In short
The episode is a “Financial Advisors React” segment where Brian Preston and Bo Hanson react to Graham Stephan’s financial takes and to viral clips about wealth-building and consumer finance. Topic: whether “saving” leads to wealth, the role of high-risk investing (especially crypto), the ethics and mechanics of high-interest car financing marketed to people with bad credit, and how to build wealth with high-probability strategies like Roth IRAs and diversified index funds.
Guests
Graham Stephan (YouTuber/investor known for personal finance content) and also discussed are viral figures like Sebastian Giorgio (Lamborghini/priority marketing) and “Stevo” (car-financing influencer).
Key claims
Stephan argues spending isn’t the problem; budgets are “defense” and you can’t save your way to wealth; he promotes liquidity via gold/silver/crypto/currencies. Others counter that budgeting and saving/investing still matter.
Notable examples
a “homeless to crypto” style story, 84-month/19% car loans with low down payments and frequent repossession risk, and a real-estate “refinance cash-out” strategy that Stephan says was easier in 2020 but harder now due to rates. The Money Guy team emphasizes Roth IRA setup and diversified index investing as higher-probability wealth builders.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOThe Millionaire Mindset Debate
1:20 to 3:08
Explore differing views on wealth accumulation and the mindset of millionaires.
“The idea to become a millionaire is an adopted concept.”
Cryptocurrency and Business Strategies
3:08 to 6:06
Analyze the risks and strategies surrounding cryptocurrency investments and business models.
“He doesn't really believe it's really good click engagement.”
The Pitfalls of Car Financing
6:06 to 9:05
Discuss the financial implications of car loans and their impact on wealth.
“His consistency, I have to say, is admirable.”
Real Estate Investment Insights
9:05 to 10:25
Gain insights into real estate investment strategies and current market challenges.
“They're probably paying fees up front just to get the loan so that even if they repossess the car, they get their money back.”
Asset Classes and Investment Strategies
10:25 to 14:01
Learn about different asset classes and their roles in investment portfolios.
“You know back to school is coming in fast.”
The Impact of Marketing on Financial Advice
14:01 to 15:40
Learn about the potential pitfalls of following financial advice aimed at a small audience.
“But again, it's like that's the 5 % who see this like, oh yeah.”
The Reality of Investment Returns
15:40 to 16:33
Explore the differences in returns on various investments and the risks involved.
“So what crystal ball did you have 10 years ago that told you that?”
The Challenges of Individual Stock Investing
16:33 to 18:46
Understand the difficulties and emotional challenges of investing in individual stocks.
“Do you have a high probability of picking the next NVIDIA or Amazon or Google?”
The Importance of Setting Up a Roth IRA
18:46 to 19:33
Discover why young people often miss out on the benefits of a Roth IRA.
“And by the time you're 65, all that profit you make within the account is tax free.”
Creating Engaging Financial Content
19:33 to 20:46
Learn how to deliver educational content that resonates with a broad audience.
“If you don't, you're leaving out hundreds of thousands of dollars.”
Show all 12 chapters
The Dangers of Luxurious First Cars for Young Adults
20:46 to 23:00
Examine the implications of giving young adults expensive cars and the lessons learned.
“Your family's kept a bit of a secret from you.”
The Dangers of Luxurious First Cars for Young Adults
24:13 to 24:48
Examine the implications of giving young adults expensive cars and the lessons learned.
“may not be suitable for all investors, and does not constitute financial, tax, investment, or legal advice.”
Transcript
Automatic transcript. May contain errors.0:00Graham Stephan:Hey Chicago, class it up with Crocs. You know back to school is coming in fast. So why wait to find your new fave footwear? Step into a local Crocs store and step into your new look. Try it. Style it. Make it yours. Because the right pair doesn't just show up, it shows off. First day fits, handled. Walk out ready for whatever's next. Visit your nearest Crocs store today.
0:30Bo Hanson:This episode is brought to you by Accenture. When your advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales, using automation, analytics, and smarter workflows to simplify campaign delivery and access better data across the business. The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. Learn more at Accenture.com slash Spotify. We have a treat for you guys in the Money Guy family. We got Graham Stephan joining us today for some wild and crazy reacts.
