Financial Advisors React to HILARIOUS Money Clips

0:00This 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. Now at Lowe's, faster quotes start at the Lowe's Pro Desk. Got a material list handwritten on a sticky note or saved as a photo?

0:39Perfect. Bring it to us and get a quote in minutes. And if you don't see what you need on the shelf, we'll help you get it. You can access thousands of products beyond what's available in-store or on lowes.com, right from the Lowe's Pro Desk. Build quotes faster and source the materials you need to keep your jobs moving. Just like that at Lowe's. hilarious. Yeehaw, that's what we've been told by the content team. Let's see how funny they actually are. Brian, I am so excited to see what they have cooked up for us today. Let's dive right in. I do want to do more live coaching. You want someone that sort of represents, is representative of the average viewer.

1:18Cool, you make$350 ,000 and you're like, how do I invest a little better? Go watch Money Guys for that. I want someone who I can really help in 60 minutes transform their entire mindset about money and unlock some things, give them some hope and motivation. I don't know if we should be— Also, that was a pretty good Brian Preston impression. Hey, guys, Brian Preston here from Money Guy Show. What's up, guys? Bo Hanson here, and I'm so— That's pretty good, and I'm friends with those guys, so I can do that. It's not cultural appropriation. I'll tell you what. George does a pretty good Brian and Bo, and I thought he nailed it.

1:51I thought it's—honestly, if I close my eyes real tight and I just listened, it would have been like you were right there talking to him. Hey guys, Brian Preston here from Money Guy Show. All right, kid, what do you want to be when you grow up? I don't know. I really like animals, so maybe I can work at a zoo or something. No, no, no, no. There's not enough money in that. So here's what we're going to do. I'm just going to pick your dreams for you, and then you're just going to do that your whole life. Does that sound good? I mean, not really. No. Great. So here's what you're going to do. You're going to go to college because you don't want to wind up working as a plumber, and then you're going to get a steady job, which is going to afford you the ultimate gift, which is owning a home and having a family.

2:25All right. I guess I'll give it a shot. Hey, I'm in my 30s now and I did all the things that you said and I still find myself to be deeply unfulfilled. Well, yeah, it's because you don't have a family or a home. I can't afford one. I'm too bogged down by debt. The cost of living has skyrocketed and I have no job security because all the companies are trying to replace people with AI. Uh, okay. Well, have you tried working harder? Hmm, no. You know what? That hadn't occurred to me. I'll just work harder. I'll just work harder. Are you being serious? Because I actually meant that. No. Okay, well, maybe it's time to just pivot your career to something more fulfilling.

2:57Like, what was that thing you wanted to do when you were younger? I wanted to work at the zoo. Yeah, the zoo. Why don't you just go work at the zoo? Because I've already put a decade into my current career, and I've been taking an 85 % pay cut. Well, I mean, bunny's not everything. That's not what you told me when I was 18. Okay, I see what you're saying. Well, maybe it's just time to pivot to something a little bit more practical. You know, like trade schools become very affordable. Maybe you can go become a plumber. You told me not. The thing we try to tell our audience is begin with the end in mind, meaning that go to college.

3:28Nothing wrong with college. Just know what you're going to get a job in. And if you're not a college type of person, know what options you have that kind of lean into your skill set, your aptitude, and opportunities. There needs to be an intersection of the opportunities with what you're good at, and I think you'll be better served that way. You know, and I think it's also true. Be careful letting other people dictate exactly what your journey needs to look like. Just because someone else said, you have to go to college, buy a home, start a family, have exactly two and a half kids, get the two dogs.

4:02That may not be your journey. That may not be your path, and that's okay. You need to decide for yourself, what do you want your future to look like and what steps can you begin taking today to move towards that great, big, beautiful tomorrow? And your journey and your path may look very different than someone else's journey in someone else's path, and that's totally okay. I'm starting to realize our team's definition of hilarious might be different than mine. Student loan debt, it's something. I don't know if I think it's hilarious. I put down$20, you put down$20. Okay. I'm going to buy that for$30, so you make$10, I make$10.

