When Saving More Money Might Actually Hurt You

[00:02] wealth, but there are certain circumstances where saving more could actually be hurting you. >> Yeah, Brian, I am so excited because today we're covering five situations where saving money could have real

[00:15] negative effects on your finances and potentially on your life. And we're these five mistakes. >> So, I'm Brian, he's Bo, and we're financial advisors showing you how to save today for your great big beautiful

[00:29] tomorrow. And with that, let's dive right in. We talk about it all the time. We talk about how powerful it can be and how if

[00:44] you do it well, it can change your life. But in certain circumstances, there could be too much of a good thing. >> Yeah, look, we're not trying to create >> Yeah, look, we're not trying to create some rage bait or click bait type thing.

[00:57] This really is we wanted to highlight where a good behavior like saving can careful. With that, Bo, give us number one. >> Yeah, number one mistake we see is when you are holding too much cash. And when

[01:11] we say holding too much cash, we actually mean instead of investing and >> Yeah, and by the way, if you think, "Well, nobody does that." No, let me know, one of the big custodians out there, Vanguard, actually shared this

[01:25] this data point. We've had We've done content on this in the past. Close to 30% of IRA rollovers are actually just sitting in cash 7 years later. Guys, 7 years is long-term investing. So, that is The opportunity cost on that is huge.

[01:41] >> And look, this was a specific study done in 2015, from 2015 to 2022, but it doesn't stop there. Vanguard also found that 55% of direct contributions into employer-sponsored retirement plans

[01:56] actually stay in cash for 12 months. Rather than going to be invested, going to buy mutual funds, indexes, ETFs, it actually just sits in the plan in cash >> So, and by the way, we have a lot of our comments section, and you guys, you're

[02:10] you're such financial mutants. People cuz we use the word saving sometimes >> Yep. >> And that's why I love that this is the to share. You're right, guys. You financial mutants who are highlighting

[02:22] this fact is that yes, there is a difference between just saving versus investing. And the reason we want you to go beyond just saving is that inflation long term. >> That's right. We have this general

[02:37] concept, this understanding that a dollar today will be less than a dollar of inflation. Inflation is just the general increase in the prices of the goods and services that we buy over time. Thus, reducing the purchasing

[02:53] power of our money. And it's amazing, if you stretch it out, not just over a year or 2 years or 3 years, but you stretch it out over decades, that eroding power

[03:05] >> to give you some numbers to kind of put some perspective on this cuz a hundred dollars in cash today, fast forward 10 years. Now it's only fast forward 10 years. Now it's only worth 74 dollars. Fast forward 20 years.

[03:18] It's only worth 55 dollars. The purchasing power is getting diminished. And in 30 years, now it's worth 41 dollars. But it's worse than that, Bo. It's not just what the purchasing power, it's also the opportunity cost of what

[03:32] compounding growth. >> Yeah, you miss out on that compound what you are doing, you're putting it in savings. But there's also an error of omission, you're not allowing your dollars to work for you. If you've been

[03:46] any period of time, you know that we talk about the wealth multiplier. And it's this idea that when invested, when properly put to work, $1 for a 20-year-old has the opportunity, has a chance to turn into $88 by the time that

[04:03] person retires. But that only works, that only happens if you put the money to work. If you do not invest it, you're not going to recognize that 88 time >> feel like it's a PSA whenever we show the wealth multiplier. All my 20 and

[04:18] 30-somethings who are watching this content, just do something. Look at this chart we have right here. Better than that, go to moneyguy.com/resources. You can look at your specific age, see what your wealth multiplier is. You

[04:30] might not have a lot of resources, but you literally are a billionaire of time. Leverage that powerful tool, and you will be better for it. Now, Bo, I think this also is a good time for us to give a case study on what the typical

[04:44] American is doing, and seeing how just putting the money in a bank earning absolutely nothing, versus somebody who's proactive and actually puts their contrast. >> Yeah, if we think about average Allen,

[04:57] let's say that average Allen starts with $0, but he's going to put $10,000 into a the average rate of interest that the average savings account at a bank is paying right now, which is 0.38%

[05:12] per year. You heard that right, it's less than half a percent. If Allen were to leave that $10,000 in that savings account for 10 years, account for 10 years, he's going to end up with $10,387.

