In short
The hosts announce the paperback “phase two” of Millionaire Mission, explain what’s been updated, share pre-order perks, and then answer listener questions on inherited IRAs, buying a house vs renting, and health insurance for early retirement. They also run a Moneyverse Milestones segment celebrating community wins.
Guest backgrounds
No external guests. The hosts are Brian (Money Guy) and Bo; Creative Director Reby appears briefly. The episode is listener Q&A plus community shoutouts.
Key claims
Millionaire Mission became an instant New York Times bestseller after its May 28, 2024 release; the paperback (release Nov 10) is more travel-friendly and includes updated tax/retirement contribution numbers, updated case studies, and added content on psychology and stewardship. For inherited IRAs, the 10-year depletion rule generally applies; Roth distributions can be deferred to maximize tax-free growth. For early retirees, marketplace coverage is expensive but manageable with planning, subsidies checks, and budgeting.
Notable examples
Car ownership “financial mutant” survey (83% keep cars 7+ years). Case study update: timing of major purchases shifted from a Corvette example to a luxury SUV; added example of a couple leasing a car with kids. Q&A examples include tax bracket thresholds and a couple considering home purchase with a $500/month higher cost than renting.
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 Journey of Writing Millionaire Mission
1:06 to 2:14
Hear about the author's experience and insecurities in writing their first book.
“And it was a project, a passion project that kicked off in 2020 that I started to use the pandemic and all the extra time to kind of actually do the bucket list of writing a book.”
Book's Success and Second Book Speculation
2:14 to 3:18
Discussion about the book's success and playful speculation on future works.
“I still read the comments on Amazon and the other book-selling websites.”
Understanding Client Behavior in Wealth Management
3:18 to 6:15
Insights into clients' vehicle ownership durations and financial behaviors.
“I mean, that's something we've daydreamed about.”
Updates and Changes in Financial Knowledge
6:15 to 7:43
Discussion on how financial understanding has evolved and updates in the book.
“I have the antidotes and I have the mind, the things you ought to go through from a decision matrix that I want you to understand the mindset that goes into leasing cars.”
Case Studies and Real-Life Applications
7:43 to 19:23
Exploration of case studies in the book and their relevance to financial decisions.
“Financial order of operation still works, even though numbers change through time.”
Transition to Q&A
19:38 to 19:51
The hosts transition into answering listener questions while reflecting on the book launch.
“all the information there, moneyguy.com slash millionaire mission.”
Inherited IRA Strategies
19:51 to 27:08
Discussion on best practices for managing inherited IRAs and the importance of tax strategy.
“This one person said, hey, will the purchase include the story of Brian's almost fight with a waiter in the parking lot?”
Brian's Swimming Skills
27:08 to 28:01
A humorous exchange about Brian's swimming abilities and a challenge to prove them.
“In celebration of the paperback launch, I am declaring today a Tumblr day.”
Swimming Record and Apologies
28:01 to 30:59
Learn about a humorous apology and a swimming challenge shared between hosts.
“But there's a record that needs to be righted here, Brian, and you owe me especially, but all of our audience an apology because I did something a few weeks ago.”
Personal Finance Question: The Dinklebergs
31:00 to 31:44
A listener inquires about the implications of buying a house versus renting.
“You know, my wife, who's like, she's my biggest fan, but she's the one that took that picture.”
Show all 20 chapters
Evaluating Homeownership Decisions
31:45 to 36:30
Discussion on how personal financial goals influence home buying decisions.
“That's what that's kind of clever and funny.”
Healthcare Costs in Early Retirement
36:31 to 42:00
Exploration of healthcare considerations for early retirees and budgeting for medical expenses.
“It's hard to make personal finance personal and you bring it back into your life.”
Understanding Early Retirement and Health Insurance
42:00 to 43:54
Learn how early retirement affects health insurance options and financial planning.
“You know, you'll make it to 65, but just go in with your eyes open.”
Introducing Moneyverse Milestones
43:54 to 45:20
Discover the new Moneyverse segment celebrating community financial milestones.
“And we have a channel in there that is all about celebrating milestones.”
Milestone Celebration: 350K Net Worth
45:20 to 47:44
Hear a community member share their journey to achieving a 350K net worth.
“The update says, I update my financial accounts in YNAB every six months and rebalance my portfolio.”
The Importance of Financial Communication in Relationships
47:44 to 52:54
Explore how communication about finances strengthens relationships and avoids conflicts.
“because one of the beautiful things, you said that you had$350 ,000 a student loan and you have chipped away at it, knocked away at it, and chipped away at it to now I think you only have$30 ,000 or$40 ,000 left.”
Milestone Celebration: Fitness Goals
52:54 to 55:40
Celebrate a community member's impressive fitness transformation and its parallels to financial success.
“Milestone number three is a fitness goal hit from DiligentDog99.”
Milestone Celebration: Fitness Goals
55:44 to 56:00
Celebrate a community member's impressive fitness transformation and its parallels to financial success.
“And you have a chance to maybe be featured in one of these segments in the future because we love to celebrate with you, whether it's on Discord or here on the live stream.”
Financial Planning for Couples at 40
56:00 to 1:00:32
Learn how to assess financial goals and savings strategies as you approach 40.
“With that, let's go back to some more financial questions from the chat.”
Celebrating the New Book Launch
1:00:40 to 1:02:17
Hear about the success of the first edition and the journey behind the new book.
“And also just help us get that book into even more people in the future who need to know what's in there.”
Transcript
Automatic transcript. May contain errors.0:00Brian Preston: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. 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?
0:39Brian Preston: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.
1:05hey hey we got a big announcement and it might have something to do with a little millionaire
1:12Brian Preston:mission brunt i am so excited because this has been something that has been working in the background it's been happening it's been going on but we couldn't talk about it couldn't talk about it couldn't talk about it and finally here we are where now we can talk about yeah Yeah, and just for catching anybody out there who's new to the channel, I released my first book, Millionaire Mission. It was on May 28th of 2024. And it was a project, a passion project that kicked off in 2020 that I started to use the pandemic and all the extra time to kind of actually do the bucket list of writing a book.
1:52A lot of insecurity. You guys have no idea. when you write a book, you don't know if anybody's going to read it. And then the fact that I wrote a financial book with a bunch of personal stories in it, I got really insecure. I was like, is this thing going to do well? And I'm happy to report you guys showed up in droves. It became an instant New York Times bestseller. You love the stories. I still read the comments on Amazon and the other book-selling websites. But there are things that, because if you've ever written a book, for the handful of you out there who have done it, the book is never ever done.
2:29But they eventually just rip it out of your hands and say, okay, we're going to go take this to publish. So as the book came out, there were things that I just was like, we can do better. And I feel like, I feel it's not perfection, but it's the best version of itself is about to come out to you in paperback version.
2:49Brian Preston:I'm so excited. Now, you said something a second ago. You said, in 2024, I wrote my first book. We're getting some comments on that. That suggests, like, first is like a sequencing word. I just want to make sure that this wasn't like a double announcement. Just in case my publisher Matt's out there. I have not written a second book yet. I mean, look. Yet, you see these words he keeps using? First? Yet? It's almost like this thing is writing itself. I mean, I've told you, I do daydream. I would love to write a book with Bo. I mean, that's something we've daydreamed about. I should probably whisper that, or at least we should probably figure that out before we say that to the world.
