Best Investing Accounts for Kids (New Trump Accounts?)

17:36Brian Preston:they're just saving less than$13 a month for a newborn. If I can just save$13 per month, and over the course of their life, that can annualize a 10 % rate of return. That's all that it would take for them to be a millionaire. If you want to think about the lump sum, if you could just on the day that your kid was born, you could put$1 ,544 into an account and let that money grow until they get to retirement, you have put them on the track to a million. Now, before you say, oh, a million is not going to be that much. You're right. when they get 65, a million won't be that much. But you know what?

18:07Brian Preston:You can't get to 2 million unless you get to 1 million. You can't get to 3 million unless you get to 2 million. That's the way that it works. So if you can start them out early and set them up, it's amazing what can happen. But there's a caveat. You have to make sure that you're doing this at the right time. Because far too often, we see parents get this twisted. We see them get it sort of jacked around where they, instead of doing what they're supposed to be doing, and give themselves on solid financial footing, they decide, hey, I'm going to start saving for my kid. I'm going to do the 529. I'm going to do the UTMA.

18:40Brian Preston:And I haven't even made it to step four. I haven't even finished step five. When it comes to saving for your kids, when it comes to helping them build for their financial future, that is a step eight thing. So you should, right now, go to moneyguy.com slash resources, download your free copy. Revi, can you hold the thing up for me?

18:57Rebie:I have the copy. Thinking of you, Brian.

19:00Brian Preston:There you go. So if you are not in step eight and you are saving for your kid, you've likely gotten it out of order. So I would encourage you to recalibrate, reassess your situation to make sure you're doing this at the right time in the right order. But if you are there, it's amazing what can happen for your kids. And if you have kids that are old enough to begin kind of understanding these concepts, I would say grab your phone, grab your iPad, grab your computer, have them sit next to and say, hey, Junior, hey, Sally, sit down. Let's go to moneyguy.com slash resource. Let's check out the wealth multiplier tool.

19:35Brian Preston:Let me just show you how powerful your dollars can. We've had parents actually tell us, hey, this is how I educate my kids on how compounding interest works. You would be amazed when those light bulbs start going off. If you can get your kids turned into financial mutants early on, chef's kiss.

19:54Rebie:That's the goal. That was really good stuff. And now that we've talked about all of the kids and the investing and covered that, we're almost ready to get to your financial questions. So be sure to drop those in the chat. I may be at the big desk today, but the team is still out in the wings gathering your questions and getting ready for a great Q &A. And I love these live streams, guys. There is really something special about our live stream community. I love being in the chat with you. Honestly, today I'm doing more things than I usually do during the live stream, so I'm not getting to be part of the chat.

20:24Rebie:And I miss it because it's so fun. I love joking with you. I love hearing what you're thinking, all those things. And so, I mean, it's kind of a bummer, right, when we have to stop the live stream, send the chat into the abyss. We've also heard directly from you that you would love to connect with more like-minded people when it comes to finance, other financial mutants, because sometimes not everybody thinks about it the way that we think about it, right, and the way that you think about it. So all of that is I'm saying this because we've been cooking something up that solves both of those problems.

20:55Rebie:And I'm really excited to announce it to you today. You are formally invited to join the Moneyverse. The Moneyverse is our official Discord server for all financial mutants. And this space is built for people who believe that there's a better way to do money. It lets you connect with other people, have a place to go celebrate your milestones. We talk about milestones and goals all the time. So you can actually like share them and talk about them in a place where everyone's going to get it and celebrate with you. You can get feedback. You can ask questions. You can talk to each other. And we are really, really excited to make this available for you.

21:34Rebie:I'm going to be popping in and out of there. I'm excited to talk to you. So please join in. We're going to be posting content every week to start discussions, surveys to get your feedback. I'm really excited about this. So go to moneyguy.com slash moneyverse and join. It's totally free to join. It's a Discord server. If you don't know Discord, that is okay. I didn't know too much about it until we used it for Brian's book club back when we launched the book. So it was really, really fun. So I'm excited to crack the server open to everybody and have some really fun conversations in there. So moneyguy.com slash moneyverse.

22:13Rebie:I can't wait to chat with you in there. I can't wait to see what you think. And honestly, even just get your opinion on the channels and the chat and just have new ideas of how we can post more content in there, better serve you and foster even more conversations.

22:28Brian Preston:I love this. When you go to moneyguy.com slash money, I'm looking at it right now. There's some like FAQs on there to kind of walk through. Hey, what is this? How's this work? What's it for? This is going to be the first line, right? Oh, is that our logo right there? That's the Discord logo. Look at that little thing. I don't like that. We are super excited that this is going to be a community where we can connect. It's so funny. As soon as you started talking, do you know what everyone's guess was? You're like, hey, you guys have said you want more interaction and more connection. Mutant mingle, right?

22:58Brian Preston:Everyone's like, ah, mutant mingle.

22:59Rebie:So it's not quite mutant mingle. Not quite. Listen, if we want a mutant mingle channel, there's enough interest. Maybe we'll do it.

23:05Brian Preston:That's a thing.

23:06Rebie:Maybe we'll do it.