[05:24] like, "Wait a minute. You guys only paid him 0.38%. How many prospects and so forth that their checking accounts that are loaded up beyond what they need to be as just having as liquid cash for a clearing

[05:38] account are actually earning 0%?" >> all the time. we say 0.38% because most of your brick-and-mortars are paying you absolutely nothing on your checking accounts. So, this is why

[05:52] you have to be proactive with your money. Don't let life just happen in your financial decision-making. I want you to be more like Manny the mutant. say that Manny also starts with zero dollars, but instead of putting $10,000

[06:06] going to invest those dollars. He's going to put the 10,000 into an index fund and let's assume that over the next decade Manny can average an 8% rate of return on those dollars. Well, that $10,000 that he deposited would now be

[06:22] $10,000 that he deposited would now be worth $22,196. more than what Alan had. >> That's why I think a lot of people, when

[06:34] we're trying to train you to become a financial mutant, it's those incremental small decisions that you're making. The dollar amounts are not changing. It's your behavior. It's your actions. Little tiny actions can create big results. In

[06:47] this case, actually putting that extra cash to work is 113% improvement. And by the way, over time that compounds even bigger. >> So, what do you do instead of just stocking it in savings? Well, you got to

[07:00] put your army of dollars to work. You have to recognize that I need my money, my dollars working harder than I can. And if I put them in the savings want to make sure that I get them invested.

[07:12] about the three to six months emergency reserves, but actually do the exercise of seeing what you need in emergency reserves because we just showed you if you're boosting your sinking funds or your emergency funds bigger than they

[07:25] need to be, you're sitting on dollars that could be in your army of dollar And then the second part of this was kind of back to that Vanguard study. >> Right. Just because you saved the money, you

[07:40] now need to select the investments that your money can actually work hard for thing up for We actually have a financial order of operations to tell you what you should do and where you should put your next dollar. So, start

[07:53] with the tax-advantaged accounts where you can get the most bang for your buck. We're talking about Roth IRAs, HSAs, 401ks. Make sure those dollars are finding themselves in the right homes.

[08:06] >> I think a lot of people also, you're brand new. You you found our content you you you're you have a big motivation to start letting your money work, but you you knew anything about money. You don't know where to go invest. That's a-okay.

[08:19] saying, "Just go get it into into an index fund." And a lot of you are like, great." And yes, usually we're talking about like a total market index or an S&P 500, but even that can sound daunting to a lot of people.

[08:32] >> Guys, you don't have to sleep on even index target retirement funds from the big providers like Charles Schwab, Fidelity Investments, Vanguard. Go out there and you can log in if you can answer how much you can save and when

[08:45] you need it they have a product that leverages not only index funds, but also Get out there and do that. And then in the background, you can be educating investment knowledge, but in the meantime, you're not squandering that

[09:01] because you have time on your side. >> Rob. We're talking about when saving can actually hurt you, when it can be detrimental. And mistake number two that because again, people are approaching this from a noble place.

[09:15] We actually see people making mistake when they begin saving and investing while they still have high interest debt on their balance sheet. >> Well, I I see people and and like you said you said the word noble.

[09:27] Look, you guys realize we all can sometimes carry sins of the past. And starts in college or right after you get out of high school. You get your first credit card, and because you you lack some discipline initially, you run up a

[09:41] you come across our content and go, "Oh about the power of compounding growth. I got to get in there and get that." But the problem is if you don't do it in the right order of operation, you're

[09:54] actually still turning compounding interest against you and only making the bank rich. If you're not paying off that high interest debt, it's back to why the financial order of operations is your friend. And what do I mean by this? Let

[10:07] me give you the proof. The average interest rate on credit cards right now interest rate on credit cards right now is 23.75%. of the financial order of operations, you'll never be able to leverage and

[10:21] growth. >> And what you don't recognize is how widespread this is. According to the Federal Reserve, 45% one in two US adults actually carried a credit card balance at least one time in

[10:35] they used a credit card and paid it off. They like carried a balance month over month, and they were subjected to that on average 23.75%.

