Experts Predict MASSIVE Stock Market Drop (Should You Sell?)

26:01Because it changes and it varies depending on your circumstances. Well, it's that whole arc I was just talking about is that where I ran afoul of this rule is that I was in the make wealth phase. You were in the early part. is that I had income coming in, but it wasn't my peak earning years. I had lots of things pulling on that with life, with family, with trying to save and be responsible for the future. I needed something that gave me the margin to allow me to invest. Now, when I got to the maintain wealth, like I said, in your 40s, all of a sudden it seemed easy. Now I could de-risk by paying down the debt.

26:37And that's my own journey that I've experienced is that, you see the stat. I'll never forget when I read Everyday Millionaires, they talked about how millionaires pay off their mortgages in 10 years. You read that stat and you're like, well, gosh, that means that I should probably pay off my mortgage in 10 years. Well, if you're in your 30s, no, you shouldn't because you're not going to have the cash flow coming in to do that. That stat is flawed in the fact that for the majority of millionaires, when's the average millionaire get minted? It's age 47. If you think about it, yes, What is my rule?

27:10Once you're over 45, you're more than likely in that maintain wealth phase. Yes, you're going to pay off. I resemble, because my third house, y 'all know I paid it off. I didn't live in that house for 10 years. So I once again resemble the stat that was given, but I have the additional context is this was my third home. It wasn't my first house. It was my third house that I was, you know, now my income had gotten to a point. And that's why I just don't want you guys to extrapolate that, to put the pressure on yourself. when you're already limited on your resources. You're in the messy middle and you got your kids pulling on you.

27:42You got your career, you got your community pulling on you. And then, yes, you're supposed to max out your Roth IRA, your 401k. And you're like, I can't do it all. I'm like, there's a time and a place. So you need to know where you are. Are you in the make wealth? Are you in the maintain wealth? There's a time and a place for all these things. And that's why we wrote the Financial Order of Operations so you don't have to try to figure out how to do it. We've already built this for you so that you can not feel like you're working against yourself. Love that. That's great. Well, Barkley Dale, thank you for your question, and thanks for being here.

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29:12Need a hiring hero? This is a job for Indeed sponsored jobs. Nathan. Should we talk? What? Uh-oh. Well, a lot of people are asking for it. I was just gonna, that's fine. Let's keep going. What are you referring? No, no, no. You ask another question. Because there was a question I was thinking about asking and I didn't know if you wanted to talk about it. So is it the same thing? I don't know. Ask the next question, and I'll decide if we're going to answer that question as we go. Well, the next question is a good one. We all know. We don't let Brian, distracted Brian, see any questions. So I'm just sitting over here going, I don't know what's going on.

29:47Nathan C's question is up next. It says, Hi, Money Guy team. I am 27 and have just gotten into a car accident. All are okay, though. So that's good. That's the most important part. Car accidents are the worst, though. I know, right? but the damage to my 2011 Corolla may have it totaled. I'm saving 38 % of my salary. Is it time for a new car or repair out of pocket? Man, this is one where we've got to ask a bunch of questions. How many miles are on the Corolla? Right? What was the – how has your maintenance been on the Corolla? How dependable of a car is it now? Now, here's what's likely happening.

30:24Well, he's not going to get to choose that. If the car is totaled, they're just going to send him a check. Well, that's what he's saying. Or, right, he can repair it out of pocket. Isn't that his question? I can repair this out of pocket. So you're going to drive around a salvage titled car? Well, that's kind of where I was going with my line of questioning. Is the car, like when you actually look at the value of the automobile, is the money you're going to put into it actually more than what the car would be worth right now? If the insurance comes out and said, hey, we're going to total this.