23:07Brian Preston:So we would love for you to go check that out. This is going to be where we're going to be able to communicate with you guys. We're going to be able to connect with you guys and hear the things that you have going on. You matter. So basically our hope is it's the live chat at all times, 24-7. All day, every day. Which will be super, super fun. Awesome. All right. You want to answer some – do you want to ask some – I mean you can answer them if you want. But do you want to ask some questions?

23:28Rebie:I might answer some, but I do have some queued up to ask you.

23:31Brian Preston:All right.

23:31Rebie:So are you ready? Yes, ma 'am. That's really the question. Jonathan's question is up first, and it says, what is the best way to stay motivated financially when your short-term goals are met and you just

23:42Brian Preston:have long-term goals you're working towards oh my gosh good one we just did we just made this show didn't we this is a show that we just talked about yeah this uh this okay can I be honest

23:53Rebie:I've seen we were on our reddit community actually uh and there was a lot of people talking about this. Like I've kind of done this. Now what? Now what? And so yeah, give us a little precursor.

24:07Brian Preston:So it's so funny. We often talk about the messy middle as this like stage where you get married and you have obligations and you have kids and you feel like you're being pulled in a thousand different directions and you have no discretionary time and no discretionary money. That's the messy middle where it's hectic and crazy and chaotic. But what Jonathan's talking about is this other season that a lot of people hit. And I think the best name we came up for that season is The Boring Middle. It's this idea of, okay, when I first started out, man, I was on fire, and I budgeted for the first time.

24:46Brian Preston:I did my net worth for the first time. I got my savings set up for the first time. I did all these things. And, man, year one, year two, year three, it was so, so, so exciting. But, man, I've kind of developed that muscle memory. I'm kind of at that place where I know what I'm doing and I'm kind of doing the right stuff, but I'm not at retirement. I'm not at fire. I'm not at that season. I'm in the boring middle. And I think a lot of financial mutants find themselves in that. Like it's very easy to get super, super excited right there at the very beginning of the journey. And then it kind of falls off because wealth building, frankly, is a slow process, right?

25:19Brian Preston:It's not something that happens overnight. It's not something that is necessarily super excited when looking at the short term. So his question is, how do I stay motivated? How do I do that? All right, so he said short-term goals are met. I'm assuming that means like, hey, I got my debt paid off. Hey, I got my emergency fund. Hey, I'm saving 25%. Those are the short-term goals. What, oh, mundane middle is a great name. We gotta go rerecord that show. Mundane middle is the name of that.

25:45Rebie:Next time.

25:46Brian Preston:So I think once those short-term goals are met, the thing you have to do is you have to figure out, and I'm kind of giving you, I'm sort of cannibalizing some content that's coming. I think if you can find a way to establish what I would call mini milestones or mini markers, hey, this isn't like necessarily the big financial milestone. It's not the big, it's not the financial independence. It's not hitting the number. It's not where my money is making more than I make, but there are small little wins that you can have along the way. And I'll throw some out there. Hey, what about when I max out my Roth IRA for the first time.

26:21Brian Preston:Hey, what about when I actually hit 25 %? What about when I actually hit the 24 ,500 by 401k? If you can set up those small, I'm going to call them little mini goals, micro goals, those might be the fuel. It's not changing path and it's really on the way to the big goal, but it's a mile marker along the way. And don't forget to celebrate it. So often we talk about discipline being that ingredient where it's like defer, defer, defer, defer, don't, don't do, don't do, don't do. It's okay. When you hit a goal, hey man, I maxed out my Roth IRA. Boom. Go celebrate.

26:56Rebie:Hey, I - In the moneyverse. Moneyguy.com slash moneyverse. We have a whole channel for celebrating milestones for this very reason. Or how about this?

27:04Brian Preston:Like, hey, I just paid off my debt. Awesome. Go celebrate. Hey, I just had this hard conversation. I just got this promotion. I just had this. Figure out ways to set up many goals and many celebrations along the way. And I think if you do that enough, what begins to happen is it doesn't become so mundane. It more just becomes muscle memory, right? It becomes not boring. It becomes status quo. I would liken it to working out. You know, it's really, really exciting. Of course, I'd liken it to working out. It's really, really exciting when you first start on your fitness journey because you see a bunch of changes and maybe you get stronger, you get leaner, you lose weight, you get fitter, whatever your goal is, but then you kind of settle in and you plateau.

27:50Brian Preston:Well, what you have to do is you have to fight through that plateau that then the status quo, your normal state of being becomes the level that you want to live at. Whereas I'll give you like a really example. Traveling and vacation is a little bit hard for me because I'll get out of my routine. And what I noticed when I get out of my routine, and I'm not doing the same sort of cadence of exercise or whatever, my body actually hurts more. I feel worse when I'm not exercising than when I am exercising. In the financial realm, the same thing happens. You will get so used to making sound, wise, good, solid financial decisions that it's actually harder for you to make the bad decisions than it is to make the easy decisions.

