How to Avoid Spending Anxiety

Summary

Podcast Summary: Money Guy Show – “How to Avoid Spending Anxiety”

Release Date: December 11, 2024
Hosts: Brian Preston and Bo Hanson

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Introduction

In the episode titled “How to Avoid Spending Anxiety,” hosts Brian Preston and Bo Hanson delve into the psychological and financial challenges that can lead to excessive frugality, even among individuals who have successfully accumulated significant savings. The discussion primarily revolves around managing spending anxiety, maintaining a healthy balance between saving and enjoying life, and optimizing financial strategies to support both current and future goals.

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Segment 1: Backdoor IRA Conversion Explained

Timestamp: 00:06 – 03:45

The episode begins with a listener question from Hayden regarding the preparation for a backdoor IRA conversion. Hayden seeks advice on assisting his girlfriend, who is approaching the IRA contribution limit and has a small rollover IRA.

Key Points Discussed:

• Definition and Purpose:
  Brian explains that a backdoor IRA conversion is a strategy to convert a Traditional IRA to a Roth IRA, bypassing income limits that restrict direct Roth contributions.
  “A backdoor Roth conversion is a strategy where you convert a Traditional IRA to a Roth IRA, allowing high-income earners to utilize Roth benefits despite income restrictions.” (Brian Preston, 00:37)

• Cautionary Tales:
  Brian shares an anecdote about a friend who encountered tax complications by not fully understanding the implications of existing IRA assets during the conversion process.
  “You can’t just blindly convert without considering existing IRA rollovers, as it can lead to prorated taxable amounts.” (Brian Preston, 01:20)

• Execution Strategy:
  The hosts emphasize the importance of eliminating other IRA assets to ensure a clean conversion. They suggest options like cashing out IRA accounts and handling the taxes appropriately or transferring IRA assets to employer-sponsored plans like 401(k)s to prevent basis muddling.
  “Make sure you get rid of those assets first, then proceed with after-tax contributions and clean conversions.” (Brian Preston, 02:27)

• Tax Implications:
  Brian underscores the necessity of accurately reporting the conversion on tax returns using Form 8606 to avoid IRS notices and ensure proper tax treatment.
  “Ensure your CPA completes Form 8606 to accurately reflect the non-deductible contributions and the Roth conversion.” (Brian Preston, 04:03)

Notable Insights:

• Checklist for Conversion:
  A step-by-step checklist is essential to navigate the complexities of backdoor IRA conversions effectively.

• Professional Guidance:
  Consulting with knowledgeable tax professionals can prevent costly mistakes and IRS complications.

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Segment 2: Overcoming Spending Anxiety

Timestamp: 07:02 – 21:57

The core of the episode addresses spending anxiety, a common concern among listeners who have diligently saved but now struggle with excessive frugality. This segment features a question from Sky, a 27-year-old who, along with his spouse, has amassed a $100,000 liquid net worth over six years but experiences significant anxiety around spending.

Discussion Highlights:

• Understanding the Root Cause:
  Brian and Bo discuss how success in saving can paradoxically lead to increased anxiety about spending, as individuals become overly focused on accumulating wealth at the expense of enjoying the present.
  “You've done the hard part by saving diligently, but now it's time to enjoy the fruits of your labor without regret.” (Brian Preston, 08:18)

• Importance of Enjoying Life’s Milestones:
  Bo emphasizes the significance of creating memorable experiences during each decade of life to prevent future regrets.
  “Ensure every decade has its own special sweetness so you don't look back with regrets.” (Bo Hanson, 13:11)

• Progressive Wealth Building:
  The hosts illustrate how achieving the first $100,000 sets the foundation for accelerated wealth growth, making subsequent savings easier and allowing more financial freedom.
  “The next hundred thousand comes even quicker, setting you up for greater financial freedom.” (Bo Hanson, 12:08)

• Setting Financial Boundaries and Values:
  Couples are encouraged to sit down and discuss their values and what they wish to spend on, ensuring that spending aligns with their personal goals and brings joy.
  “Identify what you value and set parameters that allow you to spend in ways that enhance your life.” (Bo Hanson, 12:08)

Notable Quotes:

• “You have to have somebody whisper in your ear, hey, you've done the hard part. Now go enjoy your life.” (Brian Preston, 08:18)

• “You're only gonna be in your 20s for 10 years. Make sure every decade has its own special sweetness.” (Bo Hanson, 13:11)

Actionable Advice:

1. Embrace Financial Milestones:
   Recognize and celebrate financial achievements to build confidence and reduce anxiety about future spending.