3:28But it's just hard. I mean, because coming up with a concept and then actually having enough meat to where you feel like you're adding value to the world. But we felt like, let's give you some flavor. I love this slide because it's, by the way, if you want to know what type of leader you are, come work at a bound wealth and money guy show where it's almost like, cause we have a good time here. I think you can sense what, what comes on air is what happens behind the scenes. And they decided, you know what the first stat we'll do is we're going to show how good decision makers are clients are for the firm.
4:05That's what we wanted to let you know. So boat set up this slide and then I'll kind of say where I fit into this.
4:11Brian Preston:So every year we ask our clients here to Bound Wealth, how long do you drive your cars? When it comes to consumption, what is the ownership period that you have for cars? Because generally speaking, if you own a car for longer, that would suggest that you were more of a financial mutant. If you own a car for less time, we know that automobiles can be financial napalm. That would suggest you're less of a financial mutant. And so we asked this question, and 83 % of our clients, so over eight out of 10 of our clients say that when they buy a car, they actually drive it, they own it for more than seven years.
4:47Brian Preston:83 % said seven years. 14 % of our clients said, hey, I actually don't quite make it the seven year mark. I own my cars for less than seven years. 1 % said this is not applicable. I'm assuming they live in some sort of city. Maybe they don't own a car yet or something like that. But there were 2 % of respondents that answered, I lease my cars. Now, look, so for seven plus years, that's a financial mutant. Under seven years, that's typical American. And then, by the way, I didn't fill out this survey because we leave this for our clients. But I do, one, I don't, cars is plural. I have one car that, you know, that is, look, and if you read the updated book, I was like, you know what, this is something that other people are going to be on this journey just like I am.
5:35That's my favorite thing about my whole adventure with money is that it started with very little, you know, from humble beginnings. And then now I have this success and I love to kind of share what I've learned because that's the thing. That's the biggest thing about creating wealth is I realize nobody's really done a good job of explaining what you need to know about money, both from the beginning, the middle, as well as when you get into sophisticated stuff. So I would put this under the sophisticated stuff. Obviously, if you're somebody who's in your 20s and 30s, if you're out there leasing cars, that is so outside of financial mutant territory.
6:11But if you're somebody who's beyond step eight of the financial order of operations, I have the antidotes and I have the mind, the things you ought to go through from a decision matrix that I want you to understand the mindset that goes into leasing cars. And I give you the details on that in the book.
6:30Brian Preston:What I love is we talk about all the time that there is a better way to do money, but even also the way that you do money evolves. You likely do money differently when you're in your 40s, 50s, 60s than you did in your 20s, 30s, and 40s, and that's okay. And what I love about Millionaire Mission is it kind of walks you through that. Brian's real life story, real life example of how even how he does money has evolved, but it's not just behaviorally some of the stuff that changed. Even since the original release of the book, a lot of stuff out there in the financial world has changed. One of the things, and this is just such an easy one to draw attention to, in 2024, when the book was released, the amount that you could save for retirement, the amount that you could put in certain types of accounts is very different than it is today.
7:13Brian Preston:If you think about the 401k salary deferral, in 2024, you can only save$23 ,000. Now you can save$24 ,500. IRAs went from$7 ,000 to $7 ,500. Simple IRAs increased. HSA contributions increased. So we want to make sure that when When someone reads this book for the very first time, it's their first interaction with money, and they read, oh, you can put$7 ,000 in IRA, we don't want them to say, oh, this book was written a long time ago. It must not apply. No, no. We're going to update it for today's number so that it's still applicable. It still applies. Financial order of operation still works, even though numbers change through time.
7:48Yeah. We wanted to make sure we updated all the numbers because I know a lot of you also love to share the book and give it to young people, give it to relatives and friends that you're trying to help them improve without seeming like you're the all-knowing. It's a great way to share the knowledge of how to be good with money. And now it's just going to have the most updated tax laws and information. And look, we even went beyond that. I shared with you guys that I've shared more about my life, but also updated the case studies. One of the things that the book I attempted to do, there's a section, it's really in the debt section where I talk about car buying.
8:24I look at cars being so bad for young people and their money, and that is the biggest trap or hole that I feel like young people fall into. But I made a case study in there in the original book on the timing of major purchases matter. And the way I structured that case study was I used an example of a Corvette and somebody in their 20s versus the actual age that somebody buys Corvettes, which is in their 60s. And for me, it hit because I was the nerdy kid in high school who thought when I turned 25, I was going to go out there and buy a Corvette. But I don't think that's most people's dream. That's not what most people are spying to do.
9:04So I felt like I missed the mark a little bit in the first book because I was really trying to write the definitive story or case study that would convince people to not fall into the trap of making bad decisions with cars. I'm glad I got another bite at the apple because I got this one much, much better, where I said instead of using the timing of purchases with a Corvette, I did it with a luxury SUV. I think I shared with you guys when I bought or leased the car that I give more examples on, that dealership that I was at, I remember there was a couple that was in their 30s that was leasing the exact same car, and they had little kids that were running around.
9:46and I remember thinking, holy cow, this is a horrible decision for them. Yes, she is going to look awesome and cool to people who don't care about her money whatsoever, but this is a horrible decision that she is making for the family her and her husband are making. So I put a much better case study on the timing of major purchases that I think will really hit people and hopefully be even more motivating to understand the traps of the car you buy and those type of decisions you make.
10:16Brian Preston:And look, if you want to know whether or not he discloses in the book what the actual make and model of the car is, you're going to have to pick up a copy to find out. You're going to have to figure out if it's in there or not. Also, I talk more. Bo and I have been busy. The company's grown. I've learned more about money. I mean, that's like I said. So I've tried anything I learned. Hopefully you guys can tell. I have a no hypocrisy, but also a transparency policy. I try to, if I've learned something, I want you guys to know it. So I've updated that stuff in the book and shared more what I've learned.
10:49I even have a whole section on what I've learned about psychology and the way you can ruminate and be your own worst enemy when it comes to financial decision-making. I even leaned into that to update some of that content. Also, how to be a better steward with your resources. Bo and I hang out. We're always trying to figure out money is no more than a tool. And so if I can tell you how to squeeze it the most to get the most happiness, fulfillment, but also how to be a better person that's making the world a little bit better, I'm going to share that stuff as much as I can. And I've kind of updated that.
11:24And then this is still going to be the wealth building framework we believe in. So it's the financial order of operations. So I'd invite everybody out there. I know you've gone on this journey with me once and I thank you, thank you, thank you. It's even better. So, and now it's even going to be just bendy and paperback, which means it's going to be more approachable.
