Financial Advisors React to INSANE Money Clips

0:00And we're live from the living room as Doug eyes up the matchday spread. He's reaching for the Buffalo wing. Perfect. Hang on, what's this? Oh, he's going for a can of Pepsi too. Incredible. What a finish. Sensational combination. Look at the delight on his face. There's no doubt about it. It just tastes better. Match days deserve Pepsi. Food deserves Pepsi. Grab a pack of Pepsi Zero Sugar for today's match. It's poetry in motion. When you finally find your thing, You want the whole world to know about that thing. So you use a thing called Canva to make it an even bigger and better thing. Whether you want to create flyers for that thing, make presentations for that thing, or design merch for that thing, you can do anything.

0:47So people can see your thing, feel your thing, love your thing. The next thing you know, it's a thing. Canva, the thing that makes anything a thing. A little nervous today because the content team seemed a little too giddy about these insane reacts. And Brian, I am so excited to see what our production team has put together for us. Let's dive right in. What's going on, folks? It's your boy Steve-O got me rolling. Today, I got my dog D-Money approved. $1 ,400 for 72 months. Diesel, four by four. That's a mortgage. How was the experience here today, bro? Hey, bro, look, Steve-O and Chris, they're the truth.

1:29Come with him, get you a car. They're going to get you rolling. That's all you need. He should have put that money down. Put that money on that car. Why does he still have all the money in his pocket? Deep breath, deep breath, deep breath. Just because you can do something does not mean that you should do something. Just because Steve-O can get you rolling. Steve-O got me rolling. In a$1 ,400 car payment for 72 months with only$9 ,000 down does not mean that you should do that. You do not want Steve-O to get you rolling. Think Corolla, not$2 ,500. That doesn't have the same ring to it. If you use Apple Pay, honestly, just be so careful.

2:08When you use Apple Pay, that's real money. That's true American dollars from your credit card. If you have your credit card connected, that's where the money is being sourced from. It's not like a special form of Apple Pay, Apple Dollars. Why they don't just say this is real money while you're paying? I don't know. Because I thought that I had accumulated a bunch of Apple Dollars to use for Apple Pay by, you know, spending so much time on my phone, giving my data very freely and willingly to any place that asks. Like whenever they say, are cookies okay? I say yes, yes, yes, because I thought that's how I was getting prizes, getting rewards, getting Apple dollars.

2:51So I didn't think that was real money until I checked my credit card bill. I've been spending money like I'm a freaking millionaire. I call Apple to straighten things out. I go, can I please speak with Mr. Steve Jobs? They go, he's no longer with us. Okay, now, well done. Well done. She had me going. First of all, content team, I felt so awkward to be in the room with this person with the tears and everything. I was like, why would they put us in the room with a crying lady? I do think a lot of people fall into this trap that when they start using things like buy now, pay later, they start using credit cards, they start using things that you don't tangibly and tactically feel your dollars leaving you, it becomes far too easy.

3:31Hey, by the way, I'd be all about if Apple would give me some rewards. Cookies? Yes, yes, yes. I love cookies. You were gambling and like consistently winning. How were you able to do that? I always just raised a bet until I win. So say I lose $20 ,000 on a blackjack hand and the next one just put down 30 ,000 and you lose put down 50 ,000 put down 60 ,000 and either it ends in devastation or you're good and you win. So now you're sitting at 90 % chance that I win and there's a 10 % chance that I'm fully devastated and the loss is so bad that there's a huge problem. So we're just gonna pray that doesn't happen.

4:03It's never happened. So Yet. Yet. But now I got$4 million and I'm definitely not paying no taxes. Gosh, don't say that out loud. Me and my buddies have had this conversation before. Hey, we're just going to go in. We're going to get the closest to 50-50 odds we can do. We're going to bet 20. If we lose, we'll bet 40. If we lose, we'll bet 80. Just keep doubling, doubling, doubling. The reason that strategy often doesn't work inside of gambling scenarios is because often tables or games have limits, where essentially you will hit the limit and you will no longer be able to recoup your losses. If it were that easy and you could play the math game to come out ahead, casinos and gambling institutions would not be set up the way that they are.