2. Create a “Know Your Number” Plan:
   Utilize resources like the “Know Your Number” course to understand financial projections and feel secure about current savings.

3. Balance Saving with Enjoyment:
   Allocate a portion of savings specifically for experiences and personal enjoyment to maintain a healthy financial mindset.

4. Communicate with Partners:
   Open discussions about financial goals and spending desires can alleviate tensions and foster mutual understanding.

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Segment 3: Funding Education vs. Retirement

Timestamp: 12:08 – 17:18

Listener Mary raises a pertinent question about why investing in 529 college savings accounts doesn’t count towards the recommended 25% saving and investing threshold in the Money Guy Show’s financial order of operations.

Key Points Discussed:

• Financial Order of Operations:
  The hosts outline their nine-step financial plan, positioning 529 savings as a step eight priority, focusing primarily on retirement and financial independence first.
  “529 accounts fall under prepaid future expenses, which is prioritized after securing your financial independence.” (Bo Hanson, 14:29)

• Prioritizing Retirement Over Education Savings:
  Brian compares funding retirement to ensure personal financial security before allocating resources to children’s education, emphasizing that retirement is a non-negotiable priority.
  “Retirement funding has no external support like scholarships or loans, making it essential to prioritize.” (Brian Preston, 15:31)

• Long-term Financial Health:
  Ensuring a robust retirement foundation not only secures the individual’s future but also alleviates financial burdens that might otherwise fall on their children or parents.
  “Taking care of your financial future is a gift to your children as well.” (Brian Preston, 16:08)

Notable Insights:

• Crash Course on Financial Prioritization:
  Understanding the hierarchy of financial goals helps in making informed decisions about where to allocate funds first.

• Sustainable Financial Planning:
  By securing retirement first, individuals can better support other financial goals without jeopardizing their long-term security.

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Segment 4: Listener Engagement and Additional Questions

Timestamp: 17:18 – 21:57

The episode concludes with lighter interactions and non-financial questions from listeners, showcasing the hosts’ personable nature.

Notable Moments:

• Disney Cruise Ship Experience:
  Chris F. inquires about Brian’s experiences on Disney cruise ships, prompting a discussion about vacation planning and the balance between financial prudence and creating cherished memories.
  “Money is only a tool. It shouldn’t be the thing that gives you purpose. It should help you live your best, abundant life.” (Brian Preston, 21:29)

• Promotional Offers:
  The hosts mention their resources, including the “Know Your Number” course and ongoing Black Friday sales, encouraging listeners to engage with their content beyond the podcast.
  “Visit moneyguy.com for all our resources and take advantage of our Black Friday sale.” (Bo Hanson, 20:53)

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Conclusion and Takeaways

In “How to Avoid Spending Anxiety,” Brian Preston and Bo Hanson adeptly address the delicate balance between saving diligently and enjoying life’s present moments. They provide actionable strategies to overcome excessive frugality, emphasizing the importance of prioritizing financial independence before allocating funds to future expenses like education. The episode underscores the value of celebrating financial milestones, maintaining open communication with partners, and integrating enjoyable experiences into one's financial plan to foster a fulfilled and regret-free life.

Final Recommendations:

• Adopt a Structured Financial Plan:
  Follow the Money Guy Show’s financial order of operations to ensure a balanced approach to saving and spending.

• Utilize Available Resources:
  Engage with educational tools and courses offered by the hosts to deepen financial literacy and confidence.

