"Can I Pay My Car Off in Four Years?"

Summary

Money Guy Show: "Can I Pay My Car Off in Four Years?"
Release Date: February 5, 2025
Hosts: Brian Preston and Bo Hanson

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Introduction and Exciting Announcements

Brian Preston kicks off the episode with enthusiastic news about a new show:

"[00:06] We have a brand new show coming out releasing on February 3rd. It's gonna start at 8am every other Monday. It's a brand new show called Making a Millionaire where we get to sit down and talk to millionaires and millionaires in the making."

Bo Hanson adds to the excitement, highlighting the team's continuous growth and the importance of their loyal subscribers:

"[00:26] We love you guys. You guys are a big support system to us. Means a lot to us."

They encourage listeners to subscribe and participate in the new show, providing details on where to find trailers and how to apply:

"[01:12] If you would like to be on that new show, you can go to moneyguy.com apply."

Listener Questions and Expert Advice

The episode transitions into a Q&A session, addressing various financial queries from listeners.

1. Navigating Roth IRA Contributions Over Income Limits

A listener named Mutant P. asks:

"[02:48] I already contributed to my Roth IRA, but my side hustle had a surge of income and put us over the income limit. Is there a way to put it back?"

Brian Preston explains the steps to rectify this situation:

"[03:11] Contact the custodian or broker, pull out those contributions, and any applicable earnings. These will be subject to income tax and penalties if under 59½."
"You never should have been able to make the money anyway. So it's not the worst thing in the world." [03:11]

Bo Hanson introduces the concept of backdoor Roth contributions:

"[04:20] This is when you make a non-deductible contribution to a Traditional IRA and then convert it to a Roth IRA."

Brian emphasizes alternatives if backdoor Roth isn't feasible:

"[05:35] Put those dollars in an after-tax brokerage account and still get them to work for you. Don't just leave them in a savings account."

2. Setting Net Worth Targets Amid Income Fluctuations

Matt, a radar technician, inquires:

"[06:26] How do you approach net worth targets when your income experiences a big change?"

Brian Preston references "The Millionaire Next Door" formula:

"[07:00] If you take your age times your income and divide by 10, that gives you an idea of where your net worth should be."

He advises considering average income over several years to smooth out fluctuations:

"[07:00] Think about the average income over the last three to five years to get a better metric of your saving habits." [07:00]

Bo Hanson recommends using their free net worth spreadsheet for a more detailed analysis:

"[08:51] Download our free net worth spreadsheet from moneyguy.com/resources to get a dashboard view of your financial health."

Brian highlights their proprietary net worth dashboard:

"[10:23] Our journey to abundance quadrant tracks your net worth over time, showing if you're an average or prodigious accumulator."

3. Understanding Hyper Accumulation Before Progressing to Step Eight

Boosted Bricks poses a two-part question:

"[11:57] How would you quantify hyper accumulation before moving on to step eight?"

Brian Preston and Bo Hanson discuss the importance of a 25% savings rate as a benchmark for hyper accumulation:

"[14:26] For hyper accumulation, a 25% savings rate is essential. If your savings rate meets this threshold, you're on track."
"[14:50] If you aim to leave the workforce early, you'll need to save even more than 25%." [14:50]

Bo Hanson elaborates on managing lifestyle increases post significant income changes:

"[15:35] Ensure that increased income is translating into assets and not just consumption to maintain hyper accumulation."

4. Financing a New Car and Planning for a Wedding

Nick S. asks:

"[15:44] I'm 30 years old and buying a new car with four years of zero-percent financing. Is it okay to use all four years? Also, how do I prepare for paying for a wedding?"

Bo Hanson advises caution with long-term financing:

"[16:20] You can take the 0% for four years, but aim to pay it off in three. Cars depreciate significantly, so shorter financing periods minimize loss."

Brian Preston discusses prioritizing financial goals:

"[17:28] Prioritize your wedding savings alongside your car payments by determining which goals are most important to you."
"Determine if you want a massive wedding or a reasonable one to balance with other financial goals like paying off your car." [19:21]

Bo Hanson cautions against overextending with debt:

"[19:22] Avoid assuming you can afford a nicer car and a lavish wedding by increasing debt. Make disciplined financial decisions instead."

