300k In Debt - What Should I Do?!

Summary

Money Guy Show Episode Summary: "300k In Debt - What Should I Do?!"

Release Date: November 27, 2024
Hosts: Brian Preston and Bo Hanson

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Introduction to Financial Prioritization

In this episode of the Money Guy Show, hosts Brian Preston and Bo Hanson tackle pressing financial dilemmas faced by their listeners. The primary focus is on managing significant debt while balancing other financial goals such as homeownership and wedding planning.

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Listener Question 1: Managing $300k in Student Debt

Timestamp: [02:14]

Question from Dev:
"My fiance is graduating from med school in 2 years and will have $300k in loans before she starts residency. At $50k a year to start, I make $200k a year. How do we handle this debt and other financial priorities like saving for a home and wedding?"

Hosts' Response:

Bo Hanson:
"Dev, first let me give you the good news... you have a combined income of $250k a year, which provides a strong foundation to tackle your financial goals."

Key Insights:

• Prioritization is Crucial: Dev and his fiance need to have an open conversation about their financial priorities. This includes deciding whether to focus on paying off debt, saving for a wedding, or purchasing a home first.

• Begin with the End in Mind:
  Brian Preston:
  "All you have to do is begin with the end in mind. What’s going to happen is right now you feel the pressure... But there's going to come a time when your fiance graduates from her residency and gets her first real big job, probably making $300k plus."

• Future Planning:
  The hosts emphasize the importance of planning for the future, especially considering the significant increase in income once the fiance starts residency. They recommend using their Financial Order of Operations to navigate these decisions effectively.

• Resource Recommendation:
  Dev is encouraged to utilize the Financial Order of Operations course, currently available at a discounted rate of $49 until December 2nd, to better understand and prioritize his financial goals.

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Listener Question 2: Assisting Parents vs. Savings Rate

Timestamp: [09:14]

Question from Gemax1999:
"We are helping our parents in our native country, which prevents us from reaching a 25% savings rate for retirement. We are 30 and 25 years old, double income without kids. Is this okay?"

Hosts' Response:

Bo Hanson:
"You have to remember that money is a tool to achieve your goals. If providing for your parents is a priority, that's completely valid. However, you need to understand the opportunity cost involved."

Key Insights:

• Balancing Priorities:
  Brian Preston:
  "When it comes to your parents, it's a little bit different because likely there are no government loans or retirement benefits available to them."

• Opportunity Cost Awareness:
  The hosts discuss how prioritizing assistance to parents may impact long-term financial goals, such as retirement savings. They stress the importance of modeling cash flow and understanding how current financial decisions affect future outcomes.

• Collaborative Solutions:
  They suggest involving siblings or other family members to collectively support the parents, thus distributing the financial responsibility and mitigating the impact on individual savings rates.

• Action Steps:
  Gemax1999 is advised to utilize the "Know Your Number" course and other resources available on moneyguy.com to assess their financial situation comprehensively and make informed decisions.

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Listener Question 3: Renting vs. Selling First Home

Timestamp: [14:28]

Question from Ryan:
"Is it better to rent out your first home when you're ready to buy and move into a new home, or should you sell it and invest the equity in an index fund? I have $200k in equity with a 2.6% interest on my first home."

Hosts' Response:

Bo Hanson:
"It depends... If you have a mortgage rate of 2.6% and the rental income covers the mortgage while providing additional cash flow, renting out the property could be advantageous."

Key Insights:

• Market Considerations:
  Depending on the local real estate market, renting might be profitable, especially in high-demand areas with appreciating property values.

• Tax Implications:
  Brian Preston:
  "If you've lived in the home for two of the last five years as a single individual, you can exclude up to $250k of capital gains from taxes."

• Personal Readiness:
  Assessing one's willingness and ability to manage rental properties is crucial. This includes handling tenants, maintenance, and the administrative aspects of being a landlord.

• Strategic Decision-Making:
  The decision to rent or sell should align with long-term financial goals and personal lifestyle preferences. Hosts encourage a "gut check" to ensure the choice complements one's overall financial strategy.

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Expressions of Gratitude and Community Engagement

Timestamp: [20:08]

Towards the end of the episode, Brian and Bo express heartfelt gratitude towards their listeners. They acknowledge the support from their audience, share positive feedback they’ve received, and emphasize the importance of their community's engagement in making the show successful.

