[@gwenhidwy]

$1M in thirty years is about $1400 a month at 4% draw in current dollars when adjusted for inflation

[@davisamills597]

I signed up for your book months ago! Question, I love audible. Will you also have an audiobook so we can listen in the car?

[@graceyloufb]

I pre-ordered on Audible!

[@davisamills597]

​​@@graceyloufbyes! Found it!!! Thank you!! Now I'll have both lol!!

[@miked412]

Brian signing signature cards reminds me of Seinfeld signing all of those royalty checks!

[@Driving4bangers]

I regret not buying a house when I was 7

[@dandulik1673]

Appreciate the content as usual. Maybe try to make it to Cleveland. Just not in July!

[@claytonslade2366]

Paying off low interest debt

[@sklegg]

Just wondering… What’s the name of Brian’s book? 😉

[@Cytonic]

Ruby Falls is 260 feet down, Brian, not 26 miles 💀

[@MoneyGuyShow]

I was adding childhood impressions to my description 😉

[@p1qt.h4ndl]

Eliud Kipchoge...mate the GOAT of marathon running

[@FortheH3LLofIT]

Can someone tell me what the counter over Bo's shoulder signifies?

[@Mr.Millennial]

Pretty sure it’s the number of subscribers at the time of shooting the video.

[@curtiswfranks]

@The Money Guy Show: SEP IRAs prohibit backdoor Roth conversions? If so, what if the SEP IRA has not had any contributions made to it for a while? What if the SEP IRA has been closed?

[@NerdyRamblinWreck]

Losing weight to get ready for a photo with B&B in Dallas!

[@trackee2024]

1:09:34 We followed our hearts with no plan. My husband (a former teacher), decided to homeschool our 4 kids because we thought it was best. My income doubled in 2 years from having someone hold down the fort at home. I could finally focus and grow my career!

[@frederickthomas_]

Can confirm: the left-handed person struggle is real in a right-hander’s world lol.😂

[@p1qt.h4ndl]

🗣Brian, eye yam saw...excited 😂

[@fedguy9182]

I’m 63 and I’ve always bought newer used cars. Let the first owner take the biggest depreciation hit

[@Draggonny]

Yeah, I'll probably never buy a car under 2 years old. With each car we buy we get something with fewer years on it but brand new cars seem more trouble than they're worth. I worked in car insurance for a while and the insurance price is insane and pre-orders are never delivered on time. An old work colleague of mine got a new car two weeks ago and this week someone reversed into it. He was devastated.

[@tweakernation]

Cybertruck has already aged horribly. Recall because the gas pedal just comes off while driving

[@AshS85]

That lady serious? How far does she think $1M is gonna take her 30 years from now...

[@LL-pq5uo]

I'm definitely going to need "Respect the FOO" merch 🙂

[@JanineJ.Cromwell]

Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.

[@scottfabyanic3546]

Woo hoo… Gen X Number one!

[@LawrenceTimme]

I watch but I don't subscribe because every time I subscribe to a channel it goes downhill and I don't watch any more. Especially with bigger channels

[@Draggonny]

You can always unsubscribe if you stop watching. I always subscribe because when I'm sitting around trying to decide what to watch I can go scroll through my subscriptions. It's like having an entire TV schedule tailored just to me.

[@user-kw6vc6fq7h]

The random "fan boy"ing over Tesla and the now especially Cybertruck is getting annoying. Issues with Tesla as a company and their business practices aside, the fact that Brian was "considering" buying a Cybertruck is frightening.

[@carieyounginsurance]

Some of us still like Elon and Tesla…🤷🏻‍♀️

[@hoikuenglish]

He was literally asked about his Tesla. It’s not like he just brought it up.

[@nathanh5778]

I do own a timeshare😢

[@jamesr5735]

Jack wagon LOL!!! They got you haha!!!!

[@JanineJ.Cromwell]

My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.

[@Cfpltguy]

Anyone know how to calculate the marginal tax rate from your tax return?

[@MoneyGuyShow]

Tax rate of your next dollar of income - will be the highest (not avg) 👍

[@tweakernation]

Take Line 15 of your 1040 and look at the tax rate chart for 2023

[@Alan-jk1yi]

The marginal tax rate is set by the government each year, you can just google it.

[@christinab9133]

❤❤❤❤

[@fedguy9182]

Disney…such a waste of money lol….

[@genericchannel5899]

Still beats the creationism museum. ROFL!

[@gabesmith9171]

The Money Guy*S* 🤦‍♂️

[@arh1234]

It was just Brian originally, and they haben't changed the name

[@SeekingVirtueA]

And each of us individually can be the Money Guy (or Gal). 😁

[@douchenozzlemcgee6111]

Do you bother reading the end cap? It is one main guy. Brian Preston. Bo is not "The Money Guy". If you're gonna be a hardass, at least be right. Otherwise you just look like a dumbass.