Conclusion and Future Endeavors

Bo Hanson reflects on their mission to empower listeners:

"[22:03] Our goal is to make you better with your money through real stories and strategies. We want you to take an active role in your financial journey."

Brian Preston wraps up with a reminder about their services and the emphasis on not offering personalized investment advice:

"[23:09] Abound Wealth Management does not offer personalized investment or tax advice through the Money Guy Show. All information is for informational purposes only."

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Key Takeaways

• Roth IRA Adjustments: If over income limits, withdraw excess contributions and earnings to avoid penalties.
• Net Worth Goals: Use average income over several years for accurate net worth targets, and consider tools like their net worth spreadsheet.
• Hyper Accumulation: Maintain a 25% savings rate, adjusting as necessary for early financial independence goals.
• Debt Management: Prioritize financial goals and avoid overextending with long-term debt, especially for depreciating assets like cars.
• Financial Planning: Use disciplined strategies to balance saving, investing, and spending to achieve long-term financial health.

Notable Quotes with Timestamps

• Brian Preston:
  "[07:00] If you take your age times your income and divide by 10, that'll give you an idea of where your net worth should be."

• Bo Hanson:
  "[14:50] If you aim to leave the workforce early, you'll need to save even more than 25%."
  "[19:22] Avoid assuming you can afford a nicer car and a lavish wedding by increasing debt."

• Brian Preston:
  "[10:23] Our journey to abundance quadrant tracks your net worth over time, showing if you're an average or prodigious accumulator."

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Resources Mentioned

• Making a Millionaire Show: Launching February 3rd at 8am every other Monday. Apply at moneyguy.com/makingamillionaire.
• Net Worth Spreadsheet: Available for free download at moneyguy.com/resources.
• Learn More: Visit learn.moneyguy.com for the net worth tool.

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Final Thoughts

Brian Preston and Bo Hanson deliver a comprehensive discussion on managing car payments, optimizing Roth IRA contributions, setting realistic net worth targets amidst income changes, and balancing significant life expenses like weddings. Their practical advice, backed by personal anecdotes and expert strategies, provides listeners with actionable steps to enhance their financial well-being and move towards financial independence.

For more insights and personalized financial strategies, subscribe to the Money Guy Show and explore their upcoming series, "Making a Millionaire."

Transcript

[Brian Preston]

We made a pretty exciting announcement. If you just tuned in, you didn't check out the beginning of this show. We have a brand new show coming out releasing on February 3rd. It's gonna start at 8am every other Monday. It's a brand new show called Making a Millionaire where we get to sit down and talk to millionaires and millionaires in the making. We want you to check it out.

[Bo Hanson]

So I think it's because you probably in the first announcement, I stuttered on the cause I had the dec. But I was like, I thought that was gonna be a Friday. But then it hit me, I was like, no. Do you realize, like, we'll have this coming out Monday. We have many shows on Wednesday. Then we have live stream on Tuesday. Live stream on Tuesdays. Then we have the full episodes on Fridays. Wowzer, man. When we started this thing, if you'd have told me that we're gonna keep adding. Just keep pushing. Every single day pushing. So. But we love you guys. You guys are a big support system to us. Means a lot to us. And by the way, the counter is wrong right now. We have actually a lot more subscribers. We love for that. So we're gonna get this in the meantime fixed. But I would encourage you so we can get that thing really to spin over. When we fix it is please make sure you subscribe.

[Unknown]

Yeah. And if you would like to be on that new show, you can go to moneyguy.com apply. We've got some people in the chat asking about it.

[Bo Hanson]

Is that trailer just sitting out there for everybody now? Where's the trailer?

[Unknown]

It's on the YouTube channel. I think we're gonna have it as like the intro video to our channel. And it'll be on the Making a Millionaire page too.

[Bo Hanson]

So.

