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- [00:08]
Megan
Next up, we've got one from Brian D. He says, my wife and I are approaching the income cap for contributing to our Roth IRAs. What bucket should we invest our money into instead to prepare for starting a backdoor Roth strategy in the future?
- [00:24]
Bo
Love it, love it, love it, love it. All right, so this is a little bit. It's difficult to answer your specific question without knowing your account structure. I'll tell you anecdotally what we think about for a number of our clients, because what we don't want you doing is if you are someone who was contributing to a Roth on a monthly basis and you say, man, I am now at the point to where I think my income might be over the limit. And I don't want to do the thing where I put money in my Roth. I get through to the new year and then I'll get my W2. And I'm like, oh, crud, we were over the limit. So now I've got to go back in time, I've got to undo all those contributions I made. Not only have to pull up the money I put in, I have to pull out any applicable earnings. And when I pull out those earnings, they're going to be subject to ordinary income tax as well as penalty. If I'm under 59 and a half, it might be better to just not have to do that. So I'm not going to contribute monthly to my Roth anymore. So does that mean I just stop saving that money? No, not at all. Most often what we tell our folks to do is instead of dollar cost averaging inside of your Roth ira, there's nothing wrong with dollar cost averaging inside of an after tax brokerage account. So if you were saving the. I don't remember the math on my head. Is it $583? Is that what it takes to max out a Roth? I'm going off memory here.
- [01:36]
Megan
Yeah.
- [01:37]
Bo
$583 a month. Instead of doing that inside of your Roth, now you shift it to go into your after tax account and you can just buy a low cost index fund. Now the thing they have to think through is, okay, if I'm doing that, and the intent is that those dollars will ultimately flow into my Roth. Am I going to be okay triggering capital gains when I have to sell those one year from now to then fund it between January and April of next year? For most folks, if you're following the finance, Brian, can you hold the thing up? If you're following the financial order of operations and you have a fully funded emergency fund and you have a 25% savings rate. There's a good chance that you can use additional cash or additional capital to fund that. And then if you have to true up from your joint account, from your after tax account, you can do that. I just don't want to see you, oh, I can't do Roth anymore, so I'm going to shut it down and my savings rate decrease.
- [02:28]
Brian
No, you just hit on two big things. I love backdoor Roth conversion strategies, I really do. But don't take our excitement and enthusiasm for it and you do a transaction that's going to be a headache for you. I had a dear friend of mine who reached this was last year, reached out and said, I did that backdoor Roth contribution you mentioned on your show. And I was like, no, you shouldn't have done. Last time you and I talked, you told me you had a big IRA rollover. He goes, oh, yeah, I still got that. And I was like, well, you didn't do a backdoor Roth contribution because you didn't have the right structure. This is why guys, measure twice, cut once. I love doing backdoor conversion strategies, but you do have to have the right account structure to make this work. The government is very clear on this. If you have any IRA assets, meaning SEP IRAs, simple IRAs, you know, traditional IRAs, rollover IRAs. When you left a previous employer, you're not going to be able to do a Roth conversion strategy and let it be a tax free transaction. You can do it, but now you have to prorate or allocate your basis to figure out the taxes, which is a complete. It just adds a layer of complexity that when you watch financial content, that's not what you signed up for. The clean way you do this is that you clean out any IRAs that you have. So if you have like an IRA rollover and you make the determination that, hey, I have a great 401k with my employer, you can roll the IRA assets into your 401k. Well now qualified assets like a 5, you know, a 401k, 457, 403b, those are under different section of the tax code to where they don't count against the pro. You don't have to prorate or allocate the basis. When you do the conversion strategy from the traditional ira, you contribute to a traditional IRA and then you convert it to a Roth. All right? And since there's no income caps, they took that away around 2010. That's why anybody can do this. I mean, that's the structure here's the other thing I would caution Brian D. On is that obviously if you guys are getting in those higher income ratios, you know, $7,000 is all you can put in your Roth IRA, your spouse is going to be able to put $7,000. But I bet if you're getting to those higher thresholds, that's not maxing out your 25%. And you don't get to go to step eight or seven and eight of the financial order of operations unless you're investing 25% of your gross income. Don't skip out on after you get past doing your 401k and after you do your Roth contributions, don't forget that you can do after tax savings in like a joint brokerage account so that you can keep this savings train going. Because I just don't like it when people when you're starting out and Maybe you're making 60, 70 grand a year and your 25% is covered up by your Roth your contribution plus your employer's contribution into your 401k. But as you get older and you start reaching six figure status, don't still save like you're making $60,000. Save and invest like now you're in this six figure increase your investments and your saving strategies to correlate with your new income.