4:38Thank you very much. No, that's not the way. That didn't work. That didn't work. He put down$20. He put down$20. The guy did give him$30. Right. Correct? Yep. And then he took$40. Yeah, but 20 of it was his. Wait. I put down$20. You put down$20. Okay. Now, does he really hand him? I'm going to buy that for$30. Oh, yeah. So you make$10. He made$10. I make$10. Thank you very much. No. Wait. You didn't. You put in$30 to get$40, so he spent$10. The guy recording that spent$10. Yeah, it wasn't zero sum. He actually made money, but the other guy did not make money. No, the guy made$10. Yeah, the participant made$10.

5:26The other guy did not make$10. There was no wealth created in this. This was a zero sum. Someone had to make$10 and someone had to lose$10. Run it back again. I put down$20. You put down$20. $20 for me. $20 for me. I'm going to buy that for$30. So you make$10. I make$20. Oh, yeah, he put$50. He gave him$30 and put$20. The dealer, he put$50 in. Right. The recipient put$20. Yeah, that worked out great for the guy sitting there having lunch. That was hilarious. We got to work on the definition of hilarious. You have paid off your credit card in a timely manner. Hooray! My credit score will go up.

6:09But because you used most of your credit this month, your credit score will go down. Right, using the credit I have is a big no-no. Your request to increase your credit limit was approved, which improves your credit score. The more credit you have, the better it gets. Oh no, you tried to open another credit card to get more credit, which is extra dextra bad. Of course, already having credit good, but getting credit bad. The different credit score rating companies disagree about your score, so it has been boosted. It makes perfect sense that this score is out of 850. That's what we call a dramatization.

6:48Yeah, there's some truth in that. When it comes to your credit score, there are really five things that affect it. Your payment history, how much credit you utilize, how often you are asking for a credit. I thought I was going to get the other two off the bat. Are we not listening? You're supposed to give me the other two. Oh, wait a minute. No, we're not playing this game. Credit history. I just threw out Wordle. It doesn't mean I want to do FICO score, you know, make up. Have you, number one. Utilization. Have you missed your payments? What's your credit utilization? History. How much of your credit are used?

7:20What's the length of your credit history? How many credit inquiries do you have? And then what's the fifth one? I'm going to draw a blank on the fifth one. Utilization. Did you say utilization? I said that one. Length of history. Oh, types of credit. Do you have revolving credit or non-revolving credit? Secured credit or unsecured credit? And so those different. That was clean. That was super clean. You're going to edit that up. Nope. Those five different areas of your credit score affect whether it goes up or down and how you impact those. But they're not all weighed equally. So if you miss a payment, very, very bad credit score gets hit hard.

7:52If you just happen to have another inquiry on your credit, it's going to get dinged a little bit. But that only represents probably 10 % of your credit score, where your payment history represents 35 % of your credit score. So not all five areas are created equal. Can I be honest on your credit journey? Here's just your quick cliff notes on how to do credit well. First of all, put an umbrella over the top of this. Pay your debts on top. There you go. That's the big one. Pay your debts on top. Okay. Now, when do you actually start using credit? I think as soon as you go to college or you graduate high school, nothing wrong with getting a low balance credit card to start building credit history.

8:28Don't run it up. Just pay it off every month. Use it for gas and necessities, but then pay it off every month. Move slowly on as you have big life things. Don't go open up more credit. Anytime you need to use your credit, you don't want to go open up more lines of credit. And then just be consistent. I don't like to game the system. Don't open up 26 cards so that you can go get extra points or travel and all these things. Because it will ultimately hurt your credit score. It ultimately will. And then use it responsibly, you know, 23-8 when you go buy your first car, if you need a car, if you can't pay cash for it.

9:01And I think you're going to find that all these things, all of a sudden, you don't have to worry about this up and down with your credit score. is just going to consistently start as you show responsible use of credit and of building and handling money, the tool of money, your credit score is going to go up. 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.

9:36The 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. Now at Lowe's. Faster quotes start at the Lowe's Pro Desk. Got a material list handwritten on a sticky note or saved as a photo? Perfect. Bring it to us and get a quote in minutes. And if you don't see what you need on the shelf, we'll help you get it. You can access thousands of products beyond what's available in store or on lowes.com, right from the Lowe's Pro Desk. Build quotes faster and source the materials you need to keep your jobs moving.

10:14Just like that at Lowe's. Hey, should I buy these tech stocks that just keep going up? Well, amazing run. Record highs. NVIDIA's up a trillion bucks in a year. It feels that way. Could keep going, though. So, should I buy it, though? I don't know. This sounds like a conversation I have with my friends.