30:52It's not worth us fixing it, so it's likely not going to be worth you fixing it. But that's a decision you'll have to make for yourself. it certainly seems to me like this may be time for a new car territory. Agreed? Yeah, I mean, but there's nothing that says that you can't, you know, because when you're dealing with your insurance company, it's kind of somewhat of a negotiation of the fact that you go out there and you look at the market and you say, hey, well, there's no really 2011s for sale at this price that had this level of mileage, but I found this 2013 that's very similar, and there's only a$1 ,500 price difference, you can negotiate with your insurance company.

31:31If somebody hits you specifically, go advocate for yourself for sure. Don't let this... This is what I always tell people. You have to advocate for yourself, especially if you're not at fault. I'm dealing with this right now too. I had somebody rear-end me and believe me, there's going to be content coming from this because they're just giving me fits on rental cars and other things and I'm documenting and I'm going to make sure I come out on the other end of this okay, but it's because you have to know what your rights are. You have to advocate and realize these insurance companies don't want you filing complaints with the state insurance commissioner.

32:06So you have options. You have rights. You just need to make sure you're advocating for yourself. So I'm not saying, now what I don't want Nathan to do is to use this bad situation to then turn into a worse situation by going out there and running up a bunch of debt. Because look, we always say, think Corolla, not Land Cruiser. Nathan's already, and he's already saving, by the way, 38 % of his salary. So we are doing full-on financial mutant wear here. So that means there's probably some margin. You just have to figure out this is where the depends comes in. Do you use this as an opportunity to stay right where you are on the vehicle?

32:44Or maybe, I mean, do you have a growing family? Do you have things where maybe this is the moment in time to where you are changing the vehicle that you're driving? I don't know that without more details. And I want to encourage you, because 27, you're still young. Oftentimes, we see people that are so tight. Tight has a negative connotation. They're so frugal, they often become penny wise. You think frugal has a good connotation? Yeah, frugal, that's a compliment, right, team? Oh, look, the team. Did you see that unanimous thumbs up from the entire team saying absolutely frugal is a compliment?

33:18It's better than tightwad. Here's where I'm going with that. We should have been frugal fanatics instead of Tightwad Nation then. That would have been better, right? Man, you made me lose my train of thought. I'm so sorry. Oh, no, no, what I'm saying, 27 years old. Oftentimes, you see people that are so frugal, they become penny wise and pound foolish. Say, I'm going to go buy this beater. I'm going to drive this car. And I'm just going to really, really focus on how much I'm paying to buy and acquire this car. And they don't think about, oh, man, it's in the shop every eight months. And I got to get this fixed.

33:46And I got to get this fixed. And I got to get this. And slowly this car becomes something that it's$200,$400,$200,$300, over and over and over and over and over again, where there's a good chance you might have been better off buying a slightly more expensive car that you have to put less into for maintenance. Whenever you think about car ownership, we want you to not just think about acquisition costs, but we want you to think about lifetime total car costs. And oftentimes the car with the lowest purchase price does not mean it's going to have the lowest lifetime total cost. brands also factor in there with depreciation but it's something that should go into the calculus that you're doing that's great Nathan C thank you for the question no it's fine hey quick poll is frugal do we have a poll without a doubt everybody who's tight is going to call themselves frugal but like if someone referred to you as frugal would that be like oh how dare you definitely for the first 20 years out of college I would say yes really?

34:48Ruby is that offensive to you if someone were to call you frugal? I don't think frugal I don't know I resembled it maybe it depends on the context for me hey Ruby you're frugal okay I guess I take that as a compliment you know what that is that is no different than a southerner saying bless your heart oh okay well alright but from you guys it is kind of a compliment because you want people to be good with money I thought that's way better than like tightwad is like I don't want to hang out with a tightwad But I'll hang out with a frugal person. Right? Okay. All right. All right. All right. Ready for the next question?

35:26It says, it's from T.R. Hakala. I'm going to just go with that. It says, hi, Money Guy team. My wife, who's 35, and I, who's 37, live in a high housing cost area. Most retirement calculations include a paid off home. That isn't possible within the 25 % rule. How do you adjust retirement targets?