[10:47] So, it's pretty obvious. Like, why is this bad and why can it hurt you? Well, it's not mathematically optimal. If I'm paying an exorbitant amount of interest, but I'm investing and earning a lower rate of return, that is a reverse

[11:01] negative bad arbitrage situation. >> people to visualize this. Literally, you're strapping this weight to you and then walking into the ocean. And I don't care how good of a swimmer you are. If you're If you were walking to the ocean

[11:15] with weights like credit card debt, you will drown. You will never get ahead. So, that's why we have to get you to pay off the high interest debt because it's going to slow down your progress. It's going to drown you. You got to get out

[11:29] again, we have a case study because what I what drives me crazy is people lose and like I said, they find our content and say, "Well, you know what? I'll credit cards. I'll throw a few hundred bucks towards my Roth IRA. That's how

[11:45] I'm going to get out of this." That is That is foolish. That's not using food. That is being foolish and still letting compounding interest work against you. Let's show you the actual numbers. Again, let's take two investors. Let's

[11:58] take average Allen and Manny the Mutant. And their goal is to have a $20,000 emergency fund built up. But, they're both going to be starting with debt. They both have $10,000 of Let's assume it's credit card debt.

[12:12] And let's assume that they both have that credit card debt at a 24% We're going to assume that average Allen money into a high-yield savings account that can earn 4%. So, they have debt

[12:25] that's costing them 24 and a savings account that makes them 4%. They both have the same amount of margin. They have $500 a month with which they can pursue their goal. So, average Allen says, "You know what? I'm

[12:39] going to put $250 per month towards my emergency fund and I'm going to put $250 a month towards my credit card debt." Well, what we find is that after 5 years or 60 months, average Allen is able to build up his emergency fund. Remember,

[12:54] the goal was $20,000. He has about $16,500, but he's still carrying a $4,300 credit card balance. So, if you net those two card balance. So, if you net those two out, his net position is about $12,250.

[13:08] That's where Allen sits. Manny on the other hand says, "You know of operations. I understand that if I have high interest debt, I should going to do is I'm going to pay $500 a

[13:21] month every single month on my credit card until I wipe that out. So, I will not have anything going towards my emergency fund. But, once I get my debt completely knocked out, then I'm going to start saving $500 a month into my

[13:34] emergency fund. Well, now, after 5 years, Manny actually has a savings account balance just over $18,000. Has no more credit card debt. So, he is

[13:46] almost $6,000 better off than Allen was, even though they spent and deployed the exact same amount of dollars. drawing attention to the fact that yes, you have close to $6,000 more, but

[14:01] >> Mhm. >> with the same pot of money. >> That's why it's all back to the incremental decision-making. What small decisions are you making and stacking on a daily basis to live your best life?

[14:14] And that's where you will one day wake up, all of you people in your 20s and decisions, and even though you're going to have regrets, or you're going to say, "Am I doing this the right way?" You're going to get get to be my age, and you

[14:26] none of my peers have money?" And it's all these things that we're covering right now. So, I'm telling you, please listen to us. Make these decisions in your 20s and 30s, so that you can wake up and be on the good side of

[14:39] regrets in the future. >> So, what do you do instead? We want you before you start investing, with the exception of your employer match. The employer match, if you're getting a 50% or 100% match or return on those dollars

[14:56] that high interest debt. We want you to get that, but once you get that, then we want you to attack that high interest debt aggressively and get it off of your >> Now, a lot of you are saying, "What is high interest debt?" You all know, we we

[15:11] bring up the slide that draws a little controversy because of that car loan column. But, I don't mind saying, we want you paying cash for cars. But, we all know, I've been broke as a joke, getting out of college more, you know,

[15:24] getting out of college more, you know, aspirational with a good job versus know, the reliable transportation to get there. That's why we created rules. You yes, have some It's higher interest rates on there, but we want you focusing