Notable Quote from Brian Preston:
"I have a heart of gratitude in the fact that you guys have made this possible. We're already way beyond where I ever thought this thing was."

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Conclusion and Final Thoughts

Timestamp: [23:20]

In wrapping up, the hosts reiterate the significance of personalized financial planning. They encourage listeners to utilize the resources available on their website and continue engaging with the show for ongoing financial education and support.

Bo Hanson:
"Every ounce of time that you have on your side can be going towards finding the solution."

Brian Preston:
"2024 is the year of Millionaire Mission, and we’re committed to helping you achieve your financial goals."

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Resources Mentioned

• Financial Order of Operations Course: Available for $49 until December 2nd.
• Home Buying Hub: Accessible at moneyguy.com, featuring checklists and tools for making informed homeownership decisions.
• Know Your Number Course: A comprehensive guide to understanding and optimizing your financial health.

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This episode provides valuable insights into managing substantial debt while balancing other financial aspirations. By addressing real-life scenarios and offering actionable advice, Brian Preston and Bo Hanson empower listeners to make informed and strategic financial decisions.

Transcript

[Brian]

Thanks for tuning in. We're out with the family. But we want to reward you with something so big that the team had to call me and I was like, y'all have lost your minds.

[Bo]

Brian. That's right. It is Black Friday. And we know that you love Black Friday.

[Brian]

Love a deal.

[Bo]

We want to make some deals for you. So right now you can actually get 20% off both of our Know youw Number course as well as our net worth tool. But that's not all this is.

[Brian]

Bo, you gotta tell them. Because 2024 was the year of Millionaire Mission.

[Bo]

That's right.

[Brian]

So this is origin story of the financial order of operations. So we were like, you know what? Special year, special things need to happen. So this was the cray cray part. Tell them the deets.

[Bo]

This is nuts. We've never offered the financial order of operations course for this low. But we are going to make it available to you for $49 because we believe it's something that you should have access to that realistically can change your life. But you can only get this deal from now until December 2nd. That will be your last state of capitalize on it. So make sure if you've been waiting to work through the course, you jump on it right now.

[Brian]

Yeah, this was the moment. Like I said. They called me and they said, bo has an idea. And I'm like, that is crazy. But I think it's actually brilliant. So let's do it. So I gotta tell you, this is an opportunity I want to tell you also. Thank you, thank you, thank you. We could not do any of this stuff without you guys and all your support. And I love that we get to spend Thanksgiving paying it forward and giving you deals of a lifetime. So what happens when your big life priorities are competing?

[Bo]

Brian, I am so excited to talk about this because this happens to all of us. We want to get different things done. We have different priorities in our life and we try to figure out how do we prioritize them. I love that we can speak into that kind of stuff and I love that we can speak into questions that you have. It's why every Single Tuesday at 10am we like to do a live stream where we answer your questions. So with that, I'm gonna throw it over to you to creative director Reby.

[Reby]

Yeah, I've got a question about this very thing from Dev. To kick us off, he says, my fiance is graduating from med school in 2 years and will have 300k in loans before she starts residency. At 50k a year to start I make 200k a year. How do we handle this debt and this. What's going on? Wow. Saving for a home slash wedding. That's a lot of things. Med school, home wedding. What do you have to say to Dev and his fiance?

[Bo]

Well, let me. Dev, first let me give you the good news. The good part. It sounds like you guys have a big shovel. If your income is 200,000 and your fiance's income is going to be 50,000, that's a quarter of a million dollars a year you're going to have coming in. So it's okay to have a lot of competing financial priorities when you got a really big shovel to figure out how to tackle those. Now, the one downside that Dev said is, oh, but in addition to this big shovel, we have, we have $300,000 of loans and we have other priorities. I'm sure we want to get rid of this debt and we want to pay it off, and we want to begin building for financial independence and retirement. But also we want to get married. And I'm guessing by the fact that you have to save up for the wedding that you have to shoulder some of the responsibility for that. And as we start our lives together, we want to buy a home. And so the very first thing, Dev, I think that you and your fiance need to do is if you've not yet had the financial conversation around, hey, what are our priorities? You should do that. And you guys should sit down and talk about, hey, are we working towards being financially independent one day? Do we want to live a life where we get to do what we want to do on our terms, the way that we want to do it, or do we want to have like a knock down, drag out, amazing, blow it out wedding? And you have to figure out how you prioritize those types of things. And based on how you prioritize your goals, we'll determine how you should begin funding said goals.