11:42Brian Preston:It's going to be bendy. Big improvement, obviously. Let me share what I mean by that, though. Now in a bendable version. Now it's bendy, obviously. I mean, think about it, because a lot of you guys are very generous. Y 'all shared that you're taking this thing to the beach, you're taking it on vacation. Do you know how much easier it is to pack a paperback than it is a hardback book? So hopefully this thing's going to get a little more travel opportunity or give it as a gift opportunity. So that's why the official release date is November 10th. And look, I want to go ahead and tell you, because right now, all the websites that you're going to go to, the big sellers like Amazon and so forth, they just have the list price listed on the purchase.
12:20But if you notice, there's always an asterisk usually on most of them. I'm going to confirm this on, I know it was on Amazon when I was looking at, they have a price guarantee on there that if the price drops, which I imagine paperbacks are typically known to be much more affordable, they're going to get they're only going to charge your credit card the lowest price between now and the release so i just i tell you that so if it takes down any resistance that you're worried what am i paying for this book you know i'd love for you to support the cause give this thing as a gift it will help us get the word out because i mean look publishing a book despite with the comments you don't make a gazillion dollars doing this i just want to pause there for a moment
12:58Brian Preston:because some comments are coming out, oh, they're just pushing another book. Brian, is your wealth built on the back of your book sales? Is that how you've been able to acquire the level of wealth? If you're trying to figure out the chicken or the egg, definitely we had the egg that became a chicken, and then the chicken started sharing the knowledge after they had created the success. And that's why I do this really, this is the educator heart that I have, is that I love that something as simple as a book can literally change people's lives. I mean, there were some reviews. I'm not a big crier, so I didn't cry out, but I definitely got the hair to stand up on my arm with some of the things you guys have shared because I feel like we're changing people's lives.
13:41So look, yes, I make a little bit off of these books, but this is not... I think people would be surprised to learn on all the different ways we can make money, publishing is more for nurturing... It's for getting the word out. And feeding the soul and making it approachable than it is for. So I was just happy to have another opportunity to, perfection is not the right word, but to at least make things better and improve and share and hopefully have even a bigger impact because that's where I get a lot of fulfillment and happiness out of that.
14:13Brian Preston:So the actual release date is November the 10th, but right now pre-orders are live as of today. Like today is the day the pre-orders are live. Um, and so we want you, it's like Brian said, we want you to buy this book. We want you to have a copy of it. We want you to share it with us. We want to get the word out there that there really is a better way to do money. And it's so awesome to us when we see like there, there's a, uh, uh, he's, he's, uh, in the medical field, uh, right outside of Clemson. He's like, Hey, I just love that. I'm able to be an adjunct professor and I can speak to all these.
14:49Brian Preston:I want to give them copies because I want them to know that as soon as they get out of school, as soon as they start, if they can just grasp these concepts, if they can understand how money works and they can avoid some of the pitfalls that other of their peers are making, and they will change their lives. And that's a cool thing that we hope we have a tool that you can use to impact the lives of folks around you. Yeah. And look, I share a lot of mistakes I've made as well, but I do, what I love about this book, and I was trying to, I think, you know, we did a show last week where we mentioned two other books and I said, no, this is in the sweet spot because look, I haven't had a huge failure out there.
15:26I've just always been really kind of good with money, but I've also been a natural educator because I love seeing people catch concepts. And that's why I really do if you're trying to get anybody to understand how money works from a life living, coming from humble, trying to build and figure out how this all to do the better thing with money. I think you'll be pleased with what we have in Millionaire Mission. If you don't believe me, go look at the reviews.
15:50Brian Preston:And there are some, Rebe, there are some pre-order perks, right? There are some things that are coming. There are some. One, and this one is one that you guys have asked for over and over and over again. You've said it. You've mentioned it. With a pre-order, you will get exclusive access to the Millionaire Mission merch store. If you don't remember, we got all kinds of cool stuff out there. Coffee mugs and other doodads and stuff. If you want to be able to. Doodads. I don't know the correct technical term there. Oh, Rebe, did you know that? Yeah, she's a model, and I have mine, too. You don't even tell me.
16:23Brian Preston:You have one assignment. Big team, little me. Big team, little me. All I did was just all that bench pressing to fail at the actual moment of execution. Seriously, what? I'm so sorry I brought my kids on the show. My bad. But you get access to the merch store. In addition to that, you get a ticket to Brian's Book Club after release. Ruby, what's Brian's Book Club? Yeah, Brian's going to be hanging out with just the members of the mission crew, everyone who pre-orders the paperback version of Millionaire Mission, and he's going to be answering your questions. He's going to be talking behind the scenes of the book.
16:57Brian Preston:He's going to be talking about the updates. So if you want access to a more exclusive, smaller group in a live stream type setting, conversational setting, that's what Brian's Book Club is. And then also a special role in the Moneyverse Discord channel. If you're not in the Discord, you should be in the Discord because it's wild. It's just a wild time. There's always people talking in there, and it never ceases to amaze me. With a bunch of financial mutants. Oh, it's even going to drop some of our content today. It is. It is going to drop some of our content today. And when you are a pre-order of the book, you're actually going to have a private Discord channel inside the Moneyverse where you can talk with other financial mutants about the book.
17:35Brian Preston:So it's kind of just extending and carrying on that idea of the book club, because in addition to us preparing information, putting it out there, sharing it with you guys, We want you guys to be able to interact and communicate with one another. And that's just an awesome thing. It's an awesome, awesome thing. So is that called, I mean, because if you're old like me and you remember the movie Office Space, we call that Flare. You know, you should get something on your Discord channel. You go get a little mission crew, you know, icon. So is that the official title is Flare? I mean, sure. Badging.
18:05Brian Preston:That works. Call it Flare. There we go. It's an accurate title. You know, I'm so excited about these pre-order perks because it speaks to, you know, why do this phase two of Millionaire Mission, phase two of the mission? And it's because our whole purpose of the book was to have a really tangible way, an entry point that you could share with your friends, that you could benefit from yourself as a fan. And this is just accomplishing that mission even more so by getting it out to even more people, making it even more accessible, making it even more up to date, sharing even more of Brian's stories.
18:40Brian Preston:And so I know that it's a lot of our people who are going to be pre-ordering this. And so as a thank you to helping us actually get those numbers, let the powers that be see that this book is really purposeful, meaningful, popular. By doing, like pre-ordering lets them know that. And we want to say thank you. That's why we're opening the merch store. That's why Brian's going to be doing extra content for the mission crew. That's why we're trying to connect you on Moneyverse and build that in as a perk so you can actually get extra value from your purchase of the book and your read through of the book.
19:15Brian Preston:I'm just really, really grateful to everyone who did that for the original launch and who's going to help us with phase two of this mission with this paperback launch. And so if you are interested in being a part of this, just go to moneyguy.com slash millionaire mission. All of the retailers where you can purchase from are there linked. And also the page where you can cash in on your pre-order perks once you make your purchase. It's all there, all the information there, moneyguy.com slash millionaire mission. I'm really excited for you, Brian. It's going to be good. Let's now, once again, add some value.
19:45Let's do what we're good at and actually answer some questions.