[Unknown]

Moneyguide.com makingamillionaire Heck yeah. It's on there.

[Brian Preston]

So I'm so excited.

[Bo Hanson]

It's gonna be good.

[Brian Preston]

It's a lot of fun.

[Unknown]

Yeah. And we've been working on this for a long time in the background, so.

[Bo Hanson]

Yeah. And do y'all know how hard it is for me to keep a secret? I don't even think I'm done.

[Brian Preston]

Yes, I think we actively all do.

[Bo Hanson]

Well, I mean, you saw in the coming season, social media team put out and things and Jake and others, everybody. This is horrible. I mean, also, we' doing studio tours for months and we're like, sh.

[Brian Preston]

Don't take any pictures.

[Bo Hanson]

Yes, you're seeing the studio. But it's. Don't tell anybody.

[Unknown]

I love it. All right, y'all. This next question is from Mutant P. Something in the chat.

[Bo Hanson]

Yeah.

[Brian Preston]

Somebody just said, what's Brian's workout routine? He's looking super fit.

[Bo Hanson]

It's layers. It's called wear extra layers. It gets cold. I think it's 15 degrees outside right now. So I just wear additional layers. Would you drop something?

[Brian Preston]

I dropped my pen, but it's way back there.

[Unknown]

It'll be okay.

[Brian Preston]

I'm just gonna. I'm gonna really focus to you now.

[Unknown]

Are you sure?

[Bo Hanson]

We could probably get somebody to crawl back there and get you a pin.

[Unknown]

Look at.

[Bo Hanson]

Look at this. Look at this. Just toss it to him. He's a baseball player.

[Brian Preston]

My man. Thank you so much.

[Bo Hanson]

You don't do on air math or public math or on air catching.

[Brian Preston]

Obviously not a caught it. Come on.

[Unknown]

All right, Pen workin. We're good to go.

[Brian Preston]

Yes, ma'am.

[Unknown]

All right. This question is from Mutant P. He says, I already contributed to my Roth ira, but my side hustle had a surge of income and put us over the income limit. I know I need to take out 20, 24 contributions, but is there a way to put it back? So if you find yourself contributing to a Roth when you're in that income phase out, what do you do?

[Bo Hanson]

Talk. Walk them through the logistics of how you unwind this thing.

[Brian Preston]

So. So first of all, this is a good problem. You. I mean, it's annoying and it's going to be a little frustrating, but what you basically says, hey, I made a lot more money than I thought I was going to make. So let's just pause there. Great thing. That's good. Well, now that you're over the income threshold, the government has now said, hey, you can't put money directly into Roth. So what you have to do is you have to go back in time and you have to unwind those contributions that you made. Now, what's great is since you haven't filed your tax return for 2024 yet, it's going to be a little bit easier than had you filed your tax return. Have to go amend it. So all you have to do is you have to contact the custodian or broker that you work with and say, hey, I was ineligible to do the contributions I did. I need to now go back and pull out those contributions. And in addition to those contributions, I also have to pull out any applicable earnings. So if it made money, those earnings have to come out as well. And those will be subject to income tax, as well as a penalty if you're under 59 and a half. But you never should have been able to make the money anyway. So it's not the worst thing in the world. So you get all of those Roths undone and then the question becomes okay, well can I put it back in if I, if I couldn't do the direct Roth, what options does Mutant P have to still build up some tax free dollars?

[Bo Hanson]

And this is when you hear by talk about backdoor Roth contributions, but really it's a Roth conversion strategy. And I want to because I had a dear friend who you know, reached out to me, this is last year and was so excited because they had done. He said, I did my first back door. And I was like, wait a minute, Remember all those conversations we had on my back porch is you have a rollover IRA so you can't do it. He's what? And I was like, yeah, rollover IRA you can't do. You only can do backdoor Roth conversions. Unless you want to deal with all the pro rata rules and all the other crazy basis things that have to be dealt with for taxes is if you clear out all your other IRA balances. So I'm talking about simple IRA, SEP IRAs, rollover IRAs. The only IRA that really doesn't cause problems is inherited IRAs. But everything else you need to clear out or push it up into your qualified 401ks or 403bs. But if you do have a good structure where you don't have any other IRA accounts, you can make a non deductible contribution into a traditional IRA and then you can convert that into a Roth. Because remember in 2010 they took away the income limits on Roth conversions. So it doesn't matter how much money you make to do a Roth conversion, but you just have to have the right structure so that you can do this on an annual basis.