11:03Is it going to help? I don't know. Maybe. Whenever someone says, I just want to know what to do with my money, if only there were an answer, if only there were a solution that could walk you through exactly what you should do with your next dollar, that is the mousetrap that we have built. That is the financial order of operations. I feel like I am a gunslinger that they took away my sidearm. Because I was just, I was looking, and I was like, who took my food? Oh, magically it showed up. Because everybody wants to, this is what to do with your next dollar. And even when we were writing Millionaire Mission, one of the things we talk about is index funds are your friend.

11:43Because if you do an index fund, a lot of money covered. Not gold. It didn't cover gold. It doesn't cover Bitcoin. But it definitely covers NVIDIA. It gets you exposure to things you want to have exposure to. It's going to get you a lot of exposure in a lot of areas. And even if it's not doing gold, within the S &P 500, or there are going to be companies that actually are affiliated with the mining or doing other parts of the gold. If you just, instead of trying to beat the market, just be the market, I think you're going to find that this law of accelerating returns, this innovation that's taking hold and just keeps things running up and up and up, you don't have to get cute with it.

12:18You can just be a part of it and also be consistent with the behavior. Yeah, and if you subscribe to the always be buying mentality, you don't have to ask the question, well, should I buy Nvidia now? I don't know. should I buy Bitcoin? I don't know. Should I buy gold? I don't know. When you ask, should I buy the S &P 500 this month? Yep. Should I buy it next month? Yep. Should I buy it next month? Yep. It removes the guessing from the equation. If you are always buying and you're buying low cost index funds, it's a really, really easy way to set your up for high probability of long-term success.

12:49You know what overcomes bad human behavior? A good system. That's it. I'm making more than my teacher simply just selling snacks at school. So you guys can see You were already selling snacks. I used to do this. So my break just started and I got to my spot. So I got in trouble. This dude sent me some cash app. This dude gave me some cash. Another person sent me cash app. This dude came up to me. He's like, hey, bro, let me get some snacks. So I was like, all right, bitch. Slit him the Cheetos. Slit him the Gatorade. Slit him the candy. Slit her some Cheetos and the lemon. He's like, bro, he pulled out 20s.

13:12I was trying to get them 20s, but he didn't want to give me the 20s. This dude paid me on his phone through his bank app. Gave him some airheads. Gave him some hot Cheetos, some Fritos. He put them back though and got the Cheetos. Went in class, sold the Gatorade. Gave him the blue Gatorade, but I went back outside because it was my lunchtime. This dude got like five ding-dongs. I don't even know why he wanted them ding-dongs. Gave that dude some Capri Suns. He started tripping about the phone, but then that dude paid me on cash app. Gave him some ding-dongs for Twinkies. I gave him some airheads, even more airheads, bro.

13:35They sold out all my airheads. He got a stour punch at all.

13:40Then I gave him some airheads. This other dude came up, gave me airheads, and this is the bread we made. In all seriousness, all through middle school, I used to go to - That was your hustle? Well, before there was Sam's and Costco, there was Pace. Okay. I used to go to Pace with my parents and I would buy a big bundle of Nalilators. The only people who know who Nalilators are are dentists. It's because these things literally were sweet candies that would rip any type of dental work that you had done in your mouth. And you could buy a whole case of them for like four bucks. Yep. Four or five bucks.

14:13And then I could sell them at school for, I can't remember if I was pricing them at 25 or 50 cents a piece. And I literally, I was selling out of these things. And I was like, man, who needs to work? I'll just run a contraband candy shop right here out of school. At the end of the day though, this is how you can capitalize on an entrepreneurial endeavor. If you can find a way to produce a good and service at a low cost, and then you can take that good or service. It doesn't have to be a low cost. If the producer acquired a low cost, you can then go sell it for a higher cost. And if you're able to sell something for a higher cost and you're able to acquire it, that's called inefficiency.

14:51Thank you for jumping right into that. You're actually running a monopoly. An arbitrage. There's a profit motive there where you can take advantage of it. So while this is happening on the school playground, this can also happen inside of your side hustle, inside of your side gig. If you figured something out that other people have not figured out where you can acquire a thing or produce a thing and then you can sell it for more than it costs you to acquire or produce it, You can generate a business. You can generate profit. You can generate revenue. And that's a beautiful, beautiful thing. And we love when we see entrepreneurship take hold, even at a young age.