35:54Most retirement calculations include a paid-off home. So do you have to have a paid-off home in your retirement? Are they retiring at 40? And, yeah, they're 35 and 37. We are decades from retiring. I'm wondering what the mortgage looks like in that case, too. And I want to be very clear. our desire, our preference would be when you get into retirement, when you get into financial independence, we want you to be completely debt-free, mortgage included. That is the prototype that we're shooting for and aiming for for retirement. But Brian, we see this, and we see this with a number of our clients.

36:28That doesn't always happen. That's not always a certainty that that's going to happen. So I hate them thinking, oh man, I'm super discouraged because I live in a high cost of living area, and that's going to be one of the goals that we're going to have to have even post-financial independence. But I think a goal should be to have the house paid off. But I don't think that's going to be one of the things that's going to substantiate whether or not I could actually retire. You agree, disagree, or want to fight on that? Well, I need more context because, I mean, if they're retiring 55, 60, I mean, we are two decades in the future.

37:02And that's just, there's going to be so much that happens that I think everything should be still a variable of what's their savings rate, where are you going to retire? Because how many people do we know that made all their money out in California in the technology areas, but as soon as they retire with their big pot of money, they typically go relocate somewhere else in the country and take advantage of an arbitrage situation with how much their income has grown versus what their purchasing power is somewhere else. So there's too many variables. But I do think unless they're retiring at 40, you don't have to think in terms of paying it off.

37:42And look, I do have, this is where personal finance is very personal. I have clients that when we get in, like when we look at their cashflow, I want them to be debt free. But when you see that they have a three and a quarter mortgage and they're down to owing this much money, but their cashflow is very clean this way, we're going to be realistic with, we're not going to blow up the plan just so we can check the box on a rule if it doesn't actually fit into what's the ideal maximization opportunity for them, even risk-adjusted. Love it. T.R. Hakala, thank you for the question. So we did poll our audience, and so far, 88 % of people say that frugal is a positive term.

38:28So they're with you. I'm sorry, what percent? 88 %? I'm sorry, say that percent one more time for me. Brian is so offended. He's like, what is this? I'm not offended. 88 %? Of course. But we resemble this. Everybody in here, you're all watching financial content. That's true. Go ask your relatives. Let's go. Thanksgiving in two weeks, go home and ask Thanksgiving. Is frugal a good term or are y 'all saying bless my heart? Don't even ask. Just call them frugal. See what happens. Say, hey, cousin Jimmy, you're looking awfully frugal today. And I bet he's going to be like, yeah, I've been working on that.

39:02That sounds bad. See? See, I was going to defend you, but not in that context. Because it's true. Something like cheap or penny pincher, those are different. Those are negative to me, right? But maybe frugal is just like, that's fine. We should do frugal fanatics. Instead of financial mutants. I think, no. I kind of want to throw a question out there. Okay. All right. Do we want to talk about it? It's something, it's all over the news right now. I didn't talk about it. And it's all over the chat. But here's what I want to do. Because I think our audience has us pegged pretty good. I want to do one more poll.

39:44If my poll team over can do that. Because there's a lot of questions coming up about this 50-year mortgage thing. Right? Like, is it, you know, a lot of this stuff coming out there. I just would like to do a quick poll as we answer the next question. Are Brian and Bo going to be pro 50-year mortgage or con 50-year mortgage? I like that. What's the money guys take? Is it going to be pro it or con it? But don't answer yet because I'll do a poll. We're going to answer a question. Then we'll come back and answer that one. Deal? Here's the only thing. The only exposure I've had to this entire thing.

40:14Give them the context after. I just want to, because our audience, our chat is so, they're lively about it. I want to know what they think. And then we'll give them the disclaimer and then we'll kind of chat some of the conversations you and I have had around this. Okay. I'm a cowboy. Let's do it. I mean, it's a new thing anyway. So we're just going to. I'm so unprepared for because I asked I even in the content team I said hey bring up where all this is coming from and okay we'll do it cold we'll go you want to do one more question then we'll come back I want to do a poll right make that poll and then while they're answering that we're going to ask another question all right Jarrett N has a question it says where do home repairs fall in the financial order of operations we are in the messy middle and need drainage repairs on the outside of the home.