• Prioritize Personal Enjoyment:
  Allocate funds for experiences that bring joy and create lasting memories, ensuring that financial success translates into a fulfilling life.

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For more insights and personalized financial strategies, visit moneyguy.com and explore their comprehensive resources.

Transcript

[Bo Hanson]

All right, let's do this. Next question. This is from. This is from Hayden. Hayden says, hey, money guys. Hey, Hayden, can you talk about how to prepare to do a backdoor IRA conversion? My girlfriend is nearing the limit and has a small rollover ira. I'm trying to get her to close. Ooh, there's a lot in here, Brian. I just think giving an education on what the backdoor IRA is and when it makes sense and how you execute it would be incredible.

[Brian Preston]

Yeah, Hayden, first of all, tread carefully because we get you all excited. I've even. I had a really close friend. I remember last year, he sent me a text. He goes, hot dog. I'm so glad I listened to your show. And I did that back door. And I was like, whoa, whoa. I'm trying not to say his name. I was like, whoa, you. Did you get rid of that huge rollover IRA that you previously goes, no, I still have that. I was like, well, you've really. I was like, you've gotten yourself in a pickle here. Because I was like, you can't. You're going to have to prorate the basis. I mean, you're going to have to prorate this and you're going to have to pay taxes on that conversion now. And he's like, what are you talking about? And I was like, no, there's a checklist when you're going to do a backdoor Roth conversion, realize the backdoor name. I've just gone ahead and just given up and said, okay, we'll go with it, since that's what everybody in the industry calls it. But really, it's a conversion strategy is back in 2010, they ripped off the income limit on doing Roth conversions, where there used to be a cap of around $100,000 to do Roth conversions. They took it away in 2010. So now it doesn't matter what you make in income, you can convert Roth at all times. But the problem with this is that if you have an IRA rollover or a SEP IRA that you set up because you have some side hustle income or your employer doesn't have a 401, they have a simple IRA, those IRA accounts all count IRA assets. That if you did a conversion where you took pre tax money and then turned it into a Roth, you have to look at your entire basis of pre tax assets to determine the taxability of it. So that's why we always say if you go do a Roth conversion strategy, AKA the backdoor Roth, you gotta get rid of all the other IRA assets or otherwise this is not a clean strategy.

[Bo Hanson]

So what, do I just cash out that ira, not pay ordinary income tax and a penalty on it?

[Brian Preston]

You can go ahead and figure out, hey, okay, maybe I have a few thousand dollars, maybe I do just can pay the taxes on that Roth conversion for a few thousand dollars. Or if you have a great 401k or a great 403 that takes contributions from previous plans or even IRAs, you can roll that money, do a trustee to trustee transfer into your employer plan. And now those you no longer have IRA assets that muddy up the basis or the taxability of those Roth conversions. But don't skip the step. You've got to actually get rid of those assets first. Then you can consider making an ira, traditional IRA contribution. Since you're not typically taking a tax deduction, it's an after tax contribution into the traditional ira. And then you can convert that into a Roth. And since you didn't get a tax deduction on the contribution to the traditional ira, it's a nice little way to fund a traditional ira, not pay any income taxes except for on any earnings that traditional IRA might have made and then convert it into a Roth, it's clean as long as you go through and do your homework and make sure you don't run afoul of having other IRA assets.

[Bo Hanson]

Now, let me ask you, because you're a bit of a tax expert, Brian, when Hayden is like talking to his girlfriend about this and saying, hey, here's something you should consider doing. What are some things when she files her taxes next year that she ought to think about or ought to, like, make a little note of, to be aware of when she goes through and does that.