1:08Bo Hanson:Brian, I am so excited about this because I can't wait to see what the content team has put together for us to react to. Graham, thanks so much for hanging out with us today.
1:16Graham Stephan:Thank you for doing this. I'm honored to be here.
1:19Bo Hanson:All right, let's dive right in. The idea to become a millionaire is an adopted concept. It is a lazy man's or woman's dream. If you make 400 grand a year, I don't know how you feel good about yourself as a husband and a father. This is why I tell people never get advice from a millionaire. Because when you go from nothing to a million, the first thing you do is you go into conservation. When you study the most successful people on this planet, they're buying whatever the hell they want. Because spending is not the problem. It is for the middle class. And the reason spending for the middle class is a problem is because they've taken their attention off of income and put it onto a budget.
1:48Bo Hanson:And a budget is a defense position. It does not put points on the board. You cannot save your way to wealth. You cannot save your way to freedom. You cannot save your business. You cannot save your brand. The only way to save anything, true prosperity and affluence come from expansion and risk taking, not from saving.
2:04Graham Stephan:See, but Grant is great at marketing. Like he's targeting that 5 % to people where they're going to hear that and be like, he's speaking to me.
2:17Bo Hanson:What I think is wild is that I could not agree with him more that you absolutely can save your way to wealth. I mean, we have an entire financial planning business based on folks who have literally saved and invested wealth. And for him to say that, oh, if you make$400 ,000, how do you feel good about yourself? A million is nothing. That's asinine. That's not the real world. That's not where people actually live. Well, I think that Graham is spot on is that what Grant is trying to do is stratify to that 5 % of the population that he can sell products to. because without a doubt, when you start your journey, you better be budgeting, knowing what your dollars are doing.
2:52As you even catch a little traction, then you start investing index funds and all that stuff. Grant doesn't want those people because if you go get into the apartment complexes and the other products he's selling, you need to be higher than that. I've done a lot of entrepreneurs that have bought Grant's programs because it helps with sales and other things. So I think he's just thinning the herd. He doesn't really believe it's really good click engagement.
3:15Graham Stephan:There's another guy, Sebastian Giorgio. went viral like two years ago by saying that if you don't have a Lamborghini, you should actually sit down and have like a serious discussion with yourself as to why you don't have a Lambo. 200 grand is Trump change. But he got so much attention from it. And his whole point is that the opportunities exist if you were there looking for them and it's your priority. But at the same time, it's just it's good marketing. It's good marketing. And we're talking about it. And this is proof that it's working for granted. Yeah. But as the part that are we making the world a better place with the content.
3:47That's the part that I'm like, hmm.
3:48Graham Stephan:For the 5%, yes. For 95%, they're going to talk about it like this and move on with their thoughts.
3:54Bo Hanson:This is a 115 going homeless to buy cryptocurrency. Yet I daily a BMW and sleep in a Tesla. This isn't a flex. Both cars need thousands of dollars in repairs and I'm drowning in the negative equity. I would have to pay thousands of dollars to get rid of these cars. I'm not keeping these cars because I want to. I'm keeping them because they're part of my survival strategy. Crypto pumps. I clear my debt. I start a business.
4:21Graham Stephan:It's high risk, high reward. I've been following this guy on Instagram for like a few months. He's dedicated to it. He's posting every single day. I actually reached out to him and I said, hey, let me know if you're coming to Vegas because he's living in, I think it was Orange County. I'm like, hey, maybe the taxes in California are a little high. Maybe there's some other states. But he was saying the opportunities he gets in that part of Orange County, the people he networks with is worth it. He's going all in. So like his dedication from a content standpoint and going in cryptocurrency, 10 out of 10, I don't know if it's going to work, but like he's getting attention from it.
4:55Graham Stephan:And even if crypto fails for him, I think he has a career in social media.