41:00Should we sell investments, get a loan, or stop investing to save up? So sell investments. I think you're not going to like any of those. No, but here's the thing. But you can give some good context here for carrots. You know what your worst nightmare is with homeownership is water. Water is, I mean, pipes bursting, water coming in underneath the basement, I mean, in your crawl space. Water is your least favorite thing. And guess what? This is not a place where deferring, you know, deferred gratification doesn't work with water damage. Problems that are bad today only get worse because what happens when you leave water damage?

41:40You know, you either get, you know, deteriorates, it creates mold. You know, there's all kind of horrible things. So this is a no-brainer. If you have water stuff going on at your house, this is an emergency reserves type thing because we can't really push this off. It's just like all of a sudden if your house starts leaking, the roof starts leaking, you're only going to keep the blue tarp on there for a few days, I would hope. We need to be working on something that's a little more long-term. So I would address this as an emergency reserve. Yeah, it's interesting. That was the way that you interpreted the question because it said, I've got some drainage issues going on the outside of my house.

42:19I was not thinking about water draining into the house. I was thinking this is like a swampy backyard. Yeah, that kind of stuff. So I think that's some great context. It depends on when it comes to homeownership. You as a homeowner have to be sort of an advocate for yourself. What are the things that fall into the emergency realm? And I would argue water in or near the house, absolutely an emergency. But if this is another type of home repair, that's maybe not something that's a necessity. It's just killing the trees. Yeah, maybe it's water runoff or maybe it's something like, oh man, it's really, we need to update the windows.

42:50We need to repair it. Like those sort of things. Where does that fall into the financial order of operations? I do think it is something that falls in the like emergency fund saving up as a sinking fund in addition for those things that are coming but you have to assess that because if it is an emergency thing oh my goodness I have a hole in my roof or I have water damage in my house then yeah maybe I need to sell investments to do that maybe I need to take out a loan to pay for that I need to pull my emergency fund I made I need to find some way to do that but if it's a home renovation that is a convenience thing.

43:22Then it's like an improvement to the home. Like, oh man, we really want to add a back deck so that we can enjoy it next spring. Well, I'm probably not going to sell investments for that. And I'm probably not going to go take out a bunch of debt for that. I'm probably going to figure out how can I systematically save for this over time to be able to do the repair. So I think you have to triage house of like, we're going to do, what's the little window called? Oh my gosh, I should be able to think of the name of it. You got it's important, not important, urgent, not urgent. It's fast, expensive, or good.

43:54No, no, no, no. I think there's two different matrices. Yeah, we just decided to do two different matrices. Okay, we get two different matrices. Yeah, so you have sort of this quadrant, right? And you have stuff that's highly important and stuff that's not important. You have stuff that's highly urgent, not urgent. Well, if it is very important and it's very urgent, you've got to do whatever you can to solve that. If it's important but not urgent, you have time to get there. If it's not that important and it's not that urgent, you've got a bunch of time to get there. So you have to kind of map out where it falls on that little four-paned grid and make a financial assessment based on that.

44:27You're talking about you can have things done three ways. It can be fast. It can be cheap. You only get two of the three. You can't ever have all three. You don't get all three. You get two of the three. That was a Bernie Mac. That was a Bernie Mac. I'm sure Bernie's not the one that came up with it, but it was his show that introduced it to my life. That's hilarious. No, I agree. I think you have to triage where it is. I immediately jumped to, because look, I've had a traumatic experience where pipes burst when I lived in Georgia, and my wife couldn't figure out how to cut off the water, so I had to drive 15 minutes home, and water's just spilling into that from all over the house.