- [05:36]
Bo
I love it. I'm going to, I'm not going to steal a question, but I'm going to drop something there. Just saw it and I think it's so great because Brandalyn said this. I feel like a baby mutant, right? Where do I learn about all this information? Backdoor Roth and all. It sounds like someone who's like brand new to us and our ecosystem. We're talking about in terms of a starting point. Where would you tell someone to start if they've never interacted with this and is there anything going on unique right now that might be especially attractive for them to start at that point?
- [06:07]
Brian
Well, I love the way because I get a lot of criticism because we give away so much on the Money Guy show that when people go and buy my book who are die hard Money Guy fans, they're like, this is exactly what these guys cover on the show. Until you get to the last two to three chapters where Brian tells you what he does with his money and all these other life insights that I give. But I do love and this is why I wrote the book is for my soon to be financial mutants. If you have just now discovered our content, you're trying to fast track your knowledge, I would encourage you to go check out Millionaire Mission. I mean this was a passion project I did. Hopefully you'll see my heart when you read this book. I've been so pleased it came out in May of this year and shocked when it made the New York Times best seller and then shocked it was funny. My publisher reached out a week and a half ago and says you're back on the bestsellers list. So you guys somehow I don't know if it's because we've been talking about it or if it was that Amazon lightning deal that they did for a while, but enough of you guys were buying the book that it popped back on the list again. But I appreciate you guys immensely and I think when you read this book, you will fast track your success and know what's going on out there financially.
- [07:20]
Bo
So I think Brian's book is a fantastic place to start or if you want even something interactive that you can do. Right now we're having a special sale on the financial order of operations course like it is at a reduced price. It's never been this inexpensive before. It's four is it 49. Is that right? $49 right now that you can actually buy the course and it actually walks you through the nine steps, start to finish of what you should think about doing your next dollar. So if this is all new information and unfamiliar to you, those are two great places to start to get you up to speed and well on your way in your financial mutant journey.
- [07:57]
Megan
Love it. And if you are new to this show, we also have a where to start page on our website that can introduce you to a lot of videos.
- [08:03]
Brian
Oh that's really good too.
- [08:04]
Megan
Recently updated so by the way, I.
- [08:07]
Brian
Thought it was so and this probably get cut out or whatever but it's when you think about the fact that over the in the last 90 days we had 5 million people come through over the last year to date it was close. 16 million. It was over 16 million people come through. It was 40% of those people were brand new. They were not. They were not returning users on YouTube. So that's. We have people discovering this content all the time. And I love, I get nerdy and look at that data and it warms my heart knowing that even though we've been doing this for decades now, there are people discovering this all the time. And I thank you guys for coming through the doors and hopefully we load you up and we exceed your expectations on the value that you're getting for watching this content.
- [08:56]
Megan
Yeah, it's always super exciting to have new People in here. All right, y'all ready for the next finance question?
- [09:02]
Bo
Yes, ma'am.
- [09:03]
Megan
All right, she said finance question.
- [09:05]
Brian
She's like, Brian, keep it on track.
- [09:08]
Megan
This is from Stephen N. He says is looking at expense ratios overrated. If a low expense ratio and a high expense ratio have the same return, does it really matter? Yes, Brian with a succinct answer.
- [09:22]
Brian
Well, yeah, it is. Look, I'll start this one.
- [09:24]
Bo
Is looking at expense ratios overrated. Your answer is yes, but.