19:48Brian Preston:We're going to. We're going to get there. But some of the comments are just too good in here, and I can't help myself. This one person said, hey, will the purchase include the story of Brian's almost fight with a waiter in the parking lot? I wish. Maybe that's going to go in book two, whatever that is. Oh, that stuff is so good. A lot of people, you know, it's really heartwarming. A lot of people are like, are we going to do another book tour, another book tour? The fact that you guys want to hang out with us in person and come out and see each other, you don't know how much that means to us. And just knowing that you're willing to do that is huge and it's not lost on us.
20:24Brian Preston:So we're trying to figure out are there ways or the things we can do to make that sort of stuff happen. And so thank you so much for just communicating to us what it is that you find value in, what it is that we can do that could better serve you. Because at the end of the day, that's really what we are here for. We want to load you guys up. It's why we show up every single Tuesday at 10 a.m. to just answer questions. We share a little bit of stuff. We do some fun stuff. But at the end of the day, we want to answer the questions that you're curious about. Speak to the things that you want our take on.
20:55Brian Preston:It's why we have an entire team, growing team, out in the wings collecting your questions. So if you have a question or you have something you want us to weigh in on, make sure you get it in the chat right now. They are not pre-selected. They're not automated. We actually have our people reading your questions, getting them in here because we want to load you up. So with that, Creative Director Reby, I'm going to throw it over to you. Awesome. We are going to kick it off with a question from Jonathan V. Are you ready? Yes, ma 'am. It says, what is the best way to redeploy inherited IRAs or Roth IRAs?
Read the full transcript
21:31Brian Preston:I'm 36 and have about 80K to withdraw over the next seven years. What do you think? Yeah, so for those of you who are not aware, the way that you have to handle inherited IRAs has changed over the past couple years. You know, previously, when you inherited an IRA, it depended on if the person who inherited it from was over required distribution age or under required distribution age. And depending on the answer to that question, would affect how long you had to distribute the assets out of that IRA. Well, as of a few years ago, the laws changed and it said, hey, if you receive an inherited IRA, whether it's Roth or whether it's pre-tax, the entire distribution, the entire IRA has to be fully depleted by the end of the 10th year.
22:12Brian Preston:And based upon recent guidance as of the last two years, if it's a traditional pre-tax IRA, you also have to take required minimum distributions based on your life expectancy over that 10-year period. And then you have to deplete the whole thing inside that 10-year. And so what used to be a really easy thing to stretch out from a tax perspective, now you kind of have like this, I don't want to call it a tax bomb, but kind of this tax bomb that you have to plan around. Okay, I know that either this year, next year, or fill in the blank between now and the next 10 years, I've got to take this money.
22:44Brian Preston:I've got to take the tax hit. I've got to figure out how to navigate that. And I think Jonathan's question is, okay, well, if I have that and I have the IRA, how should I redeploy it? What are the ways that I should use those dollars? How should I think about it? Brian, I'm happy to share some ways that we've done this for clients or thoughts that we've thought through. But when you hear this question, what do you mean it comes to your mind? Well, there's two things that jump out. First, are you one of the exceptions? Because, look, if you are, you know, I have a daughter who will probably never be able to live on her own, and a lot of special needs are people who have medical challenges and so forth.
23:19They're not subject to the 10-year withdrawal rule. So that's the first thing. Now, Jonathan, I'm assuming you're like the majority of people, you will be subject. So I would immediately run this thing through a filter of, because you said both inherited IRAs and then said Roth IRAs. The big difference between Roth and inherited is that Roth is growing tax-free. So I love some tax-free growth. So I'm probably going to defer my withdrawals out of that Roth portion as long as possible. All the way out to the table. So you can wait until the last moment to pull that money out of the Roth account so you can maximize the tax-free growth.
24:00If you have any cash flow needs or anything that you want to kind of streamline or make it where they're all nice little cube boxes of withdrawals that are coming out over the next seven years, let's do that out of the traditional inherited IRAs that are going to be taxable to you as you pull them out.
24:18Brian Preston:What I would think about specifically over this next seven years is, are there any things that are going to happen in the next seven years that might be unique? Meaning, am I going to have lower income years because I'm going to enter into retirement? Or if I'm thinking about changing jobs, might I be changing jobs? Or if we're a two-income household and we're going to go to a one-income household, if any of those things might be happening over the next seven years, ideally you would want to take distributions from an inherited IRA in a lower tax year as opposed to having to take it in a higher tax year.
24:50Brian Preston:Absent all of those things, it's worth doing the analysis and say, okay, if I wait all the way till the end of year seven and I take this big tax bomb, even though those dollars grew tax deferred, if I were to take all of the income in that year, is it going to push me into a higher tax bracket? If the answer to that question is yes, then perhaps I would rather sprinkle it through the next seven years in sort of an equal weighted manner. So that way I could stay inside of one tax bracket as opposed to popping into the next one. This is one of those things where if you're trying to figure this out, if you're trying to tax projects, you're trying to project it out.
25:24Brian Preston:These are the exact sorts of things that we help our clients figure out. It's why we do annual tax projections, figuring out, okay, what is the appropriate timeline? What's the appropriate strategy? How should we think about that? Because there's a number of different nuances that make personal finance so personal. Well, I mean, in$80 ,000, there's a chance that depending upon where your income is, you might be able to just maximize that 12 % bracket every year. I mean, because that's just no, and I guess that's the advice I'd close it out with. Pay attention to where you are in the marginal tax brackets.
25:54Remember, marginal is what the next dollar is taxed at. And there's a big jump up. We go from 12 % up to 22%. And then we go from 22 % to 24%. If you're a married couple, that 12 % goes all the way up to around$100 ,000. 22 % is all the way up to a little over$200 ,000. For single individuals, it comes up to be right around that 12%, gets you up to right around$50 ,000. And for the 22%, it's a little over$100 ,000. So pay attention to where the tax brackets are as well.
26:30Brian Preston:If you're sitting out there like, man, Brian, that was awesome that you read all those numbers to me. I wish I had access to something like that. We actually have a MoneyGuy tax guide. We never talk about it a ton. If you go to moneyguy.com slash resources, and you just need like a quick one-page, it's totally free, quick one-page reference. Okay, where are the tax brackets? What are the Roth IRA limits? How much can I put my HSA? How much can I put in my, it's a free thing. Go download the PDF, drop it on your desktop, you know, put it wherever you keep that kind of stuff. It's a great quick reference tool if you'd like to have access to that kind of number.
27:01And you too can look as nerdy as Brian and Bo.
27:04Brian Preston:I don't know why I got through in there. Jonathan V, thank you for the question. In celebration of the paperback launch, I am declaring today a Tumblr day. Now, if you want this Tumblr, you've got to go pre-order. But if you want the classic Money Guy Tumblr, Jonathan V, it is your lucky day. That's this one. Yes. Since we answered your question. Yours just doesn't have the mustache. Just like Bo doesn't have mustaches. Mustache optional, not included. You know one of my favorite things about having YouTube content that lives forever? Every now and then, I'll just get like a little mustache comment on a video from way back when.
27:37And I'm just like right here.