[Brian]

What kept popping in my mind was begin with the end in mind. And I think that on paper, first of all, there's a lot of chaos because you've got $300,000 of student loan debt sitting out there. You got marriage, you know, coming up, you're asking about housing that is messy middle, for a whole different reason than typically it's kids and other things. But I still begin with the end in mind because what's going to happen is right now you feel the pressure. You feel the weight of that student loan debt, and it's in that deferred building stage right now, but you still Feel the weight of it. What I'm worried about, and this is why I want to change your mindset. There's going to come a time when your fiance graduates from her residency and gets actually her first real big job. Probably going to be making 300,000 plus.

[Bo]

Hopefully, if that's the student loan debt.

[Brian]

I mean, because that's, remember the whole thing, hopefully doing this for what, your first year salary. And with medical, I know there's sometimes some weirdness to it, but it's going to be a big shovel. You make 200,000, which great income. So you guys all of a sudden go from a situation, essentially, it's like Cinderella. You know, you're running around in your raggedy dress, and then all of a sudden, now, boom, you've got this big income coming in. You've just got to make sure when the clock strikes midnight that it all doesn't go back to you being in rags again. And the way I would encourage you, instead of going from this rags to riches, let's actually don't make the mistake that most medical students do, is I would go ahead and encourage you and your fiance go ahead and have those difficult conversations right now and say, hey, what can we be doing right now to make sure we don't get out of hand on the wedding? Second thing, what can we do right now to make sure that maybe the house we're trying to get into isn't the house that we're going to live in in seven to 10 years, but it's the house that we're going to start this relationship and maybe even start this family with. So it can check those boxes, but not be what I think everybody thinks a doctor and a successful professional should have. Because if you get that out of your mind, you're going to already be in a head start because you've got a lot of pressure. And right now you'll be in the faking it until you make it phase, just because you have a lot of potential, but you haven't actually met the opportunity to get out of debt and everything else that's coming your way. So those are the two big things that I see right now. And then after she gets her first real job and you'll move on. Bowie, take into account that she might get her first real job out of state. Y'all go ahead and have that conversation, too.

[Bo]

Figure out is now the right time to be buying a house even, and.

[Brian]

Figure out how that impacts your job because you have a big shovel as well. So these are the bigger begin with the end in mind, bigger elements that need to be addressed and then just navigate. As you get more and more of the picture becomes clear. Think about how do we get ourselves out of this? And I would use the financial order of operations to kind of be your navigator so that then you come out on the other side of you actually have your dream job, she has her dream job. You'll know all the parameters of the debt and you look at the financial order of operations and you figure out, hey, how do we build this wealth in a great way and then have this life that is the fairy tale, just like Cinderella.

[Bo]

The other thing that I would encourage you to do since you guys are thinking about home ownership, is if you go to moneyguy.com resources, we have an entire home buying hub out there where you can walk through our home buying checklist and can you affirmatively answer, hey, if we buy this home today, we feel pretty confident we're going to be there for at least five to seven years. Because that's a great point. If she gets a job somewhere else or if you have to move, home ownership might not need to be one of the top priorities that you guys have right now. So make sure you go to the website, use all of the home buying resources out there so that you can make a wise financial decision and live your happily ever after. I was trying to tie it in with you. I was trying to stay in the fairy tale.

[Reby]

No, that was great. You showed a lot of the nuance that is in this situation like this, because personal finance is personal. So, Dev, thank you for asking that question. Hopefully that gives you some things to think about as you think through your financial situation moving forward. All right, next up, we've got a question from Gemax 1999. It says on the last video you talked about parents helping kids. Do you have any advice when it's the other way around? Currently, we are helping our parents in our native country. However, this prevents us to get from getting all the way to the 25% savings rate since in our retirement we will not be helping our parents. Do you think this is okay? Currently we are saving 16%. We're 30 and 25 years old and we're dinks. So double income, no kids. So what do you have to say to this type of situation? Cause we honestly get this a lot. There are different family dynamics, different structures, where sometimes it is this other way around.