4:59Bo Hanson:If I were going to think about how to build wealth, I don't know that that's the way that I would attack it going all in. That seems like pure speculation. Like I just don't know from a high probability of success standpoint. I don't know that that's the one. But chicken or Greg, is his success coming from the content creation and the engagement, or is it actually from the way he's structuring his business? That's the thing that's so unique in these day and times is that there's people that are trying to use their uniqueness, like living out of the car in Orange County and then doing crypto strategies.
5:29That's not a viable, it might, it might be, you know, it could, it could hit. It feels more like this is a content creation strategy and creating a brand.
5:38Graham Stephan:He's hedging himself, though, because if crypto does well, then he makes a ton of money. Sure. And if it doesn't, then he's building his brand. Either way, he's going to win.
5:46Bo Hanson:That's a lot of eggs in that basket, though, right? Either crypto has to hit or you got to make it on social. One of those has to happen.
5:52Graham Stephan:If crypto doesn't hit, then he's going to get more attention on social. And if it does hit, he's going to get more attention on social. When you look and you see his posting schedule, he is on it. Like, he is so dedicated to it.
6:03Bo Hanson:All right. How long have you been following him for? A few months. I can't wait to see. I don't think he's missed an upload.
6:07Graham Stephan:That's great. I can't wait to see how it plays out. His consistency, I have to say, is admirable. Just from a business perspective like that. Crypto investments, I could go either way. I'm not sure.
6:16Bo Hanson:What's going on, folks? It's your boy, Sevo, got me rolling. Today, I got my dog Cam here, approved for the 70 Ford F-150. First time buyer. I was just experiencing it today, my man. Severe, I was in here. It took a little longer than expected, but I was in and out. You know, he made it happen. A miracle with a low credit score. I mean, got it going. Well, sir, if you're in the market for the vehicle, All you need is your ID, piece of mail, or your name. Shoot me a DM. Stevo, got me real.
6:39Graham Stephan:Get your wallet off today. Is this real? Oh, yeah. Are you not familiar with Stevo? You've been following the crypto live in your car. We've been following Stevo because he makes an entire living off of people with bad credit, small down payments, and then financing years upon years on cars that are going to depreciate rapidly. So this is real. It's real. This is real.
7:01Bo Hanson:His whole thing is no matter where you are financially, he can get you in the car of your dreams. You show up and Steve-O will get you rolling. Steve-O got me rolling. And what you end up with is 84-month car loans with like$100 down and 19 % interest rates. And he is selling this over and over and over again to a social following.
7:19Graham Stephan:I've seen, I've talked to a guy who runs a car dealership who does stuff like this. And he says the way he structures it, because some of these buyers are very high risk. There's a large percentage of them that can make the first few payments and then they stop. So the way he said he structures it is by making payments due every other week so that that way they're not going to get like a full month behind.
7:41Bo Hanson:They naturally get ahead just by that cadence.
7:44Graham Stephan:Exactly. So if they default, you'll know after the two weeks and it's an easy repossession after that point.
7:53Bo Hanson:Imagine if your whole business was set up on the on the fact that most of your customers are going to fail and fall off. Oh, it drives me nuts because we know in our world, in our view, automobiles can be like napalm to your personal financial wealth. If you're borrowing on a car, you're putting a low down payment, you're financing it over 84 months. You are never going to own that automobile and you're never gonna be able to build wealth outside of the car. You don't really you can't afford the car. I mean, that's one of the reasons we talk about, you know, the 23.8 when you have to have transportation.
8:21But that never applies to luxury vehicles, large, expensive vehicles. That's why, I mean, paying$600 a month for the next 84 months, he's not funding his Roth IRA. He's not going to ever have enough capital so he doesn't have to work. And that's the part that saddens me when people drive their wealth instead of actually building something that can work harder than they can with their back, their head, or even their hands.
8:44Graham Stephan:Who's loaning the money, though? Because it has to be a positive ROI.
8:48Bo Hanson:You would think so. But again, it might be one of those things that interest rates are so high. So they'll tell you they have like 14, 15, 18 % interest rates on these auto loans. and the people end up not sticking with it. So I don't know what the cost associated with the loan close are, but it's not a great deal for the consumer. These people should not be able to get into these vehicles.