27:39Brian Preston:Let's be honest. Nobody can tell you have mustaches even when you try to grow out a mustache. What? Sean's fired. Why did he choose violence? I'm over here hyping his book. I think he's just reading the comments, Bo. Man. It's because I can grow even less facial hair than you. It's all on the relative scale. So, you know, if you're punching up, you can pick on. It comes off more self-deprecating than me. I don't want to derail us too much. You have. But there's a record that needs to be righted here, Brian, and you owe me especially, but all of our audience an apology because I did something a few weeks ago.
28:16Brian Preston:And I want you to tell them. No, you cannot tell a story unless you show the picture that you shared with us. I wanted to tell them, me and my girls, we were swimming, and I was like, hey, guys, let's see how long we can tread water because Mr. Brian doesn't think I can swim, and let's show him. And I'll have you know, and it was me and my two daughters, I treaded water for 13 minutes. Now, look, that's not impressive. That's not, I'm not, the Navy is not calling me saying, hey, we want you to be in our special operations division. But that is somebody that can swim. I just want to be very clear, that's someone who can swim.
28:50Brian Preston:So I accept your apology. I think it's so great that you wanted to set the record straight here in front of millions of people. And I'm not upset about it. I wish the team had the picture that you share. Did you share that with us or did you just show us on your phone? Because it was out there, and it looked like Bo was giving it all he had. I'm seeing some grins on the content team. I mean, this thing, he might have made it 13 minutes, but oh, oh, my God, there it is. He's even literally staring at the clock going, Lord, please get me out of this thing. Get me out, Lord, if you'll help me survive this eight-foot deep pool for another split second.
29:27So if y 'all think that looks like a swimmer.
29:29Brian Preston:He made it over 13 minutes. I got some oceanfront property sitting right in the middle of the country. 13 minutes and six seconds. And look, I told my girls, hey, girls, we're going to work on this. We're going to get better. We're going to do this more and more. Thank you, team. Y 'all have made my day. Self-inflicted wound by Bo right there. That's wild. He shared it. Oh, man. I'm not mad at that tangent at all, honestly. That ended up in a great place. We need to go. You know what? You and I need to take the ladies. to the beach again. I was in Mexico like two weeks ago. I told my wife, it's amazing.
30:07We went with Bo and Jenna on one trip. We have gotten so many fun stories because of that trip. We should do that again.
30:16Brian Preston:After I did this and proved that I'm basically Michael Phelps, I'm not an efficient shredder. Michael Phelps, there he is. All I have to do is look at that picture. It is so good. I chat GPT'd like, okay, what's the most efficient way to tread? And it's like, you know, you kind of sit in a chair, lean back, you do the egg beater. Buddy, I sink like a rock when I do the egg beater. I am 100 % arms on my tread. You might need to do a little more time in the legs. It's a thing I got to work on. That's it. Leg days. Quit skipping those leg days. Well, Jonathan V., if you would like a Tumblr, email winner at moneyguy.com.
30:55Brian Preston:We'd love to send you one. We might need to frame that picture. We might need to. I think that's going to go on the history wall in the office. Can I tell you what's amazing? You know, my wife, who's like, she's my biggest fan, but she's the one that took that picture. I didn't snap that picture. I love her. So I think she was sitting there thinking, I need one more picture of him before he's gone. Let me just snap it real quick. Oh, man. All right. Ready for the next question? I know she weren't wearing sunglasses in that picture either. Fool me once. Oh, bow and sunglasses and a body of water is assured loss.
31:29Brian Preston:I was like, all right,$100 Oakleys or am I grabbing that buoy? Or my life. And I grabbed the buoy. All right. Next personal finance question is from the Dinklebergs. Capital D-I-N-K. Oh, my gosh. Everyone's laughing. That's the username. Y 'all are so bad. That stands for dual income, no kids. Right. That's what that's kind of clever and funny. It is funny. Was I not supposed to read it? No, you're fine. You're fine. I'm like, I don't have a problem with this. It just shows how potty humor is still funny at all ages. Okay. We're 38 and 37. 114K household income, 235K net worth. Would it make sense to buy a house, even if it meant that we might never reach 25 % savings rate?
32:22Brian Preston:Buying would cost$500 plus per month more than renting. I mean, man, I don't know your income. But one of the first things I'd do, before I even do the mathematical exercise, I would do the goal exercise. Like, hey, what are our financial goals? What do we want our money to be able to allow us to do? And if home ownership is one of those things, home ownership is something that you guys value and you want to have, I'd say, okay, great. if we want to own a home, what financial decisions would we have to make that would allow us to do that thing? Okay. If we do that, what is the opportunity cost of it?
33:01Brian Preston:Maybe what that means, instead of being able to save 25%, we're only able to save 15%. And at a 15 % savings rate, based on a$235 ,000 net worth, based on being age 38 and 37, we might not retire at 55. Rather, we might have to work until 65, but we're okay working until 65 because we love what we do and we're not planning on early retirement, yada, yada, yada. Is that a trade-off that we're okay with? And if the answer is yes, then there's nothing wrong with that. There's nothing that said, like 25 % is a goal that you should have to give yourself the most amount of flexibility until it makes sense for you to have a specialized plan.
33:36Brian Preston:You may be amazed to hear this, but a lot of times when you guys reach up and say, hey guys, I'm ready to take the relationship to the next level. We'll have our initial call. We'll go through your accounts. We'll go through this and we'll go through your saving. And one of the things we might uncover in our very early meetings is, hey, I know you're saving 25%. I know you're saving that because we tell you to save 25%. Do you realize that you've done a lot of work that you can either keep saving 25 % and you're actually able to retire a number of years before you thought, or you can actually back your savings rate down to 17%, 18 % and you're gonna be okay.
34:09Brian Preston:25 % is a wonderful generalized solution until your financial situation reaches the place. where you should have a specialized answer to how much you should be saving. Dinkle, I'm going to be honest with you. You're 38 and 37, which you've done good because your household income is$114 ,000. You have$235 ,000 net worth. I don't know how much of that's liquid versus how much is emergency reserves and so forth. But we have a loose goal that by the time you reach 40, we want you to have three times your income. So that's$342 ,000. we're almost$100 ,000 short. So for you to go into, we really want to buy a house to the point that we're going to, on a perpetual basis, be$500 a month behind what we should be doing, I think that's going to set you up for long-term disappointment on what the terminal or use value of your assets are in retirement.
35:08What I'd prefer for you to do is take a moment in time and say, look, there is, because we even are, you know, our down payment rule is three to 5 % of your purchase, but that doesn't mean that that's where you're trapped at. If you look at this and it becomes a math equation and you say, what if we as a family for the next two years, we did either, whether it's side hustles, whether we cleaned out the closets in the basement or attic or wherever storage unit that we have. And we tried to come up with every absolute penny that we could to where we put down a significant enough amount to where instead of being behind$500 a month, we just front end loaded that by sacrifice or whatever we had to do, you know, come together on this goal.
35:57So then we can still reach all of our financial goals because homeownership's great, but it's not the end all to where I don't want you to I want you to live a life to where you own your time and live your best life without regret I don't want you to be house rich life poor because you just have this goal is going to make things so much better and then be disappointed I'd rather you get hyper focused figure out how you can make the math work and still allow you to catch up to where your financial goals need to be. Fantastic. That's the hard part. It's easy to give out rules. It's hard to make personal finance personal and you bring it back into your life.