[Brian Preston]

Yeah, this is a great question. You should be prepared when you get these done because I see more mistakes with CPA prepared tax returns and other things because. And also it's just be prepared on what's going to show up because it's not uncommon that your custodian is going to issue you a 1099R and that's the first thing. And it's going to show that it's all taxable. You're like, wait a minute, these knuckleheads told me that I was going to be able to do this since I didn't take a deduction on the contribution and then converted it. Why am I getting a 1099R from my custodian? Well, you'll notice usually on those custodians, they're going to have both boxes checked. They're going to say taxable and then it's going to say taxable amount, not determined. They're basically saying, we went the safe way because we don't know what you've done here. We reported it to the irs, but we don't know really if it's taxable or not. That means it falls on your shoulder to make sure when you file your personal taxes that you do a really good job of letting the IRS know, hey, what's going on here? And that's why make sure whoever prepares your taxes does complete the 8606. A lot of tax preparers just skip that form completely, and it drives me crazy. And that's why we see so many notices for clients and others when they, when they do these Roth conversion strategies. They get notices because the tax preparer did not do the 8606. It didn't flow through properly, didn't let the IRS know what was going on. So. And then also pay attention. Is it the 5498 that will come through? Well, because it's going to show. It's going to give you the proof of what you did transaction wise. And always when I get the notices, I'm, sadly, I don't prepare taxes anymore. But sadly, I'm still writing tax notice letters because every now and then I'll run into situations where the CPAs can't figure out how to respond to the notices. And the client will just get so frustrated. And instead of seeing everybody get all worked up, I've said I've written a gazillion of these letters. I'll write the letter. Just Send me the 1099 R, send me the 5498, and I'm going to get you cleaned up on this. And so just save yourself the headache. Make sure your CPA reports it correctly with that 8606, and then keep your documents just in case the IRS gets confused.

[Bo Hanson]

That's great.

[Brian Preston]

This is another one of those complexities. Yeah, I don't want people to find these complexities, but they just happen. And we're here, we're your tour guide, and we're like, don't worry, we got you.

[Bo Hanson]

I love it. Hayden, that's a great question. If you would like Tumblr, Koozie Koozie Tumblr, you can write winneroneyguy.com and go, look, hope, send this clip to your girlfriend and hope she enjoys it.

[Brian Preston]

She. Why are you listening to that?

[Bo Hanson]

Like, seriously, that really? This is what you said. It's so funny. So sometimes people will Come by for tours, which we love. Right? And it's always amazing. You always tell when someone comes by the tour and like, one person listens to the show, watches the show, but then the other person with him is like, who?

[Brian Preston]

Well, we always say, do you want to be on the phone?

[Bo Hanson]

No, no, no, no. I'll stay back here.

[Brian Preston]

I don't know. I'll be all right.

[Bo Hanson]

Yeah, it's hilarious.

[Brian Preston]

Thank you for putting up with us.

[Bo Hanson]

All right, this next question is from Sky. Sky says, wife and I are both 27. We are at about $100,000 liquid net worth. That's huge.

[Brian Preston]

If I go, I can't do it. Okay. What I was trying to do is. Woo.

[Bo Hanson]

Nate, do you have the sound effect machine over there? Real quick, will you hit the whistle when he does the motion?

[Brian Preston]

Why can't I. I can't do it.

[Bo Hanson]

Let's just keep going. Honestly, I could go for about two or three minutes of this.

[Brian Preston]

Keep going.

[Bo Hanson]

Okay, here we go.

[Brian Preston]

I can't do it.

[Bo Hanson]

He's still trying again. Wife and I are both 27. We're about 100,000 liquid net worth. We started six years ago, but we're both becoming misers. We get terrible spending anxiety. How do we overcome this and give ourselves some slack? Brian, I have seen firsthand you counsel people on this. They get so addicted to saving, so excited about growing their future nest egg, so exciting about putting their money to work, that all of a sudden it causes them to clam up and go from mutant to miser. So what would you say to sky and are there some parameters that maybe we've established and put in place that could free this couple to be able to spend the way they'd like to spend?