- [09:29]
Brian
But it has a depend. Because I've seen financial mutants go crazy with this. I've even had clients that I've dealt with this overall. Like you guys have heard me talk about why we love index funds. I love instead of trying to pick the winners and losers of the economy, why not just buy the economy? We have this belief in the law of accelerating returns is that innovation and technology is just going faster and faster and faster. You don't have to try to choose the winning stock that is going to crush it. Just go buy the s and P500 or something like that. Or consider do your due diligence, diligence to research just buying the generalized economy. But in part of that driving factor is not only that you're buying the broader economy is but you're saving tons of money on internal expenses as well as the tax efficiency of these type of investments. That's why they have a lot going for. But we have clients because there are non efficient market sectors that you look at where it's nice to actually have a manager that look it breaks my heart. I love index funds. You guys know I am an index fund person but there are different sectors or sometimes it makes sense to go into these non efficient sectors and have a manager who can add alpha, who can add return. And sometimes I have clients who will say hey, I don't like this manager because their Fidelity or Vanguard offer fund that is a lot cheaper. But I was like, but did you look at the performance over the last. Not that past performance is always indicative of the future, but if you can see somebody who is going into an inefficient marketplace and being able to choose the winners and losers, I'm willing to sometimes pay a premium. But you have to prove it to me first. And that's why it's a balancing act to make sure. But for most people, especially starting out, I do for the broad categories of large cap investments, even international other things, why not just buy the market in general? Because you can save yourself cost, you can save yourself the heartache of trying to depict the winners and losers. But there is taking it to the next level that sometimes you have to get a little more nuanced.
- [11:36]
Bo
Yeah. So to answer your question, is it overrated? I would, I would say no. But I would encourage you to remember that, you know, price is what you pay, value is what you get. Just because a fund has a high expense ratio does not mean that it's bad. And just because a fund has a low expense ratio does not mean that is good. You have to actually do the homework. You just want to make sure that the fee that you're paying, the expense ratio that you're incurring is justified by the goal you're trying to accomplish inside of your portfolio. And all those inefficient classes that you mentioned and those efficient, you don't want to pay more than you have to to get the job done, but you don't want to pay less than you have to for a suboptimal job. So yes, you should absolutely look at the expense ratios. Because when it comes to investing, you can't control which way the market goes. You can't control if it goes up or down. You can adjust your allocation to control your risk exposure, but really the two things that are inside your onus of, of your lotus of control are the fees that you pay, that's expense ratio and the taxes that you pay. You can very much control those things. And if you control those things efficiently over a long timeline, those savings, those additional dollars working for you can stack up. So the answer is it's not overrated, but it is not the end all, be all. You need to understand what you're paying for, why you're paying for it, and why it is valuable for you over the long term.
- [13:04]
Brian
I like that price and value giving those differentiation, price what you pay, values what you.
- [13:09]
Bo
For example, I know a lot of people, they grew up in like the 80s and 90s and they had these members only jackets. And those member only jackets are still holding up today. Like you find one of those vintage at a thrift shop, you're like, man, this is top quality good stuff. Now there are these other folks that have players club jackets. You don't ever find these players club jackets in the vintage thrift stores anymore. You might have paid a little bit more back in the 80s for that members only, but man, was it worth it. Because it stood the test of time.
- [13:36]
Brian
By the way, some enterprising, I'm sure some private equity company or somebody bought the members only brand and they still, you can just Go buy them brand new for like 39 bucks on Amazon.
- [13:44]
Bo
You can do that also.
- [13:45]
Brian
You don't have to go to the vintage stores, but.
- [13:47]
Bo
Okay, this is a brief aside. So brief. Someone is throwing in here. They were talking about. I don't, I don't know if this is a age difference between us, but this one at home, the thing they said when they were a kid that was so big was the starter jackets.
- [13:57]
Brian
Oh, yeah.
- [13:58]
Bo
Do you remember the starter? And you got like your college. Oh, my gosh, that was the coolest thing. And I remember my very first one. It was a Florida State. I wasn't a Florida State fan, but I thought it was so cool that I had a starter jacket. Was that. Did you have. Was that a deal too for you?
- [14:14]
Brian
Starter jackets came when. I think I was a little older. I remember when that craze came through. Z Cavaricci's was another phase that my parents. You go to. I think it was like the treasure chest or something at the mall. And they sold Z Cavaricci's. But my parents, back then it was like 60 bucks for a pair of pants. And my parents, like, what?
- [14:30]
Bo
No way.
- [14:31]
Brian
Like, no. So then of course, once again, JCPenney's outlet to the rescue. You could go there and it didn't have the white Z. Cavaricci tag on your zipper, but it would have the flare out. So you looked like MC Hammer walking around. And those. That was. That was one that I had the no name Z Cavaricci's. Another one was Jams growing up. Parachute pants. I'm trying to remember which brand that was. The parachute pants. That was all back in the 80s. But I always had the no name stuff. I remember. And by the way, if y'all didn't know, I got beat up in the second grade because if y'all didn't know, I had. I had these. You may have heard they were pick and pay shoes. And I was so impressed as a second grader because they said genuine leather. And I thought that that was a fancy thing because it said genuine le on the pick and pay shoes. And Johnny Thaxton was making fun of my. My pick and pay shoes. And. And I, I got upset and then he ended up whooping me because I think Johnny, he was a. He was, he was a big guy. I'm sure Johnny's a great guy. Now, Johnny Thaxton beat me up in the second grade because of my pick and pay blue genuine leather shoes. No kidding.