36:37But I would say use the motivation to make it happen. That's where the mindset kicks in.
36:44Brian Preston:Everyone in the wings, brace yourself because I'm going to say the username again. The Dinklebergs. Thank you for your question. We'd love to send you a Tumblr. Just email winner at moneyguy.com. Everybody got a kick out of your username. So thank you for that, too. Throwback to the Fairly Odd Parents. I had no idea. That's what I thought it was. With all the chat, I was like, I got to go figure out where this came from. Now I know. Fairly Odd Parents. Now I know. All right. Next question is from FortinHearsAFoo. That's a Dr. Seuss thing. I got that one. I hear it. Good morning. My parents are considering retirement around age 55 and are worried about marketplace health insurance costs.
37:26Brian Preston:What are important things to consider? And would you consider cost sharing? So one of the things worth noting is that pre-Affordable Care Act, it was a real concern when early retirees wanted to retire. It was really hard to get health insurance because you could have pre-existing conditions and all this other stuff. And then the health care landscape did change. Well, one of the things that came out of that legislation is early retirees now have a much easier job getting coverage in place than they were able to previously. And I think a lot of people, when they're thinking about early retirement, they really are so worried that marketplace coverage and healthcare costs are going to be like this very, very big boogeyman.
38:08Brian Preston:And I don't want to minimize it. It is expensive. It's often not coverage that was commiserable or comparable to when you were working. But for the majority of clients that we're like helping navigate, helping put together a plan. It's not something that is, it's not an insurmountable mountain. So one of the very, one of the things you can do is there's a number of services out there. There's a number of providers where you can go out to healthcare.gov and you can start looking at, okay, what sort of plans are available based on, you know, the doctors that I use, the medication that I use, where I live, what sort of marketplace plans would be available to me.
38:45Brian Preston:And you can begin getting an idea of where the costs are going to be. And what you have to do is if you're going to retire at 55 and you know, you got to bridge that all the way till 65 and you become Medicare eligible, you just got to factor it in as part of your budget. Like, okay, I looked at the cost of plans that would likely make sense for my family. And this is what it's going to be. And it's just going to be one of the expenses that I have in retirement. No different than if I have groceries and utilities and mortgage or whatever those things may be. And you just have to factor it in. What I want you to do though, is do the planning ahead of time.
39:17Brian Preston:Don't get to 55. Say I'm going to retire. Okay. I'll do Cobra. And then I'll figure it out. I think that's when people get themselves in a mess. Look, when the marketplace came on the scene, it at least gives you a backstop to know you can go price it and know where it is. Now, the problem is, is that like, I know here in Tennessee, a lot of the providers dropped out, You know, so there is some type of coverage. So I would use it as a backstop, as worst case scenario. First, see if you qualify for subsidies. If that's a big, from a financial calculation standpoint, if your assets are structured in a way in the year income, subsidies are something you definitely need to take into account.
39:58But if you price out of subsidies and then you start looking at the coverage, don't sleep on the fact that there are a lot of, like here in Tennessee, and I'll just say it because I don't get anything from it, But I just see a lot like there's membership groups or trade associations or like Farm Bureau. A lot of people, these are programs that are set up that a lot of people use them for dental. They use them for their medical and so forth. And they're pretty competitive. Now, I will tell you, they do. It's the preexisting condition. Once again, if you have preexisting marketplace is probably going to be where you end up.
40:35But if you're healthy and this is something that you can consider doing that. And you can also, just like you had the question of cost sharing, we see people use the MedShares and the other things out there where you can essentially create exactly what insurance companies have done historically is that you get a pool of people and y 'all are now doing this together. The big asterisk always on that is the preexisting conditions. And then we've even had issues where we've known people who've used these and there was either not the right documentation or some type of communication issue where you thought you were covered and you went and did a procedure.
41:14And then all of a sudden the med chair says, whoa, we didn't agree to this. And that's frightening. And that can be very scary because you know how medical procedures are very expensive. And, you know, especially when you get the retail, you have to figure out how you're going to navigate that without all the protections of insurance companies with the discounts. Because that's what a lot of insurance companies, they're not really paying for anything. The more you're paying for the access to their discounted pricing. But I would go through, it's not something that is insurmountable, exactly what Bo said, but you need to budget accordingly.
41:48I mean, it is not cheap. So when you're running, putting on your 3D glasses, figuring out your retirement plan to make sure you got it covered, just make sure you put in very conservative assumptions and you're going to be okay. It will get you through this. You know, you'll make it to 65, but just go in with your eyes open. This is definitely going to be something you have to measure twice, cut once and do a lot of homework on.
42:10Brian Preston:And not knowing your parents' financial situation or circumstance. One of the interesting things, and it has gotten a lot of publicity and a lot of hype, it's one of the reasons why Barista Fire is such a – because 55 is retiring early. Whether your parents think about being part of the fire movement or not, that is an early retirement. A lot of folks will say, I'm going to retire. I don't want the same stress. I don't want the same obligation, the job I've been doing. But what I might do is I might go work at a job where I can work fewer hours, less stress, whatever, but it makes me benefits eligible, where I could go get health insurance coverage.
42:40Brian Preston:You got to make sure that you work with an employer that provides it and that your actual hours work to qualify for that. But even that, if you find the costs of paying for insurance on your own are perhaps insurmountable from an early retirement standpoint, you've got really two options. I figure out another way to get health insurance, like get another job, or I decide to retire later. It's worth working through that. What? I saw that swim pitcher.
43:11Brian Preston:Hey, but you know what? You know what? I'm going to take this as a win. He said, I thought of that swim picture. He didn't say I thought of that Bo can't swim picture. That sinking picture. I thought of that drowning picture. No, I thought of that swimming picture because Bo can swim for 13 minutes and six seconds. Wow. Well, Fortin, here's a foo. If you would like a Money Guy Tumblr, email winner at moneyguy.com. I'm really concerned that we're making a game of this username thing. What if I just start changing the username? You should be rewarded for creativity. I do technically agree. With that, it is time for our new segment, which I am very, very excited about, called Moneyverse Milestones.
43:53Brian Preston:We've talked a lot about the Moneyverse, our Discord server, a lot on the show today. And we have a channel in there that is all about celebrating milestones. We talk about different benchmarks, different goals, personal goals, money guy milestone markers. all of those things on the show a lot. So we created a channel and a place where people can actually go in there and have people that get it, that can celebrate with them, that can speak into their life. Yes, Brian. Brian has a question. He has a question. Raising his hand. Are we going to, because they've reached milestones, are we going to give them a Tumblr if we use their stuff?
44:27I love it.
44:27Brian Preston:Today's Tumblr day, so sure. Let's do it. Let's do it. I will read out the usernames. Can I tell you just one thing I love about this so much? It's so unique about this community. we often don't get to celebrate that kind of stuff. Like how many times did you hit millionaire status and you go to your neighbor and be like, hey neighbor, I'm a millionaire now. You just can't do it. Hey, my income finally hit this threshold. Hey, I maxed out my 401k. You just don't get to do that. And for obvious reasons why we don't do that publicly. But when we can do those sorts of things in the context of other people that are navigating the same sort of stuff, it's kind of awesome.