9:05Graham Stephan:They're probably paying fees up front just to get the loan so that even if they repossess the car, they get their money back. They're still made money. Yep. This is the strategy that people employ. They buy a property.
9:14Bo Hanson:You fix it up, you rent it out, and then you refinance it and say it's now worth$100 ,000 more than what you bought it for. You can get a loan for that exact amount,
9:23Graham Stephan:which you then use as a down payment on another property, rinse and repeat. Do I have that right? So let's say the property goes from one to 1.1. They'll give you 70 to 80 % of that. That extra $100 ,000, they give you 70 to$80 ,000 of that. It's just that simple.
9:37Bo Hanson:So when it comes to real estate investing, it's just that simple, right? That's all you got to do. You go buy something for a million, it automatically turns into 1.1. You refinance, cash out. You go buy another one. Anyone can do it. Is that the way that works?
9:48Graham Stephan:This unfortunately was cut very short. Like, you know, in these clips, This was probably a 10-minute segment where I talked about how to buy a property, add value in terms of remodeling it, maybe renting it out at a higher rate. If the market's going up, you can refinance your rate. That was filmed in 2020, and the market has completely changed. You could look back at my old videos, and it was so easy to invest in real estate back then. It was as simple as just be patient, find the right deal, negotiate. Here's how you could add value. I mean, it was really rinse and repeat back then. None of those strategies work today.
10:22Bo Hanson:And interest rates are an entirely different place than they were then, right? The whole landscape has changed. My investment strategy is very simple. Be super liquid. Have.
10:31Graham Stephan:Hey, Chicago. Class it up with Crocs. You know back to school is coming in fast. So why wait to find your new fave footwear? Step into a local Crocs store and step into your new look. Try it. Style it. Make it yours. Because the right pair doesn't just show up. It shows off. First day fits, handled. Walk out ready for whatever's next. Visit your nearest Croc store today.
11:00Bo Hanson:This episode is brought to you by Accenture. When your advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales, using automation, analytics, and smarter workflows to simplify campaign delivery and access better data across the business. The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. Learn more at Accenture.com slash Spotify. Minimal assets that require maintenance. I like three asset classes. One, the hard assets. I like gold and silver.
Read the full transcript
11:36Bo Hanson:Why? Because I can exchange these things anywhere in the world for a fair price, right? We all can agree that I can move$1 ,000 of gold anywhere and sell it for$1 ,000. Same thing can go with big. but I can do it in a digital way. Yes, the price fluctuates. Yes, there's a little bit more uncertainty, but I can take$100 ,000 and move it from here to Lithuania with a hard drive. And nobody would ask me a question. If I was to take$100 ,000 worth of gold bars from here to Lithuania, they would be all over me. So on your cash, US dollar, Swiss franc and Singaporean dollar, banking on those empires.
12:08Bo Hanson:On the digital side, have digital assets that you can move that are liquid and physical gold, physical silver. So what were his three asset classes? It was gold, silver, and crypto. And then different currencies. The currencies, right? It was the bullion, the gold and the silver, and then the crypto, and then the currencies. But those are all, in theory, supposedly supposed to be sort of like cash and cash equivalents or hard commodity goods. I don't know if I was going to build a diversified portfolio. I don't know that those are the ways I would do it. Because he just said, I can take$1 ,000 of gold right now and exchange it anywhere in the world for$1 ,000.
12:40Bo Hanson:Well, only if the spot price of gold stays exactly where it is right now. If I buy a thousand dollars of gold right now and a year from now, the value of gold goes down. That gold that I bought is no longer worth a thousand dollars. It's worth some amount less than that. What's the friction cost? I mean, where do you walk into it with a gold bar right now in downtown Franklin, Tennessee, where we are? Hard to get a cheeseburger. Who's going to go give you the spot price? There's going to be some, I mean, you go to pawn shops, you go to other things and they're all going to have different friction costs.