[15:37] on the things that will get you out of debt. So, we put these thresholds in there on student loans, on car loans, and credit cards. And a lot of you are "Wait a minute. I'm a financial mutant. Shouldn't I be leveraging that 0%

[15:51] interest rate offers that all the credit cards?" Guys, those are gateway opportunities. The credit card is hoping you walk through those thresholds, fall the rest of America where you're in credit card debt. Don't be like

[16:05] everybody else. Stay away even from the gateway credit cards with the 0%. That's not what financial mutants do. >> So, if you don't know what to do, follow the FOO. Brian, will you hold the thing up for me? It's why we put this

[16:20] with your next dollar, you don't know how to appropriately attack your financial situation, go to moneyguy.com/resources, download our free deliverable, and you can truly know exactly what to do with

[16:36] of paying off the high interest, but kind of doing a Roth, and kind of have some money going into a 529, that's not following the FOO. That is FOO-ish, which is FOO-lish. Follow the FOO and let it be your guide.

[16:51] >> You said it. It just It was a little a >> I put the emphasis where I wanted it. No, that's a That was the That was by lish. >> Moving on to number three.

[17:04] >> Mistake number three, and this is again, we're talking about mistakes that can come from saving too much. And we see this often times of financial mutants. This is when you save, but the saving cause you delay some very

[17:17] >> This is where I probably have turned into the old man, the sentimental old man on the front porch, is cuz we do a so many studio tours or we come across people in our lives and we'll say, "Hey, have y'all start, you know, where are

[17:30] journey?" And like, "Well, we want to have a family, but we're waiting until we can do this, like get this promotion or afford this." Or even in some people it's been like a step in the financial order of

[17:44] operations. And the version of myself now is like, "Ooh." Because look, I think you're going to be shocked. I don't want you to miss out on the experiences of life. If you want a family, have a family. Don't wait until

[17:58] you have everything tied down because, you know, I have two daughters. But I'm graduated college, my youngest is, you know, we're we're working through things >> Mhm. >> And I think that sometimes I was so

[18:12] organized with my finances that, you know, it's one of those things where I wrong place. I also think about people, you get to be my age and you start ones, they're just not here anymore and

[18:24] gone on more vacations. Maybe I should have traveled to go visit this person more." But sometimes we as financial mutants, we don't do these things money." You've got to be careful that there's a

[18:38] huge difference between the financial mutant versus making miser type >> Brian, my oldest daughter's she's about to be 11 years old and my wife and I that, man, that 11 years old, that means, you know, Lord willing, she's

[18:51] going to be seven more summers, seven more Christmases, seven more Easters. So we're like, "Holy cow, we cannot waste this time." Surely, could we could we save more money? Could we invest more? Could we do another?" Sure.

[19:04] financial goals that we have of financial independence and all these things derail us from the present experiences that we cannot get back. are out of the house, you don't get to go back and let them be little kids

[19:20] messy middle and you're just trying to do the best that you can, like, "Okay, future, in the future, in the future." I would encourage you to slow down and pause. And you can still create experiences and do wonderful things that

[19:35] don't have to cost a ton. But even if they cost something and it's not the perfect ideal financial plan that you modeled out for yourself, that's okay. >> So, that's experiences. We had a studio tour just yesterday that was talking

[19:50] about opportunities. Is that they were fortunate enough that they bought their first house through our teachings. They had only saved up 3% and right before And they were saying all their friends

[20:03] heads that were telling them they had to save 20% before they updated their >> Yep. >> They missed out on the financial opportunity to get in on housing. We've tried to create systems that reflect

[20:16] what we've seen with our financial advisors, with ourselves. We have a no hypocrisy policy here. And that's why we understand that there are different rules for other things, you know, for different parts of your life, so that

[20:28] you can live your best life. Maximize your only of dollars, but also try to on this planet. >> Yeah, we talk about sacrificing a little bit of today for a great big beautiful tomorrow. Not sacrificing all of today.