28:30Brian Preston:So I think setting up those many mile markers and celebrating along the way, Jonathan, is a great way to kind of keep yourself on that path. that's great

28:39Rebie:Jonathan thank you for your question if you would like to submit a special rapid fire question for Mr. Bohanson now would be the time you can add it to the chat we're going to do rapid fire today? we're going to do it a little bit differently but if you want to add a question for the rapid fire segment just add RF at the beginning of your question in the chat and what we're going to do 60 seconds honestly is too easy for you and Brian so more to come on that but it's definitely too easy for you alone. So we're going to see how many questions Bo can answer in 60 seconds. And of course we'll give him his kind of debrief at the end where he gets to go, it depends and expound, but we're going to do an experiment on Bo and see if he can answer.

29:24Brian Preston:How many questions in 60 seconds? Do you have a goal? I don't know. I won't ask you that.

29:27Rebie:We're going to just see how many you can get in 60 seconds. Okay. So get your rapid fire questions in the chat while we do a couple more. long-form questions.

29:36Brian Preston:Does the 60 seconds include you reading the question? No. So you can start and stop?

29:42Rebie:Yes, but they said no. Love to see it. Throwing you a bone there. Kelly's question is up next. It says, when is it acceptable to finance a large discretionary purchase like a pool? I'm 42 in the messy middle in step 8 of the financial order of operations on the curve with$1.5 million in retirement.

30:03Brian Preston:Man, all right. So Kelly's doing great. Kelly said some awesome stuff there that I love. One, to be 42 with a million and a half bucks in retirement is awesome. Like, I don't know what your number is. I don't know where you are on the curve, but you've assessed for yourself, hey, I know that I'm on the curve, meaning I know where I'm at today. I know where I want to be in the future, and I am appropriately on the curve. I'm neither ahead nor behind. I love that. And so if you're in step eight, that also tells me a few other things. It tells me that you have a fully funded emergency fund. It tells me that you don't have any high interest debt.

30:40Brian Preston:It tells me that you're saving 25 % of your gross income. Well, if you're doing those things and you are in step eight, I would argue that's a wonderful time to be able to do some of these, what I'm going to call lifestyle improvement decisions, right? So, uh, Hey, I want to finance a large purchase like a swimming pool. Now, do I think it's okay to put in a swimming pool? Sure, absolutely. In your situation, that sounds fine. Should I finance it becomes a little more nuanced because even though you can make the decision to have the improvement, one of the things you'll need to do now that you've triaged, I'm on the curve, I'm doing what I'm supposed to do and I can afford this, now becomes the question, what's the best way to afford this?

31:24Brian Preston:Do I save up and try to pay cash for it? Do I finance it with some sort of privatized loan? Do I take out a home equity line? Do I refinance my house to do this? Any one of those answers might be correct depending on the other variables. What I would say for you, Kel, is you've done the hard work of getting to a place where now you can afford to make those decisions, but you also have to recognize that any financial decisions you make, especially big ones like home improvements and discretionary home improvements like a pool, are going to have an opportunity cost. My wife and I did the same thing.

32:02Brian Preston:I said, hey, look, we're going to do this. We're going to proceed forth with this thing. Just so you know, here's the price tag. And based on our age, if we spend this money on this, doing this to our home, this is how much that would have been in retirement. Are we comfortable with that? Are we comfortable with that trade-off? Is that something that's acceptable to us? And so, So Kelly, you will have to decide that for yourself. Is the opportunity cost of what I'm going to miss out on worth the benefits or rewards I'm going to receive? Whether it be like having a place to lay out or having a place to wind down or having a place for kids or inviting people over, whatever those things may be, it's a T-chart, pros, cons, where you have to make that decision.

32:46Brian Preston:Personal finance is personal, but I love hearing where you are in your financial journey. I don't think it's crazy to think about, and if financing is a way to do it, think about doing that kind of improvement.

32:59Rebie:Kelly, hope that helped you think through that. Thank you for the question. We're going to do one more before our rapid fire segment. This one's from Mr. Eric, I think his username is. It says, question for Bo. Given my combined marginal income tax rate, I contribute to Roth over traditional 401k. If I want bigger arms, should I focus on biceps or triceps?

33:24Brian Preston:Oh, that's hilarious. That's a great question. The answer, if you want bigger arms, I would focus on triceps because it's the thing that actually makes your arm bigger. But if you want them to look cooler, then you probably focus on biceps. So it depends on if you're going for size or substance.

33:43Rebie:He even said it depends on a workout question. It's a disease. Oh, that's hilarious. That's lovely. Okay. We are going to do one more. That was a quick one. Lorena Matzik, 5752, has a question. It says, I know you recommend having one times your annual income by the age of 30 and three times your annual income by the age of 40. What happens when you keep getting salary increases and it's a moving target? Great problem to have.

34:12Brian Preston:I love it. And we get this question all the time. You know where else we get this question, Lorena? If you're using our net worth tool, you can go to learn.moneyguy.com. You can go download our net worth tool that walks you through this. One of the things we track is where are you in your wealth-building journey? Are you an average accumulator of wealth, which is just your age times your income divided by 10, assuming you're over 40. If you're under 40, we have a little adjustment to that. Are you an under-accumulator of wealth, or are you a prodigious accumulator of wealth? Well, if part of that is your age, which you can't manipulate, But the other part of that is your income, which can vary widely.