45:05So I have a natural reaction to water in houses. That's why when people tell me, when I watch social media, we live in also a high cost of living area, but these people are building monsters. I guess if you're moving from California or Chicago, you feel like you need an 8 ,000, 10 ,000 square foot house. And I always think about how many pipes are in the walls? How many pipes? I don't need that big of a house. Understandable. Understandable. That's just more junk that can cause water damage. More junk to break. More junk to break. I turn into my dad every day. I love it. I love it. More money, more problems, right?

45:42Look at Rebe pulling out some. I've been hanging out with you for a long time. Biggie. Okay. I have the results of the poll. Okay. Are you ready? I'm ready. We said, what do you think the money guys take on a 50-year-old mortgage will be? And 83 % said against it. 83 % against it. How many were said for it? 9 % or 8 % said for it, 9 % said not sure. So our people are certain, Brian, they are certain that we would be opposed to 50-year mortgages. Now, before we talk about this and we sort of postulate and hypothesize here, I want to be very clear. We don't know anything about 50-year mortgages.

46:24We have no idea about what they are or how they're structured or where it's coming from or what it's going to look like or anything around there. But conceptually, I think that we can talk about it because we've talked a lot, Brian. Can I ask some – I need some context because here's my context. Last night I had some business owners who sent me Babylon Bee because Babylon Bee posted something where Dave was on life support because of 50-year mortgages. That is my only exposure is just people asking me reactions, and I haven't seen – so was this a tweet? Was this a press conference? What's the context that made all this happen?

47:06To be honest, again, we haven't done any research on this. I know this is a President Trump thing, but I don't know if, because sometimes when he's getting on like Marine One, you know, he yells out something. Sometimes it's a truth post that somebody's retweeted. What created this? I don't know the answer to that. And I don't, so I think one of the things. It still seems pretty speculative. Nothing has actually happened. But conceptually, I think what I want to have a conversation about is conceptually, if a 50-year mortgage were an option, if it were a thing that came to be, and let's just assume that it operates in the way that we understand mortgages to operate right now is a 15-year or a 30-year, because I don't know if it'd be fixed or whatever.

47:47What are our thoughts on that? Because our audience obviously knows that, of course, we have an aversion to debt. We say all the time that why on earth would you want to borrow your entire life? At some point, you have to actually own something. At some point, it's why we have plans and strategies put together where we want our people to be completely debt-free. When it comes to buying a car, you know what we think is the absolute best way to buy a car? Pay cash if you're someone who can pay cash for it. When it comes to having a home and having a mortgage, do we want you to be mortgage debt-free and financial independence?

48:24Absolutely. That's something that we desire to be true. So if a 50-year mortgage came around and were an option, what are our thoughts on it? I think the answer I'm going to throw out there is it depends. It depends. Because that's what I look at as money's only a tool. Here's what I do know. And look, once again, we have this no hypocrisy, not trying to be a hypocrite. and I think about because I have a unique context in the fact that I've been broke as a joke, but then now I have resources and I always think about what got me to where I am and how do I navigate these things. And there's a current problem that I see for young people is affordability of housing.

49:06And right now, literally, this is what I love about our policies. We've always been very honest that on your first house, you don't have to put down 20%. Even though talking heads forever were telling people, you know, save up, put down 20%. We've been consistent well before all these housing problems started happening on affordability. We were saying, no, 3 % to 5 % because I couldn't afford it. I was broke as a joke. I only was able to save up about 3 % on my first house. I found out all of our financial advisors did the exact same thing. I'm like, wait a minute. If this is what people who are good with money actually did to get their foot in the door, why are we letting all the talking heads say 20 %?

49:43So when we designed our rules, we were like, no, don't put that pressure on yourself. Because like I said, your cash flow over life is going to be so inefficient. Because while you don't have money and you're young and the money is the most valuable to you to save and invest, it just doesn't exist because you're not in your peak earning years. So you're once again trying to put everything into a period of time where you don't have it. And you fast forward to we just came through an inflationary period where home affordability sucks. It's hard. It's just bad right now, especially in a lot of these areas that people want to live in.