[Bo]

So you said they're 30 and 25?

[Brian]

Yes.

[Bo]

Is that right? Well, this is a hard one. Or I should say this is a Nuanced one. Cause here's what we're not gonna say to you. Hey, you know what? Your parents, they're kind of on their own. Just kick them to the curb, right? Cause that's not, that's not the way that we want to approach how we interact and how we handle this life. And you have to remember that money is nothing more than a tool that allows you to achieve the goals that you have. And for you as the child, one of the goals you may have is, hey, I want to make sure my parents are okay. I want to make sure my parents are provided for. You know, we talk about how it's okay if you don't prioritize saving for your kids because when they get to college, they're going to be able to get student loans and they're going to be able to work and they're going to be able to do all of these other things. But when it comes to your parents, it's a little bit different because likely there's not government, there's not retirement loans from the government that are going to be available to them. So you're forced with a really difficult predicament in terms of, okay, what are our financial priorities and what are our goals? And if one of the goals is, hey, I want to be able to provide assistance to my parents, there's nothing inherently wrong with that, but you need to have a very real understanding of the opportunity cost that exists there. If that is something that is going to be a goal and that's something you're going to prioritize, you may be giving something up. It may be early retirement, or it may be a more fruitful retirement, or it may be more flexibility or whatever those things be. And that's not necessarily a bad thing. You just need to go into it with eyes wide open. You need to figure out, okay, what are the things that we, or what's the way that we want our life to look later on? Can we still help our parents and be a resource for them and show assistance to them while not completely sacrificing our total financial future, but also recognizing, hey, if we only save 16% from now until the time we get to retirement, that's going to be a very different looking retirement than if we were able to save 25% starting at the age of 20 and 25?

[Brian]

Well, I got excited when I heard the ages because I first want to take a little pressure off and then I'll come back with the tough love part. But we pull up and this might be something Pull up right on the screen. But I always call it what can 25% do for you?

[Bo]

Love it.

[Brian]

If you pull that illustration up, you'll quickly see that one of the few places that are bright spots is that when you're below 25%, for people in their 20s and even right at the early 30 part, a little bit goes a long way. So I want to take a little pressure off of you in that aspect. And then the second homework I would give you after you go to moneyguy.com resources and look at that resource, is you might want to go ahead and do the full know your number course to figure out how much you're actually hurting yourself. Or is this just a reality of your life? But I think by actually modeling out your cash flow, your savings rate, anticipated rate of return, inflation, and all the other things, you're going to be able to quickly see is this changing your trajectory in a big way or is this just a course correction where you're off one or two degrees and you just need to make some lifestyle decisions right now, but you're not going to know that unless you actually do the work. And then the good news is because you're also addressing this at such a young age. Like right now I have a case where I'm helping figure this out, where it's a very similar situation. You have an adult parent that they know that in the next eight to nine years they're going to have to really start providing a lot of the income. But I'm like, that eight or nine years is actually a huge blessing.

[Bo]

It's a lot of time spent because.

[Brian]

It lets you really do some planning to see if you can mitigate the actual impact of this. The first thing is, are you in this alone? Meaning are there any siblings? Because if you have eight to nine years or you have some period of time, you could pull together the committee of all the loved ones that are involved in this. And because it's a group and you have time, maybe the solution is very small. Hey, can each one of you guys, can we start putting $50 a month into this account that we're going to be growing for the parents benefit? And you'd be shocked. Just like we talked about, the power of compounding growth. Those small decisions, especially when you get multiple people involved with it, can have huge impacts. So that's what I would, I would try to figure out, are there things that can mitigate by knowing how much time you have, how many other loved ones are involved in this decision making? You just take the reins of leadership. But you gotta do the homework. Don't skip out on figuring out how far or how far ahead you are through the 25%. Don't skip out on know your number course. And then don't skip out on going ahead and attacking this right now. So every ounce of time that you have on your side can be going towards finding the solution.

[Bo]

Love it.

[Reby]

Fantastic. GemX 1999. Thank you for the question. If you want that resource that Brian talked about, you can go to moneyguy.com resource click on how much should you save? It's going to show you exactly how much of your income you can replace in retirement based on your current savings rate. And you can see what 25% can do for you. All right, Ryan's question is up next. Ready for it?

[Bo]

Yes, ma'am.