34:49Brian Preston:You can imagine I could be doing everything right and be doing all the stuff I'm supposed to be doing, but because it's pay raise, it makes it look like I'm behind. That's not uncommon amongst financial mutants. And even our mile markers, one time by 30, three times by 40, I want to say it's, I think, six and a half times by 50. One of the things that you can do to smooth that out is rather than using a point-in-time income, if your income has been changing, I think you can average it out. Now, you'll have to decide when the big changes happen. So maybe for you, it's looking at an income on average for the last five years, or maybe it's your income on average for the last three years.

35:26Brian Preston:I think doing any one of those to give you sort of a litmus test of am I where I'm supposed to be will be helpful. But only so long as you're doing this, let's say that you're making$100 ,000 and all of a sudden you get this big pay raise. Now you got$120 ,000. don't smooth out your income to see where you are if you're on track and then leave your savings the same. Whenever we get pay raises, whenever we get bonuses, we want to make sure that we're not just saving 25 % of the old income, we're saving 25 % of the new income. And so as those things happen, if I'm not at that 25 % number just yet, we like a 60-40 split.

36:06Brian Preston:Whenever that pay raise comes, whenever that bonus comes, I'm going to take 60 % of whatever that number is, I'm going to put that towards my savings goal so I can get to 25%. But that other 40, I'm going to let that go to lifestyle. Far too often, people let all of the raise, all of the bonus, all of the increase go to lifestyle, and they leave their savings behind. If you're doing that, you're not doing it right. So you didn't ask that part of the question, but it's something to stay mindful of. In terms of your question, how do I assess my mile marker, my milestone, I think you can smooth out your income, and that's totally acceptable.

36:39Rebie:I like that. Thanks for the question. All right, It is time to move into our It Does Not Depend Rapid Fire segment special edition since Bo is flying solo today. He will be answering as many questions as he can within a 60-second time frame without saying the words, it depends. And then at the end of that 60 seconds, we will have the maybe it does depend segment where he can debrief and say anything he didn't get to say. Are you ready to dive in?

37:07Brian Preston:I'm ready.

37:07Rebie:I did hear from the team. We cannot start and stop the timer.

37:10Brian Preston:All right. So you better read fast.

37:12Rebie:The timer will start after I read the first question, and we'll see how many you can get. Are you ready? I'm ready. Okay, first question. What individual stock did you actually consider and did not buy that you wish you could go back and buy?

37:30Brian Preston:Wow. I don't invest in a ton of individual stocks. I actually only have two individual stocks in my portfolio, and they're both reminders of a thing in the past. So I don't have a ton of regret. Like, yeah, would it have been great to have NVIDIA? Would it have been great to have Amazon? Would it have been great to fill in the blank? Sure. But I like buying the indices.

37:50Rebie:Is it better to invest money in retirement or save for a house? We're 34 and 35 years old.

37:58Brian Preston:You need to assess what your goals are. You should save in the priority of your goals.

38:06Rebie:in what situation would you recommend a whole life or universal life policy

38:12Brian Preston:you have a very large like a state tax large 30 million plus illiquid estate privately owned businesses privately owned real estate stuff that's not going to be liquid when you pass away and it's more than 30 million ketchup or mustard on a hot dog ketchup there we go was that really a question that was really a question love that well he got four questions hot take here uh I do not like mustard, though, is my preferred condiment on pretzels. You know a lot of people like to dip their pretzels.

38:39Rebie:Oh, like a soft pretzel.

38:40Brian Preston:In cheese. I'm a mustard pretzel guy.

38:42Rebie:All right. Like a grainy mustard?

38:45Brian Preston:Yeah, that's fine. I'm equal opportunity.

38:48Rebie:Interesting. All right. There was some doozies in there. You almost said it depends. Is there anything you need to do brief on?

38:54Brian Preston:The one that really got me was should I save for a house or should I save for retirement? That was brutal. And a lot of times you have to change. Like early on, if you're a 22-year-old, you're like, man, I want to be a homeowner one day, but I'm not married. I don't know if I'm going to be here. I'd say, hey, prioritize retirement. Get your Roth going. Get your 401k and do that stuff. But now, okay, you turn 25, you're 26. You meet that special someone. You're thinking about getting married. You're thinking about setting roots. You're thinking about starting a family. Or maybe you're single. You're going to stay single.

39:20Brian Preston:You're going to be single, but you just want to have an established place that's yours. Okay, then it's okay to shift. Okay, I was saving a ton for retirement, but I'm going to pause that for a bit, save a little bit less for retirement, save more for the house. Personal finance is personal and money is nothing more than a tool that allows you to accomplish the goals that you have, that allows you to do the things that you care about. And so you have to decide, is saving for a home and being in a home a higher priority than financial independence, than retirement at this moment in time? And if I prioritize that, what's the opportunity cost?