4:38The house always has the edge. The longer you play, the longer you participate, the higher your likelihood of losing your money. Well, you realize the finger's already on the scale. It's just like you play roulette. You think, okay, it's going to be red or black. That's 50-50. No. There's a few other slots on there. There's green. There's the double zero. They put other slots on there to skew the odds even more. Why would you challenge yourself? I mean, emotionally, you're also going to be a wreck. That's crazy. That's not the way that I would go about building. That is insane. You just work 10 years and you have 15 million in the bank.

5:11I know that sounds like a lot of money, but it ain't a lot of money because you could spend it really fast. Or I could just work for 10 years and go for 100 million. Why not a trillion? Yeah. Why not work for 10 years and go for a trillion at that point? See, because I get you saying 100 million is a lot, but it's not a lot because you could spend it. you should go for, you're working for 10 years for a hundred million. I'm working for five years and I'm going for a trillion. This is so funny because so often in our comments, Brian, we see this, someone will be like, Oh, a million's nothing. Yeah.

5:40A million dollars doesn't do anything. Why do you care about being a millionaire? And so often people dismiss this. Oh, well, a million's nothing. So why would I even try to do anything? A million dollars, even today, even where we sit right now is still a lot of money. You can't get to 2 million, 3 million, 5 million, 15 million. $100 million, unless you get to$1 million. Well, I even think it cuts into the fact of social media culture. You don't know what's real and not real. I mean, how many times have we heard about influencers who are renting, you know, the Lamborghinis or the McLarens that they have?

6:10And that doesn't mean it's reality. We are live from Feddy's house. Guests are gathering around the TV, even with a big storm outside. Are we worried about the feet? Nope, they have Xfinity Wi-Fi. Get reliable fiber-powered gig Wi-Fi with Peacock included to stream the beautiful game this summer. Xfinity, imagine that. Restrictions apply. New gig internet customers only. Actual speeds vary. Offer for Peacock Premium with ads currently at$10.99 a month value and limited to Xfinity internet members with newer upgraded gig speed or faster service. Activation required to access content. Peacock must be activated within first 90 days.

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7:15You think you know a browser, but Gemini and Chrome? That's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies 18+. You could use a credit card to buy a gift card, and then use that gift card to go to, like, Walmart or the grocery store or the post office. And a gift card is essentially a debit card.

7:47It has a number on there. It has like a pin. So you're exchanging cash for cash. A money order is a check. You take that check and deposit it into your bank account. Then you take the money in your bank account and you pay off your credit card. Essentially you have like a full loop. And if you're doing that at a multiplier, then you're able to make one or two or 3 % back on that. And so that was like level one. Level two was you could go to the store and you could buy an item on a credit card and then return that item back to a debit card a few days later. Now you bought it. You've got the multiplier on the credit card.

8:16You return the product, no cost to you. The money goes back to a debit card. And then again, you complete the loops. Yeah, but the rebate, the rewards go back too. That way is still very possible. I mean, we have some people in our community that are doing three to five,$7 ,000 a month. One of the biggest hacks that you can do, like when you, if you're going on a Disney cruise, you go to Costco, you buy the Disney car, you know, you buy the prepaid, then you buy your cruise. You essentially got a two to 5 % discount because you use the rebate cards, but you wouldn't go buy return and then expect to keep the rewards.

8:48It just, it doesn't work. Do you think the banks are that dumb? They're smarter than that. Oftentimes there are transaction costs associated with these when you're buying or when you're returning or when you're putting, trying to buy gift cards or whatever the case may be. If this were possible and these loopholes would exist, they would immediately be closed where you couldn't do it anymore. They're not out to lose money. I would be careful following advice from someone telling you it's that easy. How much debt do you have? Like$168 ,000. None of which is a house. Why do you have two car loans?