[Brian Preston]

First of all, sky, we have a show that we're actually recording right after this. I can't wait for you to see, because it's going to really help you out to see what a huge head start it is to have $100,000 already in your 20s. Because we. Even when we were doing our content meeting, we were trying to. You and I were trying to backdate into when we crossed into that six figure status. Because it is such a. Y'all have seen me do videos on why the first hundred thousand is so important. But. So you're doing everything right. But I do want to give you the wisdom of somebody who's now in their. Is this my sixth decade? I guess. Cause I'm in my 50s, you know, that's the way that works. So it's one of those things Where I want you to one of the big things, and I think this is a superpower of why I think a lot of you guys like hanging out with us is I am, without a doubt, I'm a nerd and I want you to maximize. But I am this sentimental SAP. I don't know what it was. Once I crossed into my 40s, I just got so sentimental about making sure that I was still enjoying life, that the people I'm around, I don't take it for granted. So I do worry if somebody in their 20s tells me that they're just so scared to spend anything because 27's young. Yeah, I mean, I want you, I think a lot of people, and this is something. And I'm not trying to sell you a product here, but it's just, I think it would be really helpful for you. And by the way, right now, because it's in Black Friday, there's terrific pricing on it. If you go to learn.moneyguy.com, we have a know your number course. And here's why I'm telling you this is because I think you guys are suffering from. You're obviously very good at saving money, but you're not getting the perspective of why you should feel free to live your best life because you've already done a lot of the heavy lifting by making an automated automatic walk towards inevitable wealth is happening. You guys have set up some great behaviors, but you kind of need to have somebody whisper in your ear, hey, you've done the hard part. Now everything above this, go enjoy your life. So that way you look back on your 20s and go, man, that was incredible. You know, and for most 20 year olds, because this is me, I had to bedazzle my basic life, meaning that I was still big into making memories. It's just that I did road trips instead of going to Fiji or Bora Bora. Look, I still don't do those things because it's just some of these habits die, you know, you just have a hard time with. But. But it is one of those things that I would love for you to make sure that you're enjoying each decade of your life so you don't have regrets later. And if you actually did the know your number and you saw, man, that $100,000, once it grows and then whatever were monthly automatic investments are growing monthly. Do you see how much money we're going to have for the future? And then I think you will be released to say, okay, maybe we are getting closer to Mizoram than Mutant. And we need to go make sure we go on a trip because. Or go do something because, I mean, Bo, you and I pick on it. We were talking to the content team. Is that like. But pre children. I mean, I liked. I remember the first time I went to an all inclusive place in Mexico. My honeymoon in Mexico. We did it so cheap. I look back and I'm like, man, that was so cheap. We took like the cheapest earliest flights. We were zombies by the time we got there. But I look back and I remember I was like, this is the greatest thing ever because I had never done anything. And then I get to go on that first international trip and do that. And I look back and then we did more. We went on more trips and we did other things. And you don't have to spend a gazillion dollars and still feel like you've been treated like royalty. Go out there and make those memories. So that way when you get in the messy middle later, you can look back and go, man, those are some fun memories we did. And I don't have regret about anything we've done in our life.

[Bo Hanson]

What I love is sky said that 27. They've been doing this for six years, and it took them six years to get to $100,000 liquid net worth. What's so awesome? And we actually have illustrations on this. I don't think we have it in the quick queue, but you look at how long it took you to get that first hundred thousand of it that last six years, it felt like you were trudging along. Trudging along, trudging along. What's amazing is the next hundred thousand comes even quicker and then the next hundred thousand even quicker. The hard work you've done thus far is setting you up so that your money will even start working harder than you can so that you can have some of that freedom to do some of those things. And you and your wife ought to sit down and figure out, hey, what are the things that we value? What are the things that we would want to spend money on? For Brian, it was traveling and going on trips. Maybe for you it's picking up a new hobby or learning some new skill that you can do together. It doesn't have to be spending on consumption things, but there is something about enjoying this stage and season. Because you'll look back 10 years from now and be like, holy cow, where'd the last decade go?

[Brian Preston]

Yeah, you're only gonna be in your 20s when this is Captain Obvious speaking to you, but you'll appreciate what this means you're only gonna be in your 20s for 10 years. 30s, 10 years, 40s. Make sure every decade has its own special sweetness.