39:54Brian Preston:Because every financial decision we have has a trade-off. If I do this, then I cannot do this. or if I don't do this and I can do this, you have to make that assessment. Being 32 and 34, I think were the ages you said, right now the average first time – 34 and 35. The age of a first-time homebuyer right now is 35. Is that right, team? 35. It may even be a touch higher. I thought it was higher. It may even be a touch higher than that right now. So I would say you probably are at that stage where, yeah, prioritizing saving for a home might make sense. But do it quickly, do it aggressively, and then get back on that savings path.

40:32Brian Preston:Because by the time you hit 40, every dollar you save can only turn over seven times. By the time you hit 50, it's a little under three times. So you want to be able to maximize what you're able to do from a savings standpoint while you're still young and your wealth multiplier has a lot of juice in it.

40:50Rebie:Yes. I quickly Googled because I remembered this stat. In 2025, it hit an all-time high of age 40. 40 for a first-time home buyer, right? Anybody want to – that was a quick Google based off my memory.

41:03Brian Preston:All the content team just said thumbs up.

41:05Rebie:Because I remember being kind of shocked. Like, oh, gosh, like we're – this is crazy. And it was 38 the previous year, so I'm not – you know, we'll see what it is for 2026. But it is high. I just – since you threw out the number, wanted to go back to that.

41:18Brian Preston:Any other thoughts? I think everything else was pretty straightforward. I answered the whole life one really, really good. I like that laugh I got from you guys. Yeah, I feel pretty good. I feel pretty good about this. Right. You know what? Since I'm in the hot seat, you know what I want to do, team? Can I make up a segment? I don't know if you guys are in for this, but since she made me do a rapid fire, I want to ask you guys a question. I think we should do a rapid fire for Rebe because in the seat that Rebe sits in, she has all kinds of insight into the Money Guy universe. Some people even call it the Money Guy-verse.

41:53Brian Preston:Are there questions that you have that only Rebe can answer? We'll give her 60 seconds and see if she can answer some questions.

42:01Rebie:I'm happy to do it if you have the questions. So if you have questions for Rebe, I don't know what you're going to ask her,

42:05Brian Preston:but if you have questions, just put RFR in front of your question, right? We'll rapid-fire Rebe. We'll put that in front of the question if you have one. While you're doing that, and y 'all got to tell me where I can find these questions, while we're doing that, I'll answer another normal question. All right.

42:25Rebie:Well, that'll be exciting and interesting. Let's move on to M. Rudsey's question. It says, I'm saving 30 % for retirement in an HSA, Roth IRA, and 401k.

42:36Brian Preston:Love that.

42:36Rebie:Life's giving me some financial pressures, but I'm hesitant to hit the brakes. Any advice? Early 30s here.

42:43Brian Preston:I love, love, love hearing that you're hesitant to hit the brakes because what that tells me is that you're a financial mutants. Financial mutants feel discomfort when we have to make suboptimal financial decisions. But production team, I want to see if y 'all can pull this up for me. We have this idea of the way the financial order of operations is supposed to go. And we think that it goes from step one to step two and step two to step three and step three to step four. But in reality, in real life, what actually happens is there are fits and starts along the way. And sometimes there are financial pressures that come our way.

43:17Brian Preston:It might be the car breaks down. It might be, I want to buy the first home. It might be we have kids. It might be all these wonderful things, but these wonderful things cause us to have to slow down, cause us to slow down. Especially for my folks in your twenties and thirties, I just want you to take a deep breath.

43:35Brian Preston:It's okay. It happens to everybody. The goal is to save 25%. The goal is to be on a straight line. The goal is to be able to do everything exactly perfect 100 % of the time, but that's not reality. And I would encourage you, if you don't have an older person in your life, and I think everyone should do this. I think if you're in your 20s, if you're in your 30s, even if you're in your 40s, I would encourage you, go find an older person. If you're in your 20s, find someone in their 40s. If you're in your 30s, find someone in their 50s. If you're in your 40s, go find someone in their 60s. As someone that you know has done well, right?

44:10Brian Preston:They are the wealthy barber in your mind. They made good decisions. They're in a good spot. And I would just ask them the question, hey, is the reason you got to where you're at because you made every single decision just right? And I bet you what they tell you is going to blow your mind. Because if someone came and asked, if one of my young associates came here today, one of my early 20s, said, hey, Bo, are you sitting in the spot you're sitting in because you've made every right decision financially? May it never be. Let me walk you through all the mistakes that I've made. But you know what?

44:41Brian Preston:I made more good decisions than bad decisions. And I didn't make any giant bad decisions that derailed my entire financial life. It's not about hitting home runs. And it's not about never striking out. It's about consistently making contact, consistently making contact. that if you can do that over a decade, over a career, over a lifetime, you can build towards financial independence. You can build towards financial success. So, Em, as life is giving you these pressures and as this stuff is coming, that's okay. Figure out what you need to do. How do you need to assess the situation? How do you need to adjust?

45:23Brian Preston:Adjust, drive through it, As Brian would say, he always quotes Days of Thunder, you know, where they're trying to figure out, like, when there's a wreck, what do you do? And you just got to drive through it. If you're under 45, you don't get that reference.

45:38Rebie:I only get it because of Brian. Right. Does that count?