50:18And I have not seen anybody come up with a really good solution on how we're going to help people navigate this. So at least I like the conversation piece because this might be potentially a Band-Aid for just like the 3 % to 5 % rule because nobody actually just puts down 3 % to 5 % and then just sits there with that. I also realized I lived through the interest-only loans back that got us into the horrible Great Recession. And I was one of those people also, by the way, because I realized I had started when I bought my second home. I had just started my business like a year or two before, and so money was tight.

50:56I mean, we were in that first three-year band where this thing was not guaranteed to make it. I was on an interest-only loan. This was back when, what was your income? Stated income? Nope. That'll do. You know, you're not going to verify it? You know, so I've used these tools to come out on the other side. And it doesn't mean that you go and exploit this to your future self-detriment, where you're going to use this to go run up more credit card debt to go buy a nicer car. But if you were just trying to, because what breaks my heart is what happens when I tell somebody, you only have to put down 3 % to get in your first house, but yet the housing market appreciated so much last year that you saving up that 3 % now is just the increase in purchase price.

51:40So I at least like the discussion, but I think that it's going to come up to, once again, where are you at in your phase? Are you in the make wealth phase? Are you in the maintain wealth phase? Are you in the multiply wealth phase? For those of you who are in the messy middle, this might let you get into the home ownership train to where now you're not going to be subjected to rents going up through inflation and other things. But that doesn't mean I want you to stay in these things. You have to treat it as a tool. And who knows if it happens? I at least like that it's creating a conversation on affordability because I have not seen anybody really coming up with what is the younger generation going to do to start working towards this home ownership problem.

52:19I think I saw this last week, and content team, correct me if I'm wrong on this, but the average age for first-time homebuyers just hit 40. Like, you know, it was mid to late 30s. It just hit 43 just a few years ago. Yeah, and so what I think, this is the way that I see a 50-year mortgage practically playing out. And I'm thinking about people that come here. Now, if you're someone out in some other part of the country and you want to come become an advisor, you want to work on the money guy team here, you have to move to Franklin, Tennessee. It's where we're located. It's where we want you to be.

52:47But cost of living here is hard. So we have a lot of folks that are coming here and they're starting their careers and they're having some success, but housing is expensive and they want to start families and they want to set roots and that sort of thing. Well, if we're telling people, hey, at the beginning your career. It's great. Do all this stuff, make all these great decisions. But hey, the average first-time home buyer can't buy a house until 40? That stings. And so how does a financial mutant actually do this? Okay, well, maybe 26, 27, 29, 30. Maybe I start and I go get my starter home and I do a 50-year mortgage.

53:19And you guys are right on the mathematics. Yes, it's going to be mostly interest in the beginning and you're not going to build up a ton of equity, but it is going to allow you to get on the ownership side of the equation. And what happens is through price appreciation on those homes, maybe over the next five, seven, eight, nine years, you are paying down some debt. It's small because it's a 50-year mortgage. You are paying down some debt. Hopefully the house is going to increase at the pace of inflation somewhere between three to 5 % on average. So you are building some equity. And then when it's time for you to go to your second home, you do have the ability to build up a down payment.

53:53You have some equity built in this house. And what ends up happening is then when you do the next mortgage, you're probably in a 30-year mortgage. We would have to create some nuance, just like we've done. It's a band-aid to get you in this. It's a tool. Just like 3 % to 5 % down payment is not on every house. What do we tell you? We always have that asterisk that says on your second house, when you upgrade to the larger house outside of the starter house, you got to take the equity from the first house and put it in. That's the 20%. This would be the same thing because I do not like debt, but I do think this is a unique thing that I'm not gonna lie if I was at the beginning of my career and I know that my future earning potential is on the upward trajectory I'm probably looking at this going this gives me some options to respect that 25 percent of housing towards because right now we have so many people that have 40 percent of their lives of their cash flow going to housing how do we fix that it's hard you know how are you supposed to fund your Roth IRA and all these other things I at least like that we're having the conversation about it because it might create a tool for a moment in time.