[Brian Preston]

So let's assume though that, okay, maybe I have the IRA rollovers or I have SEPs or simples or whatever and I can't do that. Does that mean that just shouldn't save that money? No. Even if you can't do the Roth, and we love the Roth, we want you to be able to do it, do the back door, but perhaps you can't do that. You have to pull those contributions. There's nothing wrong with taking those dollars and just putting them in an after tax brokerage account and still getting those to work for you. That's still one of the three buckets that we like for you to build. What we don't want you to do is say, oh well, couldn't do the Roth. Guess I'll just take that park in my savings account and not get those dollars working for me. That would not be a win.

[Bo Hanson]

Or go consume. Or spend more.

[Brian Preston]

Or go consume.

[Unknown]

All right, Mutant P, thank you so much for your question. Next up, we have one from Matt, the radar technician. He says, how do you approach.

[Bo Hanson]

Is that radar technician? Yeah, you said raider.

[Brian Preston]

The raider. The raider technician.

[Unknown]

Did I say raider?

[Bo Hanson]

Did I hear that wrong? Did y'all hear Raider?

[Brian Preston]

She's been hanging out with us, too.

[Unknown]

I know.

[Brian Preston]

Honestly, I heard raider, too.

[Unknown]

Okay, well, Matt, the radar.

[Bo Hanson]

There you go. I like how she even. She rolled it in there like a good southern boy would, meaning me. She mispronounced it like I would.

[Unknown]

He says, how do you approach the net worth targets, like six times your annual income and investments when your income experiences a big change? About three years ago, my income nearly doubled and my lifestyle increased as well.

[Brian Preston]

Man, we actually get this question all the time. Because, you know, if you've ever read the millionaire next door, Dr. Stanley had a great formula in there. We said, if, hey, if you take your age times your income and divide by 10, that'll give you an idea of where your net worth should be if you want to be an average accumulator of wealth. But if you want to be a prodigious accumulator, you want double that number. Well, that works if you are old enough, you've had enough time to accumulate, your income is steady enough that it's an accurate representation of your lifestyle. But a lot of people, like Matt said, man, my income, I just got a huge pay raise. Like last year, I was a prodigious accumulator of wealth. And then I got this pay raise, and I do the math, and all of a sudden I'm behind. What do I do? So we said, hey, there are some ways that you can think about approaching these targets, at least when it's like, spot check in time. And one of the things that we talk about all the time, Brian, especially for folks who have, like, highly variable income or income that's increased rapidly, if you really want to assess where you are today, you can think about smoothing that out. Like, okay, what was the average income that I earned over the last three to five years? So maybe that factors in lower income years and higher income years, and that only give you a better metric of, okay, have I actually been saving the way that I want to be saving? Because remember, all of these targets, like, I want to have six times my income. I want to have 10 times these are all like back of the napkin playing horseshoes. It's just giving you something to shoot for, trying to get close. When you actually work towards financial independence, in reality, it's not truly a multiple of income you're working for. You have a very specific and defined number that will allow you to live the life that you want to live on the terms that you want to live it. That's what you ought to be working for. So don't get so caught up if you're not exactly that net worth target because it's just supposed to be a guidepost moving you along the path.