45:40Brian Preston:Sometimes you just got to drive through it. Figure out how you can drive through it. Get to the other side and then recalibrate. Get in the right spot.

45:47Rebie:That's great. Well, thank you, M. Rudsey, for your question. You want to do one more?

45:52Brian Preston:Let's do one more. Well, one more before. One more rapid-fire rebate.

45:56Rebie:One more before rapid-fire rebate. All right. Jack G asks, in an effort to free up some cash, is there a net worth that, if reached by a certain age, a younger family could take its foot off the gas a little bit? Same question, but front-loading one year of college.

46:17Brian Preston:In an effort to free up some cash, is there a net worth that, if reached by a certain age, a younger family could take its foot off the gas a little bit?

46:26Brian Preston:Sure is my answer, right? It depends. Yeah, if you're a 26-year-old and you got a million bucks saved up, could you take your foot off the gas? Maybe, right? It depends on what your goal is. If you're a 26-year-old with one million bucks, but you've done the math and based on the life you want to live and the things you want to do, you've got to get to 30 million bucks. Maybe you can't take your foot off the gas. You're going to have to assess that. where I see people make this mistake is, uh, they project out based on current behavior, where there'll be. And we did this for a making a minute episode.

47:01Brian Preston:Um, this is coming up. I don't want to give too much of it away, but there's a young couple crushing it, just doing awesome. And based on their trajectory, they were going to be like mega eight figure wealthy. Like I'm not talking about like 10 million. I'm talking about like tens of millions. And so you might see that projection and think, oh, okay, well, obviously they're fine. They're set. And I had to remind myself, look, just so you know, you're not there yet. Even though the numbers show that based on your income and based on your savings, that's where you could be right now, you're at this number.

47:35Brian Preston:And this number, even though you're ahead of the curve for your age, is not enough. And it doesn't set you up just yet. So you got to continue plowing forward. So Jack, the way I answer your question is, yes, there will be a season where you can take your foot off of the gas if you get an early enough head start and if you get that net worth under you, but you better make sure you know what you're doing because what you never can go back and get is you can never go back and get lost time. You decide, hey, at 25, I'm crushing it. I'm going to take my foot off the gas. And then you get to 35 and you're like, uh-oh, life changed, expenses increased, job change, whatever that thing may be, you don't get to go back and get that decade that you missed.

48:17Brian Preston:You don't need to go back and recoup the savings you could have been doing. And so I think that there's a balance there. I don't want you sacrificing all of today for tomorrow, but I also don't want you sacrificing all of tomorrow for a day today. And you have to figure out where that balance lies and where you are in your financial journey, where you are in your path towards that. there's nothing wrong with taking your foot off the gas. You know, we have this deliverable called How Much Should You Save? You go to moneyguy.com slash research. We're actually reworking this a little bit. It's not live yet, is it?

48:52Brian Preston:We have another deliverable coming out. I'm giving away too much stuff here. And it's pretty awesome. And it's going to show different savings rates at different ages, right? This shows what 25 % can do. We're going to show, hey, based on your age, what you should save and what that's going to put you. If you start early enough, Now, if there's nothing wrong with taking your foot off, you just better measure twice, cut once before you do it because it's really hard to go back in time and fix it.

49:16Rebie:That was a really great answer.

49:17Brian Preston:Oh, thanks, Reeve. Nicely done. Hey, speaking of great answers, it sounds like we have some questions for you.

49:23Rebie:I didn't look at them on purpose.

49:25Brian Preston:I was trying to keep this above board.

49:36Bo Hanson:On Disney+. A superhero remake. Not exactly what we'd expect from an Oscar-winning director. Action! Simon Williams. Audition for Wonder Man. I'm going to need you to sign this. Assuming you don't have superpowers. I'll never work again if anyone found out. My lips are sealed. Marvel Television's Wonder Man. All eight episodes now streaming. Only on Disney+.

50:02Brian Preston:Okay. Here, we'll... No, that was not encouraging.

50:08Rebie:That was not encouraging.

50:09Brian Preston:We're going to ask some easy ones. Are we giving her a timer?

50:14Rebie:You made this up. You tell them.

50:15Brian Preston:I'm just going to ask until I don't like the questions anymore, and there's a bunch of questions in here.

50:19Rebie:Oh, goodness. Okay.

50:20Brian Preston:Okay, first question. Did you know a lot about personal finance before joining the team?

50:25Rebie:So this is not rapid fire or it is? Oh, the question's up. Okay. I knew enough to not have debt. I did not know a lot about wealth building and investing. And when I met them, it was like, I love it. So I'm a financial mutant right there with you.

50:42Brian Preston:Has your job at the money guy show changed your financial life?

50:47Rebie:Yeah. Cause I didn't know how to invest before. Are you kidding?

50:50Brian Preston:So finding the money guy show was a mechanism to lead you towards a different financial future. Yes. That was a leading question. I love that. Um, 100%. Do you know what Brian is going to say when he opens the show? It always looks like a surprise.

51:06Rebie:for live streams, no. For some of the other content, yes, sometimes. But sometimes he changes it, actually. So, no.