13:06I don't think it's as liquid as he was making. Plus the whole custody of it. I mean, if you're walking around with gold bullion.
13:12Graham Stephan:But that's where Bitcoin comes in. Then you could just go on your phone. Well, you have your hard drive you're walking around with. But that's why. It's comparing and contrasting. Walking around with gold bullion or even silver, there's a little more. I will give that to the crypto side because you can just have it on a drive or something like that. This appeals to the doomsday prepper where it's like, hey, you might have to go to New Zealand one day. You might have to do that. So you have your currencies.
13:36Bo Hanson:But in the event that you don't have to do that, here's what I didn't hear him say. hey, I really like buying, you know, solid American companies via a low cost index fund and the S &P 500. Oh, that's not exciting. You know what I mean? Like that's Luke Belmont. We didn't talk about that sort of thing.
13:49Graham Stephan:This is the same guy who says that like drinking tap water is like lowering testosterone. Red number 40 is like ruining everything.
13:56Bo Hanson:Gotta stay away from all of it. Yeah. Got it.
13:58Graham Stephan:So it's Luke Belmont. Like I wouldn't expect anything different from him. So it's on brand.
14:02Bo Hanson:It's marketing. It's marketing.
14:03Graham Stephan:But again, it's like that's the 5 % who see this like, oh yeah.
14:06Bo Hanson:When you think about general audience out there, financial advice you're going to take, be careful taking advice from folks who are speaking to 5 % of the population, right? Because the advice that they're giving may not be the advice that actually makes the most sense for you. I feel like I'm learning more than anybody else, probably in the audience. And the fact that I feel like this whole game of education has been our motive and an operation of why we create content. Graham is educating me that maybe we have missed the boat on this. We should be pushing this in a completely different way.
14:34Graham Stephan:It just depends on what your goal is. If it's reach and views, everyone that's on here is doing that because their goal is to maximize viewership. If you maximize impact, you're going to take a different approach. But you could also argue that the more reach you have, the more impact you're going to have. So long as you're sharing good
14:52Bo Hanson:stuff. Right.
14:52Graham Stephan:Or you get fewer views and there's people who watch you really enjoy your content.
14:57Bo Hanson:You want me to be happy with a measly 12 % on average return when I need to come up now. I need to come up now. Look at these returns. If I was dumb and I invested in VTSAX, I get 12%. But look, if 10 years ago, I go all in on the real stuff that makes the right. All I do is I hold Fang plus NVIDIA, Meta, Amazon, Apple, Netflix, Google, and NVIDIA. I would have gone up 713%, 873%, 633%, 1 ,268%. JL, had I put my$3 ,000 into NVIDIA, I would have gone up 26 ,209 % in 10 years. That's amazing. And if you had wings, you could fly. Yeah, that's great. So what crystal ball did you have 10 years ago that told you that?
15:45Bo Hanson:I don't, I just. Oh, oh, oh, oh, I don't have one? Oh, oh, oh, oh. Well. So, yeah, obviously, if you knew that was going to happen, if I knew that Bitcoin was going to go from a penny, a coin, to$100 ,000, I would have sold everything and gone into Bitcoin. The thing is, you don't know that's going to happen. And there's a lot of stocks that looked every bit as promising as those that you put up 10 years ago that flamed out and went to nothing. You would have wound up broke. You don't know which horse is going to win. But I do know that VTSAX will reliably make me wealthy. And 12 % a year compounded over time, 8 % a year, let's be much more conservative, compounded over time is an extraordinarily powerful thing.
16:33Bo Hanson:That guy is awesome. Love that.
16:35Graham Stephan:That took a different turn. Gerald Collins, by the way. Wow.
16:39Bo Hanson:That's awesome. It's about high probability. Do you have a high probability of picking the next NVIDIA or Amazon or Google? Not likely because, like we said, we don't know what the future is going to hold. But we do know over the last 50, 60, 70 years, a well-diversified basket of large U.S. American companies has done really, really well. So I like when it comes to investing, I like betting on the side of probability. Can I, old man perspective here, I have like Apple. I was the guy with a group of friends. We bought a chunk of Apple during the great recession. And I talked about this at Millionaire Mission.