15:22Now, I do have a question. At the very beginning of that video, because I was trying to pay very close attention, were there people that were like pouring Mountain Dew or pouring some sort of drink into the Cheetos? Did you see that? Was that a thing? I saw that, but I think the top might've been on there. Are you sure? I think the top. I think they were just doing it for a fact. I'm thinking more than my teacher. Simply just selling snacks at school. So you guys can see where all the snacks are. No, she's doing it. She's doing it. The break just started, and I got to my spot. The top wasn't on there?

15:44There's another one coming. There's another one coming. Now, there were two of them. She poured it. Watch. Here we go. Watch. No, she's pouring it. The top was on it. She was pouring it. If you watch at the end, the top was on it. Hold on. Just keep watching. Top's on it. Isn't it? Oh, no. No. It's a pop top. That's lemon juice. Oh, that's lemon juice. They're putting lemon juice in there. I thought he had sold a Mountain Dew when they were pouring Mountain Dew in the sheets. Now, look. We did learn something. That is that. You know what? That might actually make it better. Honestly, that's - We might've just figured something out.

16:13Not only do you need to always be buying, drop a little lemon juice on those Flamin' Hots. That's what you need. Look at that. Public cert. PSA. I learned something new today. Oh, no. Oh, no, no, no, no. Avoid distressed. What's he looking at? The financial markets. No, no, no, no, no, no. Yeah, if you have to check your stock portfolio while you're laying in the hospital bed, you may be thinking about your money and you may be thinking about your portfolio and your strategy may be wrong if you have to stay that dialed in, even at that moment. I don't think that's a great way to lower your stress.

16:46Yeah, I mean, I'm not looking at my portfolio every day. I couldn't tell you. People ask, oh, how'd the market today? A lot of days, I don't know how the market did. If I looked at, oh, how's SpaceX doing? I don't know. I haven't looked at SpaceX. If you're someone who's tracking it every single day, every single minute, what you're gonna notice is that your emotions are gonna do this. If instead you can take the long-term view, It's okay, what to do over this quarter, over this half a year, over this full year, what to do over this decade. I think then you're going to notice it's a much less volatile, much less emotional ride.

17:14Hey, look, since this is a hilarious episode, I think it is important to say health is wealth. So make sure you're taking care of the body too, because the money's worthless without the health. That's hilarious. That was a good one. Oh, no, I knew that was, it's like very on brand with this whole episode. God, this thing, you see that thing just attacked me? What account should monkey have by age 25? Explained by monkeys. First, checking account. This is where monkey paycheck goes. Bills, rent, groceries, all paid from here. But bananas here barely grow. Second, high yield savings account. This where emergency bananas live.

17:51Lost job, broken monkey scooter, jungle disaster. Emergency bananas save monkey. Third, Roth IRA. There you go. There's that Roth IRA. Put all the bananas in there. So monkey doesn't have to work forever. Monkey pay taxes now, so retirement bananas come out tax-free later. This secures Chill Monkey Future. Fourth, 401k. Retirement account from Monkey Job. Sometimes Boss Monkey adds free matching bananas too. Free bananas. Rare jungle blessing. Finally, taxable brokerage account. Monkey uses this to invest extra bananas into stocks and ETFs with more flexibility. Monkey finally sets everything up.

18:26Yeah. I think Monkey's ready for step number eight of the financial order of operations. How about you, Bo? I have no notes. Literally, the monkey was following the food, and that was fantastic. If you'd like your own version of the food, you can go to monkey, not monkey, to learn,

18:45to learn.monkeyguy.com, and you can download your free version today. So whether you're a monkey or a minion, keep your bananas in that rock. Or a mutant. Monkey minion. Look at that. Monkey minion. A mutant. Look at that. Well done. Stuff writes itself. Get your three M's. You know what? Sometimes there are hilarious videos that you can find on the internet, but sometimes those hilarious videos can teach you something super, super valuable, like how to follow the financial rule of operations. Go to moneyguy.com slash resources. We load you up with tons of free stuff. Build that foundation. Build your army of dollar bills so you don't have to work so hard with your back, your brain, and your hands.

19:25I'm your host, Brian, joined by Mr. Bo. MoneyGuy team. Hilariously out. Thank you.