51:12Brian Preston:Sometimes he changes it in the moment.

51:14Rebie:Sometimes we think we know.

51:16Brian Preston:Ketchup or mustard on a hot dog?

51:18Rebie:Neither.

51:18Brian Preston:Neither?

51:19Rebie:Wow.

51:21Brian Preston:What's the greatest nugget? I'm going to keep going here. What's the greatest nugget of knowledge you just passively learned from being around The Money Guy Show?

51:31Brian Preston:Most valuable nugget that you've taken away from the Monday Guy show?

51:37Rebie:Personal finance is personal.

51:39Brian Preston:Personal finance is personal. Not one size fits all. Love that.

51:46Brian Preston:There's two questions. I'm not going to ask either one of them, but I want you to hear them. I want you to hear them. The number one is... So he is asking them? No, I'm not. I'm asking them so you can hear them, but I don't want you to answer them. What's the most embarrassing thing that Brian has ever said live on air? We got some.

52:02Rebie:I do have some and you can go find them if you want

52:04Brian Preston:and then who's harder to manage Brian or Bo we're not answering either one of those

52:09Rebie:depends on the day

52:10Brian Preston:Sam oh ouch sick burn Sam's or Costco

52:15Rebie:Costco okay

52:17Brian Preston:good right answer by the way last one if you didn't work on the show what would your second choice be if you weren't doing this what would you be doing

52:27Rebie:I'd be working on a different show probably

52:30Brian Preston:I just love that

52:31Rebie:I love doing this.

52:32Brian Preston:For all of you content creators out there, don't get any ideas.

52:35Rebie:No, I love this show now. Awesome.

52:37Brian Preston:I thought you did pretty good. Those were easy. I was like three and a half minutes, but you know what? You crushed it. I love that. And there were some burning questions on here that I wasn't going to ask. Okay. Wasn't going to ask.

52:50Rebie:Exciting. All right. You want to do another long form question? Let's do it. Thanks for including me in the rapid fire, everybody. That was different and fun. All right. JPHN2593 has a question my husband and I 37 and 32 have a 12k 6.5 % student loan but will qualify for forgiveness in 10 payments we have the cash to pay off the balance but should we wait for forgiveness

53:23Brian Preston:in 10 payments

53:24Rebie:I stumped him

53:25Brian Preston:no I just I want to think about like I want to think about a wise and sincere way to answer this.

53:36Brian Preston:And I'm assuming the 10 payments is in 10 months, right? Let's go on a limb and assume that's the case. I'd say. Because a lot of times we get answers, or a lot of times we get questions, and people assume that there is like an underlying thought process or philosophy or bit. Because like some people, super, super pro loan forgiveness. Some people anti, anti loan forgiveness. Same thing with like, even I saw some stuff at the beginning of the chat. Some people, super pro Trump accounts, free government money. Some people, super anti. So one of the things you have to do, JP, is you have to assess for yourself, okay, where do I fall?

54:17Brian Preston:What do I support? What do I not support? What do I believe? What do I not believe? You have to answer those kinds of questions. From purely a mathematical sense, from purely a personal finance sense, if you've done all the things necessary to where you follow the rules, you've done this, you've done that, you've done this, you've done that, and you are 10 payments away, that means by the end of this year, there's going to be$12 ,000 that's just completely wiped off. It just completely goes away. I would argue that's a bit like free money. Now, you can fight me on that, right? You can say, oh, no, no, loan forgiveness is a horrible thing.

54:50Brian Preston:No way. You should pay the debts that you owe. You should. And look, I am not going to argue or contest that against you if that's your point of view. And if you decide that, hey, from a moral, ethical, whatever standpoint, I'm going to pay it off, I'm not going to fight you because personal finance is personal. but from the dollars and cents standpoint alone if the opportunity is there for you to take advantage of some loan forgiveness program because you work in a field or because you've satisfied some requirements and that goes away at 37 and 32 years old a$12 ,000 amount of money has the opportunity to turn into a lot of money for you later on in your financial journey later on in the process.

55:37Brian Preston:And so the fact that you have this, because it's not like you made the rules or made the laws or the one who enacted this student loan forgiveness, you're merely a bystander who has an opportunity to take advantage of it. And so if that's the case, I would think that strictly from a mathematical sense, it would probably make sense to wait, have that loan forgiven, and then deploy those dollars elsewhere. But if that didn't jive well with you, that didn't sit right with you because you feel like, hey, I have a debt and I'm going to honor the debt and I'm going to pay it off, I'm not going to fight you on that either.

56:12Brian Preston:A lot of times when we make financial decisions, it's not about making the most optimal financial decision. It's about making the right financial decision for me and my circumstance. So I just want to throw that out there because this is one that's a little nuanced and maybe a little bit charged. I want to remove the charge from it and just say, you know, there's a mathematical answer and then you have to answer the personal answer. Man, I wonder how that I don't know how that one's going to be received I hope that does good Was that okay? I thought it was

56:39Rebie:The people wanted to know Alright I actually have I want to expound on my answers Since I was trying to do rapid fire Alright, let's go Because they said Has it changed your financial life? And I just want to I really am a mutant with you guys Here's what I was familiar with the baby steps I didn't have debt. So I was like fine with money. But I remember I was trying to save for a house. And my husband and I had credit cards and was like fine with that.