- [15:36]
Megan
Pinecone incident or was that something?
- [15:38]
Bo
No, that Was that was.
- [15:39]
Brian
That was stino. And that was. That was a little later. That was like fourth grade. Yeah, fourth grade. Or is that even. Yeah, I'd have to. I'd have to go the memory bank, but, yeah, I've got it. I've only been in a few fist fights in my life. I'm not a very good fighter. Like, me and Graham Stephan are on the same level, I think, when it comes to fighting.
- [16:01]
Bo
All that was for you, Megan. All that was for you.
- [16:03]
Megan
I love it.
- [16:04]
Brian
Do you see how full circle our.
- [16:06]
Bo
Life works around here?
- [16:08]
Megan
Incredible. All right, y'all ready for the next question?
- [16:12]
Bo
Yes, ma'am.
- [16:13]
Megan
This is from Emoney. It says, do you have guidelines on housing costs in relation to net worth or just your income?
- [16:21]
Bo
Ooh, it's so hard. That is so hard. And let me explain why. Different net worths in different parts of the country mean different things, and the cost of housing in different parts of the country are different. You can go. Go watch any of our housing content, go look at any of our housing shows, and then just read through the comments and you are going to see the HCOL folks who are like, holy cow, this is hard. This is difficult. So there aren't really rules around net worth and housing in the same way that there are rules around income and housing because it's so nuanced and so individualistic based on where you are and what you have going on. The reason why we like income, using that for housing. By the way, if you want to know our rules on housing, you go to moneyguy.com resources we have a house buying checklist. We have a home buying hub where you can check out the affordability and things to think through before you make this decision. The reason why we use income is we recognize that your income is that singular thing that provides you the lifeblood to be able to build towards financial independence is the thing that keeps the lights on. It's the thing that puts food on the table. It's the thing that puts a roof over your head. And it's the thing that allows you to defer your gratification into the future, to ultimately build towards financial independence. It is so important. Well, if you take all of that lifeblood and you apply it solely to a house, so instead of having your housing expenses only be 25% of your gross wages, now it's 55% of your gross wages, you've put yourself in a very precarious situation that now all of the other facets of your life could come crumbling down. That's why we use income instead of net worth. But we get it because it is difficult. It is much easier to be a homeowner in one part of the, in some parts of the country than it is in other parts.
- [18:17]
Brian
I'm going to take this through the life cycle. In the beginning, we give you guardrails because we don't want you. Look, there's a whole industry that's trying to tell you you can afford way more than you should actually spend based upon your income and what your wages. And we're trying to actually give you the guardrails because we don't want you to be house rich, life poor, and then have no money going towards savings and investments. Because that's the big thing is if we talk about the wealth multiplier all the time. Because it's hard trying to reach all the goals of in your 20s and 30s, just putting a little bit, just a little bit of your current time and deferring that for the future. So it's hard if you load it all up and if you have 40% of your money going of your take home pay every month going towards housing, you're just not gonna be able to get a lot done. So that's why we're trying to give you guardrails. Plus, I think from a behavioral standpoint, I want to protect you from being the poorest person on your street. There's all kind of research out there that goes beyond the money. It's more of a happiness factor is if that, if you, you know all that, that advice that was given in the early 2000s of buy the you it's okay if you buy the cheapest house on the nicest street. I'm like, that is horrible advice for life. Because if you're the poorest person on your, on your street, you're always gonna feel like you're behind. And there's so much research that shows out there that really you don't have to be. There's always gonna be somebody has who has more assets and more money than you. The biggest thing you gotta do to keep yourself feeling okay is among your fear, your peer group, that you are not at the poorest threshold of that. So you always feel like you're behind and not doing stuff. The other thing I don't like about using net worth for housing is I see a lot of people and I told Beau that down the road I want to do a new show because I was going through and writing down some of our previous shows and one of them was how to buy A house. And you always hear people talk about location, location, location. I think as you get down the