17:10My buddy, one of them still owns all that Apple. And I'm talking about a five to$10 ,000 investment is worth close to half a million dollars. I took my$5 ,000 to$10 ,000, but as soon as it turned to$15 ,000 to$20 ,000, I was like, can you believe I turned$5 ,000 to$10 ,000 into this$20 ,000? I sold to go diversify. That's the thing. Even if you win, you lose because most people who buy these horses that do so well, these stocks that do so well, the moonshots, you're going to sell it before it reaches the 10 ,000 % return. It's just human behavior. You'll start getting antsy. You'll get nervous.
17:46It'll be like you brought this stock to your Thanksgiving dinner because you're just so emotionally vested with it.
17:53Bo Hanson:Dear Lord, Steve Jobs, or as our brothers to the south call you, Steve Jobs. We thank you so much for this bountiful harvest. So that's why I tell you, be careful, because I've also seen people where they bought these stocks, they sold it too soon, and now they just kick themselves every time they see the stock keep going up. Nvidia. I have friends that still, three years ago, asked me about this stock they didn't buy and now they're like, do you know how much I'd be worth? That's why I don't even play those games.
18:25Graham Stephan:I think that they're not healthy. Oh, I beat myself up over that all the time. I look at the stock that I sold and it's worth this now. I think, oh, that could have been. I'm bad at that. I do that all the time.
18:35Bo Hanson:That's the problem with individual stock investing. You've got to get two decisions really, really right. I got to buy it at the right time and I got to sell it at the right time. But if I get either one of those slightly wrong, I'm going to live in the world of what it could have, should have.
18:45Graham Stephan:What's the worst financial decision you see 20, 30 year olds make? Not setting up a Roth IRA. You could be a millionaire from this. And it's incredibly easy. It's a retirement account. And by the time you're 65, all that profit you make within the account is tax free. But the goal is that when you're young and doing that, you have 40 years of compound interest where all of a sudden that$800 you invest could be worth 8 ,000.
19:06Bo Hanson:So you would say the number one mistake that you see people make is not doing a Roth IRA, not just getting something working for them early on.
19:13Graham Stephan:Yeah. That's like the easiest low lift thing you could do because it takes you five minutes to set up. You could contribute anything you have into it. And most people like in their late teens, early twenties, they're below the income threshold in any way. Most people just are below. So you may as well, it's like the way I see it's, it's, it's a free opportunity. It's like free money they're giving you. So you may as well just take advantage of it. If you don't, you're leaving out hundreds of thousands of dollars. Now I have to ask you, you have a successful platform, viral videos. That was a 95 % answer.
19:42Meaning that it was, I consider it educational. It hits everybody because we've had quite a few videos we've reacted to that where you kept calling them 5 % answers. You gave a 95. I think that's commendable, but it's just interesting to me.
19:55Graham Stephan:I did. When you look at my early videos talking about a Roth IRA, my video that got like a few hundred thousand views when I first started my channel was how to be a tax-free millionaire. I love that. That was the 5%. It's like, how do I be a millionaire tax-free? Oh, it's with a Roth IRA. So I don't lead with a Roth IRA. I lead with, hey, do you want a million dollars? Let me show you exactly how you could do it. With like 90 % probability, if you stick with these things, it will happen. Barring a massive collapse. I mean, we have no idea.
20:26Bo Hanson:What I love is you said that when I first started doing these YouTube videos and early started out, my answer is Roth IRA. and it sounds like still today, even now, you'd say that's one of the best things for young people to go out there and do. Open a Roth IRA and get something in it and something working for you.
20:38Graham Stephan:From an investment standpoint, yes. And then outside of that, like sales. I think people are sleeping on my sales careers. I love it. And the trades.