[Bo Hanson]

Yeah, I like it's more of the napkin financial plans. If you're really trying to go a little deeper, like a financial mutant. I do encourage people. There's one of the reasons if you go to moneyguy.com resources, we have a free net worth spreadsheet essentially you can download and do. But if you want to actually have a dashboard view of knowing how to look at all the big changes, the bucket strategy of step seven, how your income compares to the growth of your assets, then we like the net worth tool because it does all these things that Matt, you're probably trying to deal with is how do I know how well I'm doing? If. If six times because of my doubling of income and maybe even income smoothing over the last three years doesn't do what I want, how can I take a more active role? I would tell you turn it into an annual, at least an annual tradition of looking at your net worth statement so you can see how much of this increase in income is turning into assets, financial assets on my. On my net worth statement that are growing, how much of my liabilities or my debts are being paid down. And I like looking at those annual incremental changes to kind of really get an executive review of how good am I doing with the resources that I'm blessed with and am I turning this into assets? Am I paying down liabilities? It doesn't just have to be these six times benchmarks. I love that we give these things when we do net worth by age and all these other things. But there is a better way to kind of get into your actual numbers. It's not just a benchmark. It's actually telling you how efficient you specifically are being with your army of dollars.

[Brian Preston]

I'll tell you one thing that I love. It's a little bit of a shameless plug. I don't know if we Nate, I don't know if we have like a screenshot of Our net worth dashboard. I don't know if we have something we could pull up real quick, but one of my favorite things about our net worth dashboard is there is a quadrant on there that's called you'd journey to abundance. And what it does is using the formula that I described earlier. It shows exactly where you are based on income, age and shows you like, am I an average accumulator, My prodigious accumulator? Well, your journey to abundance actually tracks it through time. So it'll show where you were five years ago and four years ago and three years ago. So what you can do is if you look at this path and you know, okay, this was the year that I had a big income increase. You can see, man, for the very beginning of my journey, I was always a prodigious accumulator. I had this big income increase. Okay, now I'm an average accumulator. How do I get back to prodigious? So that way it lets you see, is my behavior actually matching the mutant that I want to be? And it's why we track it over time instead of just looking at it right now. This year, your journey to abundance is what tells the true story of are you saving and turning your income into assets like you should be?

[Unknown]

Love it. Thank you so much, Matt, for your question. And if you're interested in that net worth tool, you can go to learn.moneyguy.com and that's where you can get that one. All right, our next question is from Boosted Bricks. This one's a little straightforward, but I think we get this question a lot. So how would you quantify hyper accumulation before moving on to step eight?

[Brian Preston]

Brian, I love, because you. I think you talk a lot about this in Millennial Mission, right? Like, one of the things that you talked about is hyper accumulation. And how do I know that I'm there and when do I move? As you were writing the book, what were some of the, like, thoughts that you had? Like, okay, let me. Because this is. This is something that people get confused about and they ask us about and they question, what was some of the clarity you had as you were kind of pinning those chapters?

[Bo Hanson]

Well, I mean, we talk about all the time that financial things are the actions you do, but it's also the preparation and the mindset you have. And I feel like when. And I've got to find it. I have so many things on here. This looks like my. My bedroom floor right now. If you look at the steps, step seven is really an activity that you have to all these are very actionable. If you look at, let's just take it from step four, you know, your three to six months emergency reserves, Roth IRAs, Health Savings Accounts, maxing those out makes sense. Maxing out retirement in a lot of ways that means 25% of your income are reaching the federal limits that they let you do in those retirement plans. Step seven is the first one where instead of just having maxing out every dollar, we start thinking about in hyper accumulation, how am I going to use this money? And I want you to take a pause at that moment saying I've done such a good job of being disciplined in saving where it's actually the execution of consumption or using these assets. That's why that chapter is devoted to talking about the three bucket strategy. Being tax efficient, focusing on how you're going to retire, when you're going to retire, and how those accounts can be structured. And once you have a better understanding on that, by all means, I want you then to move to prepaid expenses or abundance goals because that's when, now that you've done the homework and you know how you're going to use the money in step seven, you can now start thinking about step eight where let's give the kids, load them up on education funding. This may be also step eight is when we get into residential real estate investing or commercial real estate investing or we just want to increase lifestyle. Maybe this is where we finally go buy the overpriced European sports car or.

[Brian Preston]

You don't want to do that.