54:57But also don't mishear us. I think a lot of people would potentially do 50-year mortgages and they would take advantage of it and it'd be exploited and it'd be a bad financial decision and it would not be great. But also the people buying way more house than they can afford and having way too much of their income, they're also going there. So what I see 50-year mortgages potentially being is a bridge solution for financial mutants that would be able to get on the home ownership side for young people who can't get there just yet, that might be a solution. From a society standpoint, though, there's going to be a lot of running amok.

55:30But isn't that every financial tool out there? I mean, look, we are in the generation of buy now, pay later on everything. That's literally what a 50 or more is, like just a super expanded buy now, pay later. It would be. So you have to just know what it could and could not do and where the dangers are. And it's no different than me in this interest-only loan I'd used back in when I started the company and I moved to that second home, I was scared to death of it because I was like, you mean to tell me that I'm going to buy this house and all I have to pay is the interest on it? I'll never own this house.

56:00I always felt very convicted about the fact that this is, I'm going to use this product, but I'm going to dislike using this product until it gets me out of it. And I think that that's the way you'd have to use this tool if it ever came to market. And most people who have done 30-year mortgages, I'm trying to think through people I know have not actually paid on a mortgage for 30 years. That's not the norm. Most people end up paying on a mortgage and then they move and they get another mortgage and they move and that's kind of the way that it happens. So the idea that someone's going to buy a house today on a 50-year mortgage and 50 years from now they're still going to be paying on that mortgage seems low probability just the way that the normal housing life cycle works.

56:45But I don't know. Because you know what they may do? 50-year mortgage and five years fixed rate and 45 years variable. Well, that's not great. We're assuming it's a 50-year fixed mortgage. Probably wouldn't be. Probably would be some sort of reset periods in there or something. But it's interesting. It's an interesting conversation to have. We want you, financial mutants, to own your life. So even if it did happen and it were a thing and you did take advantage of it, we want you to have a plan of how you actually build wealth and get outside of debt. Because financial independence, And it's, Brian always says, the opposite of financial encumbrance.

57:18You don't want to have obligations when you're supposed to be at financial freedom. And then this is why we talk about debt is always chainsaw dangerous. If you're not scared while you're using it, you're probably using it wrong. Was that okay? Do you think we did okay on that one? I do. I think you may have surprised people, but I think we also knew you were going to say it depends. That's not surprising. I did confirm New York Times released an article just a few days ago that says 40 is the new number for 2025 for the first time homebuyer age. So I do think that's a new thing. It was 38 in 2024.

57:53That's why I at least like the rabbing conversations on it because that is a problem if people are putting off. Because I've done some of my Walking Tangents videos. I talk about how sentimental I've gotten now that my kids are getting older. and I'm just worried that between AI, between housing affordability, we're just going to quit having kids. They're just all the old man in me that's like population and sentimental, you know, family and other things. I'm like, all these things are just, people are just going to keep pushing off life and I don't like it. I don't think that's a positive thing.

58:26It's a little sad, yeah. Yeah, no, I get it. No, I think it's good that y 'all talked about it. Obviously, we don't know a lot about it. We don't know if it'll even happen, but it's an interesting thought exercise. I want everyone to take away from it. No one knows if this is actually even a thing. It's kind of like this made-up thing that we just had a conversation around. But I do think it's viable to think through. I love it. We just want to see potential solutions introduced out in there to help solve some of the very real issues that a lot of young folks are facing. We just had a big team meeting with the primary advisors yesterday, and it's kind of the guidance I said is like there's a system within our financial planning firm that I was like, I think this is the right path because it's nimble.