[20:41] There has to be some sort of balance. So, what do you do instead? How do you figure this out? Well, number one, you have to consider the cost. Have you well, I know that there's the mathematics, the mathematically optimal

[20:57] opportunity cost that I'm not measuring? Is there something that I'm going to spend, whether it be time, resources, effort, or energy, that I'm not going to able to create. And make sure that if you are making that sacrifice, that that

[21:12] sacrifice is actually worth it. >> And then prioritize what matters. As we family planning, you don't have to wait until you afford expensive as you think they are. Now, look, they down the road they get really

[21:24] expensive with college and so forth, but in the beginning, if you think that baby food, I think you're going to find out it's not they don't hold off so many years that you miss the opportunity.

[21:38] you want to buy a house, that's okay. You don't have to wait till everything is lined up. That's why we come up with rules that allow you to experience that familiar, when it comes to buying a home, we want

[21:51] put down 20% you can put down as low as 3% so long as you can be in that house for at least 5 to 7 years and the total housing cost that you incur do not do not exceed 25% of your monthly gross

[22:06] income. If those are all true in the affirmative, then I think you can get in a house and you can begin establishing roots, you can begin whatever this phase of life for you needs to be. It doesn't have to be something that keeps getting

[22:19] out into the future. >> And then this this last tip is kind of an umbrella that sits on top of it. I want you to enjoy your life. You know, I think back, you know, I talk about the concept of bedazzling your basic life.

[22:31] Good memory building, blossoming memories don't have to be expensive. One of the fun things I get to do now, my wife and I went to Europe in our 20s and we did it on the cheap. I mean, it was embarrassingly cheap. It created a lot

[22:46] get to compare and contrast that experience now to what the you know, doing it the the the luxe way that we get to do it, the bougie way, but I would never never never take away all

[22:58] those great opportunities to enjoy life, to make memories with loved ones who were there, you know, they all were then, but now we just have the blessing memories. Don't let life get ahead of you all because you're trying to be a

[23:12] financial mutant, but maybe you're you're you're straying into financial >> Hey Brian, I think about our own little story, you know, we sit here now, we have 50 plus employees here, we have billions of dollars under management as

[23:26] we just last week had this team building event where it was like we had all these it was a wonderful thing, and we rented out a place. I wanted to do a team building event, we would grab us two and maybe one or two

[23:40] something. And we would go to Golden Corral, and that was the team building event, and I look back so fondly. That was what we memories we should have been creating, and you're exactly right, it is so fun

[23:52] to sit here now and get to look back at how we bedazzled it then. It's an amazing thing, and I think it even makes it more valuable the stuff that we get >> Yeah, by the way, we probably didn't talk about, that's is what it's great

[24:06] remember the the kid who was probably reaching into the buffet. Instead, we there as a team. That's what's great about blossoming memories, the memories fall off. >> And one of the things that is a natural

[24:21] repercussion of that is you end up building relationships. Because when you think about mistake number four, and this is one unfortunately we see end pretty bad in a lot of circumstances is that often times you can be saving so

[24:34] much or so aggressively that it actually begins to create relationship friction. >> Yeah, and by the way, this is a this is a a condition that is just all over the a a condition that is just all over the place. 34% of couples fight about how

[24:48] much they should save, and this is one of those foundational issues that you see that leads directly to divorce and all kind of havoc within households. And all kind of havoc within households. And so, why does this hurt you or how can

[25:01] this hurt you? Well, it can make your spouse or your kids or your loved ones miserable. If you are constantly micromanaging, if you're constantly collecting receipts, if you're constantly saying no no no no no and

[25:15] every single conversation you have is about money, it creates a pretty toxic someone who's very close to me, when she was growing up, Brian, every time that a friend wanted her to like, "Hey, my

[25:29] always say to her, "Will they give you gas money? They give you like every like never about having experiences, always about the financial implications and it made her miserable. That is not a good way to live.