20:47Bo Hanson:Hello. Kieran. Yeah, it is. Christian from BOTB. Nice to meet you. How are you? Good, thank you. How are you? I'm all right. Your family's kept a bit of a secret from you. I got something parked down the road for you. That's good. You've just won a V8 Defender for 18p. Don't know what to say, I'm star-struggler. So this technically would be your first car, would it? Indeed, yeah. Yeah, that's an interesting first car to have, that's for sure. Can we start it? Foot on the brake. Which one's that? Nearly 85 grand's worth of motor. And you've got your provisional license. And you didn't know which one was the brake, so we're off to a good start.
21:30will you take the cash alternative or do you think you'll take the car car your family's like car take the car can i ask you a question let's all be honest 18 year old versions of ourselves do we take the cash or do we take the car 18 me i'm probably taking the car because it seems graham i i might take the cash really i would like but i'm over the car maybe i mean i was the guy driving the thousand dollar car with two thousand dollars worth of subwoofer. So I'm worried 18 year old me would have taken the car. But now with wisdom, that is a mistake.
22:04Go get a much more modest vehicle and then invest that money. It'd be an incredible opportunity.
22:10Graham Stephan:The issue, at least in the United States, when you receive something like that, you have to pay tax as though it's income. So I don't know if they're covering the tax or not, or what the law is in the UK, but he might have a pretty big tax bill and then he's going to have to take the cash equivalent at some point.
22:24Bo Hanson:Even from a behavioral standpoint, not even factoring in the taxes, if you start out and you're 15, 16 years old and that's your very first car, where do you go from there? What happens when that car, it's time to replace a new one? Do you go back to the Corolla then? That's one of my biggest gripes that I see with wealthy folks or folks who've had any sort of financial success. They'll go buy their kids really nice luxury automobiles. And I think, in my opinion, they're setting them up way too early with something way too nice. That's going to create a very difficult to sustain lifestyle over the longterm.
22:55Bo Hanson:I don't think they're doing him any favors. I don't think they're doing that guy any favor setting him up in that car. I would agree. So Graham, this has been an absolute pleasure having you here. This is kind of fun, isn't it? I thought this went by too fast. I think we need to do that. We don't want the episode to be an hour. When you came in town, we like, we promise this will be really quick. This won't take long at all. No, this should be longer. But if anybody, just in case, I think it's almost laughable to say this. If they don't know who you are or where to get more info on you, where can they go check you out?
23:21Graham Stephan:If they want to check out the channel, honestly, at this point, Iced Coffee Hour. I would recommend the podcast and you guys are going to be on. Maybe by the time this posts, our podcast will have gone live. So I would just recommend the Iced Coffee Hour podcast. Guys, we love creating this type of content. And by the way, we're trying to create both the 95 and the 5, giving you the best of all worlds so you can maximize every dollar that comes into your army of dollar bills. I'm your host, Brian Preston, Mr. Bo Hanson, Graham Steffen, Money Guy team, out.
23:52Bo Hanson:The Money Guy Show is hosted by Brian Preston 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. 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.
24:21Bo Hanson:All investments involve a degree of risk, including the risk of loss. Timberland Pro knows that NASCAR starts long before the green flag waves because behind every race are the doers, the people who show up to the track early and stay long after the race ends. And that's who Timberland Pro is built for. Durable, comfortable, and professional. These boots perform as hard as you do, on the job and often. Real work, real people, real craft. Visit TimberlandPro.com and discover products that help workers perform at their best. I see you. Avatar Fire and Ash is now streaming on Disney+. It's the film critics are calling the best Avatar yet.
25:03Bo Hanson:Go, go, go, go! A true epic and completely jaw-dropping. This is the only purest thing in this world. Return to Pandora on Disney+. It will be an adventure for the whole family. and watch the Oscar-winning phenomenon at home. This is sick! Avatar Fire and Ash, now streaming on Disney+. Rated PG-13.
From the publisher
We welcome Graham Stephan for a high-energy round of internet money reacts. From “you can’t save your way to wealth” hot takes to high-risk crypto gambles and luxury car traps, we separate truth from clickbait. Plus, the one piece of advice Graham still gives that can make you a tax-free millionaire.
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