[Bo Hanson]

I love it. Awesome. Sky. If you would like a tumbler, you can write a Tumblr Koozie Koozie Tumblr. You can write winneroneyguy.com. all right, Brian, here's one from Mary. Mary says, wow, this is a great question. So Mary asked this question, why is investing in 529 accounts? Why does that not count towards our 25% saving and investing? For those of you that don't know, we have a nine step tried and true process about what to do with your next dollar. We call it the financial order of operations. Brian, will you hold it up? One of the things that we catch a lot of flack on is people ask us, okay, when should I start saving for retire, Saving for my college, my kids college, when should I start funding a 529s? And we always tell them, hey, that's a step eight thing. And step eight in the financial order operations is prepaid future expenses. Or as Brian likes to call them, abundance goals. Abundance goals. Oh, you made me so nervous.

[Brian Preston]

You weren't going to say, oh, no, it came close. My brain was like, where's he going? Oh yeah, prepaid future expenses.

[Bo Hanson]

This is after you're saving your 25%. So what that means is by the time you get here, you're already saving 25% for your future self, for your future financial independence. So Mary wants to know, why can't the 529, why can't college savings be part of that or maybe even to speak to. Why do we call it a prepaid future expense instead of a financial independence thing?

[Brian Preston]

Yeah, I mean, let's take it down to what it is. I mean, kids, college, it's important, but I mean there's lots of funding sources from that. Do you know? I mean, maybe you're creating a prodigy that's going to be great athlete, maybe they're great student, and there's going to be a full scholarship that pays for all these things. We don't know. I mean there's, that's an opportunity. Maybe there's a grant or something out there or something that comes their way that makes college very affordable. Now let's flip it over. You're a retirement. Is there a, I don't care how good of a person you are, how much work, is there a scholarship for retirement?

[Bo Hanson]

If there is, I'd like to apply for it.

[Brian Preston]

Is there credit for Retirement.

[Bo Hanson]

I haven't seen those.

[Brian Preston]

I don't even. Yeah, I mean that stuff doesn't exist. How about a loan? Because, you know, even worst case, I don't like student loans. But you can at least as a student, go get a student loan. Are there retirement loans?

[Bo Hanson]

Nope.

[Brian Preston]

So as you can quickly see, Mary, this list gets a lot shorter. So we probably ought to make sure, if we found out that the priority is let's make sure you have a good retirement and a good financial future ahead of you. Because by the way, that's a gift to your children as well. Do you know how many people we talk to adults all the time? They are completely stressed out because now they not only have to, in these high cost of living times that we're in right now, save for their retirement, but they have to take care of. They know there's an obligation sitting out there for their parents that never actually saved and invested for themselves. And they're feeling the weight of that right now as we speak. So the best thing you can do, take care of your financial future first. Just like the flight attendant tells you, put that oxygen mask on your face before you help out your kid. And then of course, we love our children. That's why you should prioritize getting through steps one through seven as fast as you possibly can in the financial order of operations. Go download it. Moneyguy.com resources if you really want to fine tune it, you can download Millionaire or you can go buy Millionaire. Mission where I really detail all these details. I don't know how many times I'm going to say detail. But then you get this. That's where really you can go let loose and fund the kids college with reckless abandonment because you've done everything you need to make sure you're in a great place. But that's why, Mary, I mean, it's not that we're trying to be cruel, it's trying to get you in a good place first and then we can take care of the kids.

[Bo Hanson]

Mary, that was an excellent question. If you would like a tumbler, you can write winneroneyguy.com and look, I know, I know Nick's telling me I can't do this, but I'm going to ask this one anyways because the people want to know. And I know that Brian's going to be so excited. This is from Chris F. Chris says, hey, not a finance question. So not a finance question. But is Brian going on any of the new Disney cruise ships? Does Brian know anything about the new Disney cruise ships? Any Recommendations there for cruising. Right. Because the big thing is that something that's on the Preston planning calendar.