45:03Brian Preston:And it's a unique place to be able to communicate that kind of stuff. And I just, I love it. I think it's wonderful. Yes. And we heard that from you. Like we would sometimes hear that in the comments or like on Reddit. Like, oh, I don't really have anybody to share this with, but I hit this milestone. So that's why we did it. All right. So let's dive into the first one. Milestone one is hitting 350K net worth. This is from Always Be Curious. The update says, I update my financial accounts in YNAB every six months and rebalance my portfolio. Today, with growth, I crossed$350 ,000 net worth,$380 ,000 invested.
45:38Brian Preston:I still have some student loans at 45 years old, but those will be paid off this fall. I was trying to figure out why this particular number felt so big when$250 ,000 was just, you know, dot, dot, dot. It didn't feel as big. And they say, I think it's because I took out$350 ,000 in student loans. How much? Wow. 350k. See, this is why. Okay. The swing feels really good. Yes. I was foolish because I started my plan before I found money guy and thought of my interest as low interest at my income and less time than many. I kept investing, maxing my 401k and Roth IRA while pouring everything else at my debt about 8k per month.
46:23Brian Preston:And I'm glad I did. And I mean, I'm glad I didn't miss the returns of the last few years. I'm also glad I found the money guide to help me focus on those student loans. Next is student loan payoff. And that one I'm really excited about. Also, thanks to the money verse for being supportive. You know, what's amazing. I can tell you why I think 350 hits a psychological mark too, is that we've shown content to where the first, like it'll take you almost like two decades. And if he's in his mid forties to get to that first, like half million, but then the next five years or whatever, you will build your compounding growth and the army of dollars will do the work really over the next five to 10 years.
47:07It took you 20 years to do. So I think that's what you're feeling. Always be curious is that the compounding is starting to grow upon itself and you've had compounding interest working against you with the student loans and you're about to have that extinguished. So now you're getting the dividends and imagine what's going to happen to always be curious when he says he's going to pay off these student loans in the fall. I bet a lot of those resources, I want you to celebrate a little bit, but also if you can keep piling it in, you're going to, instead of feeling behind you, you're going to be right where you need to be.
47:41Brian Preston:I hope, I hope, I hope, I hope you've been tracking your annual net worth because one of the beautiful things, you said that you had$350 ,000 a student loan and you have chipped away at it, knocked away at it, and chipped away at it to now I think you only have$30 ,000 or$40 ,000 left. That's insane. Like that's something, that is a milestone worth celebrating. And at the same time, you've been able to build up your net worth on the other side. You've got$380 ,000 investing. And one of the great things about investing and building wealth is that the bigger the numbers get, the bigger the numbers get.
48:12Brian Preston:What you're gonna recognize, if we have a year where the market makes 10 % on 380, that's amazing. And then you have 10 % on 500 and then 10 % on 750 and 10 % on a million. and it just gets bigger and bigger and bigger and bigger. What an awesome, man. I would love to see your net worth template showing where you started$350 ,000 in the hole to now today being$350 ,000 or$350 ,000 the positive. That's awesome. Good, great work. So always be curious. Foo-foo. Foo-foo? Is that like instead of like chin-chin? Yeah, instead of chin-chin, I said foo-foo. You never know. You never know. They don't all stick.
48:51Brian Preston:We just try it. We see where it goes. We try to see where magic is. Always be curious. Foo-foo, as we say around here.
49:00When in doubt, just show that picture of Bo swimming.
49:04Brian Preston:My goodness. All right, we've got a couple more. Milestone two. Allegedly swimming. This is a milestone for being on the same page from Jake S. It says, hey, folks, my wife and I, over the past five years, more like four and a half years, were able to pay off$103 ,000 in high interest rate student loans at 6 % plus. Wow. This was done with having a combined income of less than$100 ,000 for three of those years. I still have$24 ,000 in student loans sitting at 4%, but will be doing minimum monthly payments on those for about 10 years. Originally, my monthly payments would have been$1 ,000 plus, but now they will be$240.
49:47Brian Preston:This really is a post about how amazing my wife has been for being on the same page with me, trying to be frugal, as frugal as possible, and send everything we could at those loans with a wedding and buying our condo. I like a lot about that. Man, what do you guys have to say? People ask us all the time, hey, I'm getting married. What's the most important thing that my spouse and I should do to prepare for marriage? Or, hey, I've been married for 10 years. What's the most important thing? Hey, we're about to retire. What's the most important? And it's interesting in all of those various stages, the answer surprisingly stays the same.
50:28Brian Preston:Communication, communication, communication. If you can, your spouse can be on the same page in terms of how you make financial decisions, the priorities that you have and how you're going to attack those priorities, man, it is an awesome, awesome, awesome ride. Even when those priorities change, your priorities in your twenties might be, oh, let's pay off this debt. Great. We're going to do that. And then in your fifties, it might be, Hey, let's retire early. And you do that. And when you're able to do that stuff together, it's amazing how efficient and how effective a household can be. Now, when you think about the contrast to that, we said all the time, one of the number one things that people end up splitting up over one of the biggest points of contention in a lot of marriages is finances.
51:10Brian Preston:So if you can remove that or work through that, holy cow, it just makes it work so much better. Yeah. I mean, this is the part, I mean, I think a lot of people, when you get married, you got all the lovey-dovey stuff. But I can tell you, if you do this right, it's kind of the scars or the things that you overcome in the marriage, especially that's why because both said it right is that for a lot of people money becomes an element of conflict but i mean if you get it's kind of like going in the trenches of warfare and if you are together and you survive you come out the other side these are things that strengthen the bond and that's what i get excited is that you should celebrate these things and then make sure by the way five love languages make sure you're sharing these you know affirm and and share and actually turn these into words to let your spouse, don't just assume they know, make sure that you're actually giving them the words of, to affirm their, you know, how far y 'all have come, how much you appreciate them.
52:10And I think that you'll, you'll see that, man, this could, this could be something to celebrate that just makes the marriage that much better.
52:17Brian Preston:And communication is hard and being on the same page is hard and, and pursuing financial goals is hard, but it's worth it. It's worth the work. It's worth the conversations. It's worth the tension. It's worth the like, all those things. Because when you come out on the other side of, you get to look back and say, holy cow, look what we did. Remember when we had that$103 ,000 of high interest student loan debt at 6 % plus? And remember how we said, okay, we're not going to go on the trips. We're not going to go out to eat. We're not going to do this. And we knocked that, hey, we did that together.
52:48Brian Preston:Man, if we could do that over the last four and a half years, imagine what we can do together over the next 45 years. Oh, I think it's awesome. I love that. Words of affirmation. That's great. All right, one more. Milestone number three is a fitness goal hit from DiligentDog99. This one's for you. Best thing I just heard, dog. Dog. Go dogs. In the past 18-ish months, I've been on a huge grind to lower my body fat percentage and become more fit overall. Love it. Today is the first measurement I've had with sub-20%, now down to 17.2 % from my 32 % starting point. Goodness gracious. And he ends it with health is wealth, which I know you guys love.