[25:43] >> like that stat that we had up, the 34% of couples fighting about money, what's crazy is when you dive into the research, the study was showing, this was on close to 5,000 couples, these are types of arguments. These were the

[25:55] strongest disagreement types to predict divorce, stronger than any other common marital disagreement. So, that's why if you can't get the money right, guys, and the way you look at money and in relationships, you can really do

[26:09] yourself a lot of trouble in the long term because literally make you miserable. If you're the person and tell yourself, do you resemble any of these things? Are you going on 16-hour road trips where you

[26:21] can afford, but you're just too cheap or tight, um that you're doing road trips instead of buying the plane ticket for your family members? Are you asking your spouse? I mean, I've had people come to me in my life. I'm not talking about

[26:35] when you're in the budgeting. We all start the journey, you need to be accountability, but after you've conquered the budgeting and you're now you're still asking your spouse for

[26:49] every receipt, you literally are probably growing a kernel inside of them that's going to become more and more caustic and poison your relationship if >> You You've already said this. You have to understand that there is a difference

[27:02] between a fine being a financial mutant and being a financial miser. Being someone who's using money as a tool to optimize and maximize versus someone who's using money as a weapon to harm those that they love. So, what do you do

[27:17] instead? How How do you do this better? One of the very first things that you need to do is figure out how do I communicate with money? How do I have healthy robust conversations with my spouse, with my friends, with my family

[27:30] members, with my colleagues, whoever it may be? How do I communicate about money in a positive and healthy way? >> And look, don't mishear us. I do want you to take uh if you're the financial person in your household, um it it's

[27:43] okay that you can try to get your spouse on the same page as you, but it has to come through good communication. >> to come in a very healthy way because you can create strange power dynamics if you're just trying to impose your will

[27:57] on your spouse. We just recently did a making a millionaire and this couple this was a strong dynamic. And look, and I'll tell you a lot of you financial mutants who were out there leaving comments, you were hard on the spouse

[28:10] that the non-working spouse and I I'll tell you as the advisor who who was actually in the room with this couple, this was mutual. >> It's a communication issue. >> issue because yes, he was noble in the

[28:22] fact that he was trying to get them on the same page and reach some long-term financial goals, but he was not doing a good job with his wife of empowering her with the money as well to where it felt very restrictive and created a lot of

[28:35] strange power dynamics. You have to create a system to where you have good communication, where you have some flexibility, and where you're both on >> Yeah, you have to be able to be flexible and recognize that, okay, I may be right

[28:50] but I need to understand and be able to connect with my spouse, my significant other, my kid, my whoever that might be more emotional. Or you might say, "Hey, more emotional. Or you might say, "Hey, I am right emotionally. We need or we

[29:04] should do these things." But if it doesn't make sense mathematically, you marry those two ideas. You have to figure out what concessions you're going >> Brooke, in my first year of marriage, I had to learn so much about meeting my

[29:19] wife where she was at in the middle. And once we had were able to figure that out, we were able to have much healthier, much better conversations about money, and it led to us actually being able to use money as a tool to

[29:34] for decades now, and I remember you having simple fights over like shampoo >> Absolutely. And that's why Look, you really do need to be flexible, and you also need to be a little self-aware of where you are in your journey is because

[29:47] I think a lot of you financial mutants and that that they kind of you you mutant and sometimes financial miser with your loved ones is you run up the scoreboard. I think you will reach a point. Look, there's a reason I I turned

[30:00] in my tightwad card. You know, I used to market this show off of us being so good tight, but I realized that there was a point a transition point in my own personal life where I was not going to die a poor person, and that some of this

[30:14] discipline that has served me so well in the beginning was now actually squeezing the life out of my loved ones and the happiness out of the relationship. So guys, be very purposeful to understand where you are in your journey because

[30:28] you're not going to get to take it with you anyway. Use money as only a tool. Now, let's maximize the memory building and all the things you can do with this powerful tool, but let's not squander it through miserly actions that is

[30:41] >> Alright bros, we've talked about four mistakes so far of what can hurt you or what can go bad if you save too much. This fifth one is a little interesting, but I think it might even be the most common one. And this mistake is folks

[30:56] who save without a plan. They don't have any sort of plan in place. And okay, well, why is this bad? How might this manifest? What might this look like? Well, it could take a couple different forms. Maybe you have an emergency you

[31:10] find that's too big or too small cuz you don't have a plan. Or maybe you're saving more than you need or maybe you're saving less than you need because you don't have a plan. Or maybe you're saving in the wrong place. The money