[Bo Hanson]

I don't want them to do that. But I'm just telling you this is where you do these things and it becomes a comedy punchline on your financial life versus being a disaster for your financial life because you've already done everything else. It's okay if you make mistakes or expand your lifestyle because you've done everything else right, but that hopefully that helps you out on understanding the difference or the progression to go from step six to step seven to even step eight.

[Brian Preston]

For a specific quantifiable measurable, I would say 25% savings rate has to be there. Now maybe you're at an income level where you get to 25% and you're not out of your employer sponsored retirement plan. That's okay. I would argue that you're still moving into that hyper accumulation phase if you're saving 25%, but I think you got to be at 25% before you can even consider am I at hyper accumulation? Am I there?

[Bo Hanson]

Well, at a minimum, 25% because you might not be going to step eight. Like maybe you're one of these people who wants to leave the workforce at 48. Yeah, obviously if you're leaving the workforce at 48 and you're 32 years of age, you got to have a huge savings rate. You got to give. So instead of it being step seven is the step of hyper accumulation, where you say for most people who have a normal retirement, 25% is going to do it. But because you have this really big goal of leaving the workforce or living life in a completely different way at such an early age, you have to do more. And that's going to be determined in step seven. So that way you don't get to step eight and you start increasing lifestyle, making all these consumption decisions when you're not even respecting how you're going to use the money in step seven.

[Brian Preston]

Love it.

[Unknown]

Great. All right, thank you. Boosted bricks for your question. Next up, we've got kind of a two parter question from Nick S. No.

[Bo Hanson]

They only get one question.

[Brian Preston]

We'll answer our favorite part of it. Another one.

[Bo Hanson]

Keep going. I'm just. I'm kidding.

[Unknown]

He says, I'm 30 years old and I'm buying a new car. The car fits the 238 rule. But is it okay if they give me four years of zero percent financing? Is it okay to use all four years? And then there's another question kind of tagged on the end that says, also, how do you prepare for paying for a wedding?

[Bo Hanson]

Oh, wow, look at that. It's almost like he's playing that violin as hard as he. And he gets to the crescendo because he's really trying to pull the heartstrings as much as possible to break 23 8. But I'll let you get into the details. But I'll answer one part of this.

[Brian Preston]

Okay.

[Bo Hanson]

If they give you four years at 0%, sure, you can take it. It doesn't mean you use it, but it's sitting there in the background. I mean, this is often why people, y'all wonder where rules come from. I have been, you know, for there, there's a person out there that tells Everybody, do like 15 year mortgages. Early part of my career, I was like, I'm gonna do a 15 year mortgage. I did it. And then I had some big life things happen and I ended up having to own two homes because there was a transition period. And I cursed that I did that 15 year mortgage because I could sure could use that extra grace or flexibility if I'd have done a thing 30 year mortgage. Because it would have just. My payment would have been much easier and been easy for me to pay the 30 year mortgage in 15 years. But I liked when I was. I wish I'd had the grace of a little extra flexibility when I had to balance because I was moving houses and I couldn't sell the first one. It was nice if I, if I could have had a little more margin in my life. Cars are kind of the same way. If you, if you, I want you, you can take the 0% for four years, but I still want you to pay it off in three. Yeah.

[Brian Preston]

Before I moved to being an all cash automobile purchaser, every loan that I ever took on an automobile, once I started taking finances seriously was always five years. I always selected the 60 month option because every time I bought a car there was no difference in interest rate over 36 months and 60 months. But then I would immediately, as soon as I stepped out of the showroom floor and not true. I did it before I actually signed the paperwork. I would calculate what's my payment going to be to get this thing paid off in 36 months. So if they offer you the 0% for 48 months, that's great. We still want you to pay it off in 36 months because we know that cars are depreciable assets and we know that if you're buying a new car, what is it? It loses something like 60% of the value in the first four years. Is that right? Some, some.

[Bo Hanson]

No. It's 50 to 60% type of automobile.