59:03It does this. It does this. And I was like, but I'm always open if you have a suggestion for making it better. Not a complaint. I don't like complaints without solutions because that's just you complaining. But I think I at least give this credit is that let's come up with creative ideas. Think about it. Let's figure out how we help the next generation kind of navigate these things. Love that. Yeah. No, fair enough. Good conversation. I'm glad that we got to chat about it. Something a little different, a little spicy. but we do love talking about these things and hopefully helping you build confidence on your financial journey.

59:38This is what it's all about. So be sure to go to moneyguy.com. We'll be back every Tuesday at 10 a.m. Central but moneyguy.com is always there for you. So we've got tons of free resources, archives of all of our shows. So if you want to know more like about our home buying rules, we have a whole free download that walks you through our thoughts on buying a home. We also have a home buying calculator that will let you know how much house you can afford with MoneyGuy guidelines. So be sure to check that out, moneyguy.com slash resources to continue the conversation. Is all the new search stuff up there, is all that ready to go or not yet?

1:00:11It is, and I was going to have visuals next week to tell everybody about it, but you can tell them about now. Way to ruin it, Bo. No, no, no. I'm just saying if I were a MoneyGuy fan and I've been listening for years or for months or maybe for weeks and haven't been to the website in a while, I'd go check out moneyguy.com because the website has had some massive overhauls that Reeve's going to talk about next week. It's dangerous to ask this question with a hot mic because I could probably ask this as soon as we cut off the cameras. First to sneeze. No, but it is, tomatoes-wise, are people throwing tomatoes at the end?

1:00:41Because that's the thing. Personal finance, sometimes I get caught up in the fact that we are math nerds and we're always trying to give people the best answer for maximization. But then I know that sometimes behaviorally people would be better if we just said no. You know, but we try to treat everybody like, hey, this is how I would approach it with money. I'd be curious. What's the initial feedback from the audience? I mean, I don't think anybody's like throwing tomatoes. I think we had a lot of people very against it when we were first in the poll. Understandably. Like we get it. It's not optimal.

1:01:15No negative reaction to our response, though. But yeah, a lot of people said like, yeah, it depends. I knew they were going to say that because, and that's kind of why we're all here, right? Like we understand that there's some nuance or like it's a conversation worth having. Yeah. I mean, a lot of people will run amok with this without a doubt. Oh, for sure. Can you imagine? Yeah. Like it's not an awful thing. It's only a matter of time if they had a 50-year mortgage that now you'd be able to buy your vacation property with a 50-year mortgage. And if, you know, you have a whole cottage industry.

1:01:3850-year mortgage, 20-year car law. Oh, you know, yeah. Once again, you will never own anything in your life. We'll just amortize it all out so you can afford anything 200 bucks a month. Right. That's not the goal. Yeah. Buy now, pay later. For housing. Guys, we love creating content. Can't you tell what I love is that I didn't even get to see all the context, but we love you guys, how you bring ideas and you bring topics to us that we're willing to let you see behind the curtain, and we'll talk about this stuff in real time. So, you know, right there in the moment, see how our brain works. And I think you can just see the root seed that sits at the nucleus of all this is that we really do want to help you become just better with your money and know how to navigate this because money is only a tool, but I at least want you to maximize.

1:02:26I want you to bedazzle your basic life. I want you saving a little bit today so you can, of course, build your great, big, beautiful tomorrow and live your best life without regrets. I'm your host. We're all about the education, all about helping you become the best financial mutant you can be. Brian, Bo, Reby, and the rest of the content team, Money Guy team, out. The Money Guy Show is hosted by Brian Presson and Bo Hanson. Brian and Bo are partners with Abound Wealth Management. 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.

1:03:01Abound 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. Uncovered windows can make your home feel up to 20 degrees higher. Stay cool and save up to 45 % off custom window treatments during the 4th of July VIP access sale at blinds.com. From outdoor shades to room darkening blinds, finding the perfect fit is easy.

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