9:16I have two vehicles. Why? So it's 58 miles for me to drive to work every day. And the truck is an eight-cylinder Silverado. Good. Get rid of it. I can't. I ended up getting like a really great deal on that. Yeah, really great deal. No,$60 ,724.55 making 24 ,000 hours a year. Good job. Did you see that part? Might have a truck. How do you get approved for that loan? Well, my truck has blue seats on the inside. Oh, no. It's a custom truck. Oh, I didn't think about the blue seats. He's exactly right. You know, think Corolla, not Land Cruiser. Don't buy your cars in pairs. Wow. I mean, he acted like a 58-minute commute was justification for two cars.

9:55We think there's a better way to buy cars, and it's 23-8. What he did is, you know, he had 20 bucks down, it looks like. He paid three times the cost of the car, and I can't figure out what the 8 was. Boom. Roasted. You want to follow 23-8. 20 % down. don't finance it for any more than three years or 36 months, and the total car payment cannot exceed 8 % of your monthly gross income. $24 ,000 a year. You know if you're going to go below the 8%, his car payments are going to have to be less than$200 a month. What's going on, folks? How do we have two Stivos? We've got a new character. Meet Ashley.

10:30It's Ashley. Come and roll in. Y 'all heard it at Aiden, right? The ultimate fixer. We got it right here all growing up. All right? Can I improve today on this 2020 study? Malibu Aiden, how was your experience today, brother? I loved it, bro. I appreciate it. Easy. Yes, sir. How much did you put down today on your bar? 5K. How much is your monthly payment? $1 ,500. Something like. There are now other people that Steve was having. So now Ashley's got me rolling. There are other got me rolling people. We're building franchises out here for Steve-O's got me rolling. So Steve-O has now got Ashley to now get you rolling.

11:03$1 ,500. He put down$5 ,000, by the way. Now, here's the thing. at least it was 36 months. I'm trying to find a silver lining here. When we say 23-8, we don't want you to find it. And so maybe here's what happens. Steve-O, as he's recruiting his people, he says, Ashley, we got to start selling these cars. She said, okay, Steve-O, but I'm a big fan of the Money Guy show. And so we have to, when we do this, we have to follow 23-8. And so she said, we can't let them finance this car for any more than 36 months. So at least, you know what? I'm going to take this as a win. We are moving in the right direction.

11:36Slowly, steve-o going to have you making responsible financial decisions i think it's sad that steve-o's business is so profitable that he's franchising this out to multiple personalities right now are we that bad with money that we think a four-figure payment is just the monthly norm now that's a 1500 mortgage payment 1500 a month that's wild steve-o got you rolling to the ditch how does it feel to be rich it's sick you're rich what's it feeling for you to be rich Feels good. Poe, how does it feel to be rich? Why does it feel good? Because I don't got to worry about money. You don't worry about money?

12:12I can go eat a nice steak restaurant. I can go take an Uber without looking at my bank account. I can book a thing. So you think you work less hard now that you have money? No. So you work harder now? Yeah. So what do you say? You're more worried about money now?

12:27Oh, it's like deep thoughts from Hootie guy. I have a question. So when I was a kid, I got stung by a lot of bees. the most painful bee sting I ever received was on my ear. Okay. I got to think getting ink on your ear is a choice. That's where you went with the video. Did you see it? He had ink on the ear. And I'm sitting there thinking about that yellow jacket nest that I got to hold up building that clubhouse out in the woods. That had to have hurt. I mean, what do you know? That's probably not usable, but that's what I thought about. That's got to hurt. that was the last one

13:09we believe that there is a better way to do money a lot of these folks have not quite figured that out but if you want to do money better we'd encourage you to go to moneyguy.com slash resources check out all of our free resources check out all of our tools check out all of the content available out there to help you do money better i'm your host brian money guy team out of here. That was horrible too. Should we re-record that? The right window treatments change everything. Your sleep, your privacy, the way every room looks and feels. At Blinds.com, we've spent 30 years making it surprisingly simple to get exactly what your home needs.

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