[Brian Preston]

Bill that you're buying. I just think that for a financial mutant, you don't have to play these reindeer games. You will never be upset at yourself for getting that car paid off in three years. And I think if you're taking advantage of zero percent interest, you're still going to be able to do something like have margin to begin saving for a wedding. Because that was the second part of Nick's question is how do I pay for a wedding? How do I begin to save for that? Well, like all things in our financial life, we have to prioritize our goals. What are the goals? I have a goal of having a new car. I also have a goal of getting married. I have a goal of financial independence. I have a goal of homeownership. I have a goal of. And you fill out all your goals. Well, then you have to order those goals by priority. Okay, which one do I prioritize more? Having a wedding or financial independence? I'm speaking tongue in cheek here. But it will affect the decision. Okay, do I have the big crazy, massive blowout, awesome wedding that's going to cost hundreds of thousands of dollars or do I want to have a reasonable wedding that has my family and friends and loved ones?

[Bo Hanson]

That's wonderful.

[Brian Preston]

It creates a wonderful memory for my spouse and I, but not go broke or go into debt doing that so that we can begin to fund some of these other goals like paying off the car, like moving towards financial independence, like buying a home. So I think you have to sit down and prioritize those and depending on where wedding falls in, your priority will dictate how you begin to save and accumulate for it.

[Bo Hanson]

Nick, one of my biggest problems with debt, look, I use debt as a tool, but one of my biggest problems in America with debt is the bridge of additional consumption because they give you the false mirage of saying you can do it all. And I'm just telling you that's not what life is like. If you want to be successful, there's going to be incremental discipline decisions you have to make between this choice or this choice and which road you go down. And I, I do think you can do both, but there's going to be trade offs you can do because I feel like you threw the wedding in there. It's kind of a caveat is like maybe I need the additional year of paying for the car so that I can use some of those resources towards the, the engagement ring or whatever else, or the wedding or honeymoon, whatever, you know, component of that expensive endeavor of getting married is. And I would tell you that maybe the decision is instead of buying the nicer car, you have to make the incremental decision. Look, you've already locked in the significant other. And by the way, nobody cares what car you drive anyway. That is like a fallacy. Only the marketers tell you that people care about your cars. It's really, it's so think Corolla, not Land Cruiser. And maybe you can do both. And, but you, but don't just assume you can get the nicer car, nicer engagement ring and the way you're going to bridge it is with that extra debt or financing. Because I feel like all of America does everything at $200 a month more by just increasing the amortization table. And that's why you see more and more cars finance for seven years that now this is getting to be the average. That's not the solution. That's not, you don't want to be like everybody else. You want to be a financial mutant, love it.

[Brian Preston]

Hey, congratulations on the pending nuptials. That's awesome.

[Bo Hanson]

Maybe they might not like his car. Kidding.

[Unknown]

All right, Nick S. Thank you so much for your question and thank you for everybody for tuning in. We love answering your financial questions and helping you find that better way to do money. You can join us every Tuesday for a livestream at 10am Central and be sure to be subscribed so that you can catch all of the new stuff that we're doing, like our new show, Making a Millionaire, premiering February 3rd at 8am you can go to moneyguide.com makingamillionaire to find out all that info.

[Bo Hanson]

Guys, we have had a blast and I love we say it all the time, but I think it definitely makes sense when we're talking about making a millionaire. We share that there's a better way to do money and this is a way for us actually to show you that with real people, real stories, real strategy. Making a Millionaire I hope makes an impact. I really do. I hope that this is something that makes every one of you better with money. Because the heart of what has created the Money Guy show and now is the heart of what's Making a Millionaire is we just want you to be better with your money. Take an active role in it. We're going to keep creating content. We're going to keep educating you. Thank you for reaching out and sharing with us the impact it's having on you. Thank you for all of you who do take the relationship to the next level and become clients. We don't take any of it for granted. And that's why this is all part of the abundance cycle. Is it really? As earlier, we answered a question on how do you negotiate a better salary and Bo, you were talking about do win win scenarios. That's exactly what the abundance cycle is. I'm your Host, Brian Preston. Mr. Bo Hanson. Moneyguy team out the Money Guy show.

[Brian Preston]

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. All investments involve a degree of risk, including the risk of loss.