[Brian Preston]

I did go on the Wish last spring break. That was one of the newer ones.

[Bo Hanson]

How was it?

[Brian Preston]

It was good.

[Bo Hanson]

Have you ever been on a bad Disney cruise?

[Brian Preston]

I mean. No, it was really good. I was even. This is the first time we went with another couple and our kids. Yeah, I was trying to make sure because Avery, my oldest, you know, is in college. So sometimes she's in, sometimes she's out. And I was trying to. Yeah, she was on that one. But it's sad. This is what happens when you get older. Like, is she here? I loved it. And they even. Like, they. I will tell you, we even did some things. I've been on a few other Disney cruises, but this was fun going with friends because we even did this thing with the Rose. They had like a. Can you believe Disney offers mixology classes?

[Bo Hanson]

No, no.

[Brian Preston]

So we did this. It had a great event there. We had great dinners with the kids. I even. They get you all wound up and excited about things that. I even put a deposit on a future cruise, but we're probably going to the deadline before. And I'll get the refund. That's why I did it. Because you get the money back.

[Bo Hanson]

Because they're fully refundable.

[Brian Preston]

Right. It's like you give them 100 bucks, 200 bucks, and they'll tell you we're going to give you the best discount you've ever seen. It's all overpriced, but it's still good. And so I did, but I don't have any plans. I've watched a lot of YouTube videos on some of the ships. I mean, the best ship I see coming out right now that I wish I could go on, but there's no way I could get over there. Is that ship coming out in Singapore? Holy cow. That thing. It's like a. It's even got its own little central park. Like, you know, Royal Caribbean has Central park and stuff. That ship that's come out in Singapore has some of that stuff. And it's really well done. But there's a lot more money in Singapore, so I think Disney's throwing the kitchen sink at it.

[Bo Hanson]

Are you a big cruise guy? Like, given your choice, like, you love going on cruises, like, it's like a desired vacation or you just. You sprinkle them in with the other vacations?

[Brian Preston]

No, I'm a theme park and a cruise because I have to realize having one child that's developmentally disabled and Then normal. You know, normal's not the right word, but a typical child, they have very.

[Bo Hanson]

Different things that they enjoy.

[Brian Preston]

Hobbies and things. But you know what? We're united on theme parks and cruise ships. I mean, I can use that as currency to even get my oldest daughter to come back and do trips with us. And back to being me, being a sentimental SAP. I love making memories and doing things, going to fun places. And so I do love cruising. I mean, I did after the book tour to celebrate Millionaire Mission, I did a European cruise with the family last summer. That was really cool doing that. I'm worried we ruined the family because we did that one. We really celebrated Millionaire Mission because it did so well that I'm worried we ruined the family on how nice we did that trip.

[Bo Hanson]

You know what else I know? That you love doing what you love, that we get to create this content for you guys that we can speak into the things that you care about.

[Brian Preston]

And does Chris get a Tumblr for that? Do you give Chris a Tumblr for that? Look at you.

[Bo Hanson]

I guess.

[Brian Preston]

You're so charitable.

[Bo Hanson]

I guess. Sorry, Ruby. Chris, if you'd like a Tumblr, you can write winneroneyguy.com we love that we get to do this. We love that we get to be a resource for you. It doesn't just stop right here in the live stream. If you've not been out to the website, make sure you go check out all of our [e-mail] resources. If you want to take advantage of our Black Friday sale going on right now until December 2nd, go to moneyguy.com blackfriday and if you've not subscribed to the newsletter or subscribe to the channel, make sure you do both of those things because you do not want to miss out.

[Brian Preston]

Okay, so you see, you got me all. I'm like, ready to go on a cruise right now. You really have thrown me for a loop with that Disney question. Guys, we have an absolute blast. And I think it really does go back to Money is only a tool. It shouldn't be the thing that gives you purpose. It should be just a tool that helps you amplify you living your best, abundant life. I'm your host, Brian Preston, Mr. Bo Hanson. Money Guy Team out.

[Narrator]

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.