57:09Brian Preston:Right.

57:10Rebie:And then I saw you guys.

57:12Brian Preston:Credit cards or credit card debt?

57:13Rebie:Credit cards. Credit cards. No debt. That was the thing. Like we were fine with credit cards. Like if that makes sense. Like we weren't falling into the traps that plenty of people do. And I understand why. But we were trying to save 20 % down for a house.

57:27Brian Preston:And that just felt just like we were never going to get there.

57:32Rebie:We were pretty newly married. We live in a fairly high cost of living area. And we were just kind of like saving towards it. And it was just chipping away at almost. It kind of felt like for no reason. And so when I saw you guys talk about a more nuanced take on credit cards and like, hey, there can actually be benefits if you can use them properly. It was like, oh, that's refreshing. And then I got I heard about your home buying rules. And I think, honestly, I think I was in the building when you were really solidifying the 3-5-25 rule. Because you already were teaching it, but we were kind of talking about it in a more succinct way.

58:08Rebie:And Brian kind of bullied me into buying a house, he likes to say, in the best way possible. The best bullying ever. And I followed 3-5-25, put between 3 % and 5 % down, and it was such a good decision. and it was like I don't know if we would have I think it would have taken us a lot longer to come to that conclusion without the Money Guy show so there's been a lot of things like that that I've learned from you guys that are just you guys are built different you're given like important nuances and life experience shares and all those things and you kind of understand what it's like to be in the messy middle which is just

58:46Brian Preston:so refreshing well and it's so interesting in your case specifically had you waited, right? Like had you continued to work, what you would have found, I think a lot of young Americans are finding this to be true is that you keep saving for this goal, but then the goal keeps running away from you. And the goal is even running. And it really did, yeah. Because we said all the time, hey, if you would have, because we saw what happened with home prices here and you kind of got into the perfect time. You got into the perfect time, perfect price, perfect interest rate. You know, a year later, two years later, that would have been different.

59:17Brian Preston:And so I love knowing that we try to apply real life nuance to personal finance. It's not just a book of rules and it's not just dogmatic and it's not just static. There has to be some reality to it. There has to be some, I don't want to say the word nuance again. There has to be a personality to it. And so we try to apply that. And we hope that we do. We hope that we do a decent job. We hope that we're able to provide tools and resources and those sorts of things. that are valuable. That's why we love the live chat. That's why we love answer questions. It's why we're even doing this whole Discord, right?

59:54Brian Preston:It's the whole purpose behind us making that available so that... And look, me and Brian talk about this. People ask all the time, hey, what are you guys long-term? You've had this, you've done whatever. Man, our goal is as long as people are going to listen, we're going to keep talking. Because it is so silly. We do feel like in a small way, in like this very small little way, we're changing the financial world. Specifically in this country, we're changing it a little bit. You know, we joke about the HSA stat went from only 4 % of HSA users make it triple tax. Now it's 13. Well, that was us.

1:00:27Rebie:We did it. Probably contributed to it.

1:00:30Brian Preston:I don't know if we did or not, but I do like to think, when you guys stop by the studio, when you send us the emails, when you comment on Reddit, when you comment on the socials, and you talk about how this stuff that we share was able to actually impact and improve your life, dude, there's nothing, no amount of money in the world is worth that. That's the most gratifying, most amazing thing. And so as long as we can keep coming up with ways to add value to your lives, we're going to keep doing it. And we could not do it without you guys. So thank you, thank you, thank you for that.

1:01:00Rebie:Yeah. I said personal finance is personal is something I learned from you guys. I think a broader and better one is anyone can be wealthy. Anybody can take advantage of what your teaching and better their financial life. And I think that's really powerful stuff.

1:01:14Brian Preston:So on

1:01:15Rebie:that note, thank you for joining us for the live stream today. Be sure to go to moneyguy.com slash moneyverse so that when we cut off this live stream chat, we'll just keep talking over on discord. I can't wait to see you there. Thanks to everybody who has already checked that out. And I'm really excited to keep talking.

1:01:32Brian Preston:We genuinely believe here at the money guy show that there is a better way to do money. And we're going to keep trying to figure out how to talk about it, how to share it, how to hopefully impact and make the lives of our financial mutants of you guys better. Thank you so much for showing up. Thank you for letting us be part of your journey. Thank you for letting us be part of your journey. Best closer ever. I am today's host, Bo Hanson, here with Rebe. The rest of the content team, MoneyGuy team, out. The Money Guy Show is hosted by Brian Preston and Bo Hanson. Brian and Bo are partners with Abound Wealth Management.

1:02:14Brian Preston:Abound Wealth Management is a registered investment advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with the securities laws and regulations. Abound Wealth Management does not render or offer to render personalized investment or tax advice through The Money Guy Show. The information provided is for informational purposes only, may not be suitable for all investors, and does not constitute financial, tax, investment, or legal advice. All investments involve a degree of risk, including the risk of loss.