[Reby]

It says, is it better to rent out your first home when you're ready to buy and move into a new home, or should you sell it and invest the equity in an index fund? I have 200k in equity with 2.6% interest on my first home. Thank you. What would you say to Ryan?

[Bo]

It depends. Next question.

[Reby]

Wow, that's.

[Bo]

Of course it depends, right? Sometimes, sometimes if you find yourself where maybe you got a steal of a deal, you got an amazing first home in a community that had not maybe fully developed, and you got in that home, and now all of a sudden that community is blown up. And it is a highly desired community where there are people who are desperate to rent in that community and the home values are continuing to increase. We've seen a lot of this in the metro Nashville area where people bought homes that were not crazy expensive eight or ten years ago. The homes have ballooned in value and they're still going up in value. And there's an amazing robust rental market. If that's the case, you may very well decide, man, I've got this mortgage rate at like two and a half percent and I know that I can fill renters in there. And the rental income that I have coming in more than covers my mortgage and creates free cash flow for me, then that mathematically might suggest, hey, it's a great idea to keep the first home and keep it as a rental and then move on to your next home. So long as you don't run afoul of any of the money guy rules, meaning that on your second home, you gotta put at least 20% down. You cannot. You want to make sure that you don't have all of your housing payments exceed 25% of your gross income. And for the new home, do you see yourself being there for at least five to seven years? Now the opposite could be true too. You may have bought a home and it went up in value, but maybe it's in a more suburban area and there's not a robust rental market. And so you don't know what the tenants are going to look like. Or maybe you don't even want to be a landlord. If that were the case, then perhaps selling the house makes. In my mind, I think it really does depend.

[Brian]

Well, I look at this as when I visualize, I think of somebody who's in a beautiful picture with a fork in the road moment, meaning that blue sky, sunny days, meaning this is a beautiful moment to have yourself in, is where it's really two great opportunities. Because if you have $200,000 of equity in this house and you have this low interest rate of 2.6%, here's the part that I didn't hear you ask about, which like I said, you have two beautiful opportunities here on your primary residence as long as you lived in it two of the last five years as a single individual, it's $250,000 of tax free gain. Meaning the government's just going to let you take the proceeds, throw them in your back pocket, you put them into the new house, you put them into your investments. It's your choice. Choose your own adventure. That's incredible by the way, if you're married, because I don't know, I can't remember if Ron shared if he was single or married. It's $500,000, half a million dol. Pretty incredible opportunity. Second thing is with good opportunities, the other fork of the road is turn it into a rental property. And look, and I get it if your interest rates 2.6%, that's like, wow, you hate to walk away. You know that there is actual value just in that loan itself. Plus the fact that you have all this equity that's in this house because of how much houses have appreciated. That can be a pretty good opportunity to as long as and BO hit on all these things, you're not skipping the step of making sure on the second home you're putting down 20%. You don't get out of that just because you have this great opportunity with this, this primary that you considering turning into a rental. And then I would ask you to really do the gut check. I think I have a client who did outstanding in real estate and the fact that he bought a whole fleet of rental properties right after The Great Recession, there couldn't have been a better time to do rental property because let's face it, interest rates were super low. Banks had more homes and they knew what to do with. So they were literally selling homes for cheaper than the material that went in to build these homes. This was a once in a lifetime. But even this client who struck gold with his rental real estate portfolio, he's getting in his late 50s and he told me, he's like, look, I love these houses. They've created a lot of wealth for my family. However, I just don't want the headache anymore. There is even good rental real estate is not going to be completely passive to do it right, to keep your tenants well and make sure nobody's tearing stuff up. So I would do a gut check on yourself. Do you have the aptitude, meaning you're actually going to be able to keep up with the accounting of doing the rental property right where it's reported on your tax return, where you're doing all the repairs right? You have somebody who's going to kind of take away the stress of somebody calling you at three in the morning because they have a big leak in the house. And just make sure you have that desire. I'm not going to get mad at you either way because like I said, you are at the beautiful crossroads of two incredible opportunities. But just make sure you measure twice, cut once, and do what works in your life appropriately. What I don't want you to use is turn this beautiful situation, disregard the financial order of operation, disregard the guardrails that are going to keep you out of the financial ditch, and then turn this beautiful thing into an actual nightmare that don't fall into that trap.