[31:22] that you're putting to work isn't actually going to work in the right maybe you're a good saver, but what you've designed is a system where you You can always reach in and pull money out cuz you don't have a plan for those

[31:38] dollars. If you find yourself in one of these places, there's a really good chance that you don't actually have a plan. You have the discipline and you're able to save, but you don't have a plan for what you're doing and why you're

[31:50] >> the last point I'd say on this and why it can hurt you is that all of you who are financial mutants, you're going to reach the the stage like I did where you realize in the beginning of your journey, you're

[32:02] you know, so because you have to go to work out of obligation to pay the bills, to provide, but there will come a time as time gets less and less in your life

[32:14] that you will start trading your money if you've done it right so you own your important if you want to own your time to know when you've crossed over that threshold. And if you don't have a plan, you will pass that point. And that's

[32:28] the scoreboard. And I just don't want you to die or leave this planet with regrets because you didn't get to maximize that component of time to live the best version of your life. So, what do you do instead? Well, obviously, you

[32:42] should build a plan. And part of building that plan is, okay, well, knowing how much should I save? Should I do 3 to 6 months in my emergency fund? Am I someone who's approaching retirement? Maybe I should have 18 to 24

[32:56] months? Am I someone who, based on where I'm at, I need to be saving 25% of my gross income so that I can live the life that I want to live on my terms the way know how much to save, or you don't even know where to start, we have a great

[33:09] resource for you. You go to moneyguy.com/resources and download our deliverable, how much should you save? And how much haven't released that one yet. That one's coming out in the future. This one

[33:21] is how much should you save? And it'll show you, based on your age and based on when you want to reach financial independence, what your savings rate >> And then, you know, we want you to own your time that much sooner, so where you

[33:34] save matters. That's why we've created the better mousetrap, the better system, financial order of operations, we're going to be in a very tax-efficient way keep you out of the ditch with the emergency fund, but we're also going to

[33:49] be very tax-incentivized or or favored with how we structure it. land on the three bucket strategy, cuz when you get to step seven of the going to start thinking about not only am I saving for the tax purposes, but

[34:02] money? We've got you covered with the three buckets, three tax buckets, where you know what to do with the pre-tax money. That's the employer match and so That's going to be your favorite child. How do we maximize that thing? And then

[34:15] you think about your after-tax. That's the bridge account to get you into going to have a time and a place, and it will be built into your plan. a plan, and it's knowing how how much to save, and then where to save. And then I

[34:29] I the thing you have to always stay reticent of is why am I saving? What's the purpose behind the things that I'm doing? Maybe that purpose might be the motivation you need to keep you going even when things get hard or maybe even

[34:42] when things get messy or maybe knowing why you're saving is hey, I'm actually behind the curve. I'm saving so aggressively so that I can get caught up to where I want to be cuz ultimately in the future, I want to be able to do

[34:55] exactly what Brian said. I want to be able to trade my money for time so that I can own my time and live the life that I want to live. done this like a journalist with the the the how, the when, the why, the where.

[35:10] control of your life is cuz you'll know when to do the right decisions, when to when to do the right decisions, when to maximize things. And look, guys, content. It's probably because you're doing a lot of things yourself and in

[35:24] the beginning, your goal should be to keep your finances as simple as possible. But if you do this right, you're you're investing early and often time. You're also not sitting on too much cash. You're deploying your cash

[35:38] background. They'll reach a point where your simple life through your success creates complexity. We're going to leave the porch light on for you. We'll be there instead of you having to face this. You're going into your

[35:51] retirement or you're going into your seven-figure portfolio and going, "I've what I don't know. I don't know where my blind spots are. I just don't have the time to maximize this." We are here. We work with clients in 49

[36:04] states. Come on, Vermont. Get in there and get some of that. We want you guys to know there's a better way to do money and we'll help you get there. So go to moneyguy.com, become a client, let us show you there

[36:16] cycle looks like. I'm your host Brian joined by Mr. Bo, Money Guy team joined by Mr. Bo, Money Guy team out.