53:31Brian Preston:I bet you everything else feels good. I bet your joints feel good. I bet you wake up better. I bet your sleep is better. By taking that active role over the last 18 months, I would be willing to bet, not having any context here, that your quality of life has improved drastically. Because going from 32 % body fat percent down to 17 is a huge change. Kudos to you. Again, another thing that's not easy. It's not easy to do that. I'm sure there's a lot of things. You had to move your body. You probably had to feed your body differently than you were feeding it. And you probably had to rest your body and focus on getting yourself the recovery that you need.
54:09Brian Preston:But when you put all those three things together and you started seeing changes, you literally turned into a different person. I think that's awesome. Yeah, I mean, I love it because I love how you close it with health is wealth because we always make the correlation that a lot of things with your fitness and your health overall is very similar to wealth building as small decisions can have huge results. And kudos to you, 18 months creating this. That's just something definitely to be celebrated. I love that because money is nothing more than a tool. That's right. And look, we know a lot of people, one of the heartbreaking things about doing this for a living is that you do see people who have this goal.
54:44They think when they reach a million, two million, that they're going to live their best life. And I'm here to tell you, you've got to make sure you do things right to where you enjoy every decade that you're on this planet and a lot of that is making sure that you're focusing on your health the memories the blossoming memories with loved ones because it's a complete package you know it's all about a little bit of sacrifice or giving a little bit deferred gratification to get exactly to know what's important to you to create happiness and i and i love that you that you shared that with us
55:15Brian Preston:that's awesome i love that 32 to 17 is a big change yeah that's a big big change So always be curious, Jake S and DiligentDog99. If you guys would like a Tumblr, since you were featured in our Moneyverse Milestones segment, just email winner at moneyguy.com. And if you want to share your milestones just for the purpose of sharing in community and affirming each other and staying motivated, go to moneyguy.com slash moneyverse to join our Discord channel. And you have a chance to maybe be featured in one of these segments in the future because we love to celebrate with you, whether it's on Discord or here on the live stream.
55:54Brian Preston:So thank you so much for sharing with us and participating in that milestone channel. We love it. With that, let's go back to some more financial questions from the chat. We've got one from JRam86. It says, I'm turning 40. My wife is 35. Should we target three times our household income saved this year or adjust the goal because of our five-year age gap? current income is 390k at the moment and have about 770k in retirement thank you in advance i am so glad that you read all of those acronyms because i was like i don't know what that means t-y-i-a i'm pretty sure that means thank you in advance pretty confident 770k in retirement 390 ,000 income one huge shovel that's not a small sum of income it's awesome and your question is like, okay, should we shoot for three times?
56:47Brian Preston:And where J-RAM is coming up with that, for those of you who don't know, is we say that by the time you hit 40 years of age, your goal should be three times your annual income saved up in liquid investments. But it's just a rule of thumb. It's like a, hey, this is the track trajectory you should be on. At 40, you're probably beginning to figure out what you want the rest of your working career to look like. Don't want to work until 65. Don't work until 55. What kind of spending are we going to have? So you should have some sort of metric. If you've not defined the finish line, you should at least start being able to kind of see it.
57:21Brian Preston:And so I would argue where you should be at 40, the milestones are super helpful, but this might be the time when it makes sense to figure, okay, well, what's our actual number? What's the actual number that we need to get to by the time we get to 60, by the time we get to 65, so we can live the life we want to live on our terms the way we want to live it. And where are we today? Well, based on where we are today and based on the way that we're saving, are we going to be able to accomplish that? Or do we need to perhaps save more? Do we need to perhaps do more? If you're just trying to figure out a rule of thumb, I don't think it's crazy to average out your ages.
57:54Brian Preston:One of you is 40, one of you 35, meet at 37. I'd give you three years to hit that metric if I had to. Because I don't know how fast their income has moved. I don't know how long they've earned. No, there is the better question. Look, I'm going to play the part of Sergeant Slaughter here. Why are you just doing that? Go by 40. You don't get to change. just because you married a younger spouse doesn't get you out of your obligations. He's like, this is not a cheat code. No, 40 is the age that you base off. Here's the better question, though. How long have you made 390? Because if you made$100 ,000, then$200 ,000, then all of a sudden 390, I'd rather you average the last three years of income to figure out what the multiple is versus you trying to take a shortcut just because you married a younger spouse and try to average it.
58:41Where did you get shortcuts? Okay, let's take Eurologic here, and you get who's somebody that's in the public that's, you know, got like a super young spouse. You're not all of a sudden going to take a 50-year-old to a 25-year-old and go, oh, you just saved for a 32-year-old. You'll be AOC.
59:00Brian Preston:I don't want people to be discouraged because they didn't hit. Look, three times your annual income is not an arbitrary number. Older spouse. But it's somewhat arbitrary. Older spouse. It's somewhat arbitrary. Agree, disagree, want to fight? We're almost at the fight level. We're going to fight in the water. Older spouse, but the income can be leveled out by the last three years if you had a big jump in income. Completely agree. But what I want you to really define is where should you guys be? Again, three times your annual income is more just like a, you know what I mean? It's like a spot check.
59:34Brian Preston:It's not an actual target that you should be hitting unless it's on your trajectory towards financial independence. I never want people to be discouraged about because they got$770 ,000 saved up in retirement at 40 and 35. By any objective measure, that's fantastic. Are you quite at the three times? Not just yet, but again, there are some other things at play. There is an age difference. Fine, don't average it. I don't care. There is an income trajectory change. I'm saying I want you to define what is actually the number that you guys should be at and what decisions do you need to make to move in that direction.
1:00:17We're just violent.
1:00:19Brian Preston:All of a sudden I can swim and he gets all aggressive and stuff. On that note, thank you so much for joining us for this special live stream with a new segment with a new announcement of phase two of the Millionaire Mission. Be sure to go to moneyguy.com slash millionaire mission to order your paperback, pre-order your paperback so you can be part of those perks if you're interested. And also just help us get that book into even more people in the future who need to know what's in there. It's that same framework we know and love, but revised, updated, new stories. We're very excited. Thanks so much for being a part of that.
1:00:53Brian Preston:We really, really appreciate it. And thank y 'all for all the support. Like I said, you know, there's a lot of insecurity, a lot of fear. Are people going to, is this book going to do what you hope it's going to do? and y 'all kind of answered that question with the first edition so i'm happy that we get to even make it better and thank y 'all for going on this journey with us because i know without my financial mutants this thing wouldn't be shared the way it is and it wouldn't have had the success that it had so y 'all deserve a lot of that credit and i really appreciate that that's what i love about what we get to do it really keeps me coming every tuesday every friday as we're recording the making of millionaires um it's really exciting what we get to do i feel like we in our own little way are making the world a little bit better place.
1:01:35So thank you for being part of our journey. I'm your host, Brian, joined by Mr. Bo, Money Guy team. Out.
1:01:41Brian Preston: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.
1:02:13Brian Preston:All investments involve a degree of risk, including the risk of loss.
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