[Bo]

This is a prime example of where personal finance becomes incredibly personal. It's unique to your specific situation.

[Reby]

Love it. Ryan, good question. Thanks for being here. We always appreciate hearing what's going on in your financial life.

[Bo]

Hey, Brian, you know, as we're recording this, it's the time of year and look, I know you are a little bit more sentimental at this stage in age of life. And this is the time of year we get to talk about all the things that we're thankful for. And you were saying some stuff pre show. You're just talking about, you know what, life's pretty good, things are pretty good. This thing that we're doing is pretty good. And I just wanted to acknowledge what a heart of gratitude that you have and it influences all of us around here and I'm thankful that you do that for us.

[Brian]

No, I Am very thankful for what we get to do. I mean, I had a studio tour come by last week. Jody, hey. And she was so sad she missed you, Rebi. I think she was sad. I went ahead and cut her off at the Passbow and told her that you were unavailable.

[Bo]

You were in a meeting. She specifically said, oh, man, I wish Rebi was here. And I was in a meeting. And there was no.

[Brian]

I tell you that just because you guys have no idea how much you're the rocket fuel for when I meet you guys and you come in and you share how your life has been changed or some piece of content that kind of helped you out. Even Megan, our one of our main writers here, shared something that her parents heard on our show. I mean, she probably doesn't realize that that little sidebar comment really motivated me and ways. And that's so I have a heart of gratitude in the fact that you guys have made this possible. We're already way beyond where I ever thought this thing was going. Not beau. I think Bo still thinks we're probably at the 60% mark. But I am way beyond where I ever thought. And I would be remiss if I didn't say thank you. Thank you. Thank you for making all this possible. It means a lot to us. That's why we try to load you up. If you go to moneyguy.com resources, there literally is an entire library of free information to try to get you to be the better version of yourself that much faster.

[Bo]

I'm thankful for every subscriber we have out there, and if you're not one of them, make sure you subscribe right now to the channel so that I can also be thankful for you hanging out and doing this with us every single week.

[Brian]

And then, last thing, I'd be crazy. 2024 was the year of Millionaire Mission.

[Bo]

I love it.

[Brian]

And what's funny, I'm still a sucker. I'm out there reading the reviews.

[Bo]

No, you're not.

[Brian]

I am. You're not still reading the reviews?

[Bo]

No.

[Reby]

You haven't mentioned it.

[Brian]

I'm impressed. I know. It's my own little guilty pleasure. You guys are still super nice. I keep thinking at some point we're gonna be done with all my financial mutants, and we'll actually see what the public really thinks. But every now. And there's still a lot of you guys that are still buying the book. The other thing is, every week, and Reb knows every Thursday, I get the sales numbers and I haven't said anything, but it is crazy. Like Clockwork. Hundreds of copies of this sell every week. And then, like, last week, double the number of books just sold. And I was like, what caused that?

[Reby]

I actually saw it too, and I was like, I don't know why people dislike it.

[Brian]

I don't understand. But you guys make it all possible. I love that so many people have enjoyed the book. So 2024. Forever will be the year of Millionaire Mission.

[Bo]

I love it.

[Reby]

True that. Good stuff. Well, speaking of loading people up with free advice, you want to do some more questions?

[Bo]

Ruby, I'm thankful for you. I don't know if I said that. I'm thankful that you throw us these questions and you keep us on track. And you heard the cats so incredibly well.

[Reby]

I do what I can.

[Brian]

What's funny is you're sitting there thinking that I was like, man, we should thank rebuttal. Oh, my gosh. We have a whole room full of people. Is this like a band? Is this where all of a sudden we're gonna let everybody do, like, somebody. He does a drum. Nate does the drum, drum solo. We let Nick get up there on the bass and start ripping some. I mean, what are we gonna do here to make sure everybody can introduce themselves and how thankful for we are? And then Matt, we have to make Matt's like. You know, there's certain groups, like the media, you don't want to upset them because they can just kill you with unlimited publicity and other things. That's the way Matt over on social media is. You don't want to keep him happy because he could. No. Tell him what he's gonna put out there.

[Bo]

He could end us. That's right.

[Reby]

Oh, my goodness. The Money Guy show is hosted by Brian Preston. 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 and does not constitute financial, tax, investment, or legal advice.