road, where, when, now, housing is such a small percentage of not only your income, but your. Of your net worth. A lot of people, when they get to be my age, say 40s and beyond, they'll say, well, hey, maybe I should reward myself with the bigger house. It wouldn't be that big of a stretch for me to go buy even a bigger home. I can afford it. Look at my. Look at my net worth compared. The thing I always worry about is that you're moving the goalpost. And I also think you're minimizing the. Because we heard location, location, location. But what about relationship? Relationship, relationship so much. Back to happiness studies. They talk about your peer group. If you have really good neighbors and friends groups that you're hanging out with and creating a lot of memories and socializing with you might be just because you can and you can afford to move the goalpost and move to that bigger, nicer house, what are you leaving behind? Because I never hear people when they talk about real estate, talk about the whole relationship component too. Because if you have. Really, we hear about the. There's all kind of sitcoms about horrible neighbors. But what if you have great neighbors and these are the fabric of your life. Your kids play with their kids. This is which Friday and Saturday, all your birthdays. You're like, hey, I know what I'm doing hanging out with my neighbors. Don't minimize. Because that's what we getting. Outside of the money, the relationship stuff can be more valuable to your happiness than just the nuts and bolts of what percentages this house of your income or your net worth. You've got to take it all into account together. It really is the intersection of the analytics of your money, but also understanding the behavior and components of us being emotional creatures.
- [21:39]
Bo
I love that.
- [21:40]
Megan
Yeah. Love that mindset element.
- [21:41]
Bo
Not location, location, location is relation, relation, relation. Yeah, let's make go and make that T shirt, Matt. That's. We'll have that.
- [21:48]
Brian
I'm sure I'll sell out. No time.
- [21:51]
Megan
Thank you, Steven, so much for your question.
- [21:53]
Brian
That is something, though. If I was still right. Millionaire Mission, though, that would have made it in there. I don't think I had that in there. But I have these realizations because, like, nobody talks about housing.
- [22:01]
Bo
Did you. Did you just hear that? Drop for a second edition. Is that. Did y'all hear that? Was it just me who heard that?
- [22:06]
Brian
Yeah, we're still. Matt, he was kidding.
- [22:11]
Megan
Well, I know you don't have the chat in front of you, Brian, but there is a poll, and people are still wanting the Taco Bell story, so maybe we can throw that in Millionaire Mission, too.
- [22:19]
Bo
Maybe one day.
- [22:20]
Brian
One day.
- [22:21]
Bo
Maybe one day. Guess what that day is. Not today.
- [22:24]
Brian
Three, two, one.
- [22:25]
Megan
We keep trying, y'all. All right, ready for the next one?
- [22:29]
Bo
Yes, ma'am.
- [22:30]
Megan
This one's interesting from twc. He says, my wife and I manage our finances jointly but handle our retirement assets separately. My wife decided to hire an AUM advisor. Should I join her to keep our overall plan in sync or continue to diy? What are your thoughts?
- [22:50]
Bo
So here's my experience. I love when couples say, hey, we do our finances together, Whether you have individual accounts or separate accounts. I mean, we are advocates for joint accounts. We love when assets come together and a household operates as a single unit, because I think that there's efficiencies that can be garnered there and you can have a really effective strategy. Now, when I hear you say, okay, we do our finances, like, the way we pay our bills is joint, and the way we think about our cash flow and budgeting, that's joint. But we manage our retirement separately, what that makes me think is, okay, we have these two different things moving in two different directions at two different.
- [23:29]
Brian
It almost feels like, is this a competition?
- [23:31]
Bo
Right?
- [23:32]
Brian
Is she gonna get to retire because she hired somebody? Or is this a challenge to say, hey, I did it myself. I'm gonna get to retire. And look at you. You shouldn't have hired this financial advisor. Or the goals seem.
- [23:43]
Bo
Because what happens if your stuff gets there and you're, hey, sweetheart, I'm retiring. Gonna live that dream life. I hope you catch up in a few years, or vice versa. It just seems to me that it'd be much more effective whether you guys hire the advisor or decide to do it yourself. If the entire puzzle, the entire pizza pie, was working together towards a common goal, towards a common strategy. Because the things that you're doing in your 401k will likely impact and affect the things going on in her 401k and the way that she has access to after tax assets. And the way that you have access to after tax assets should not only affect your asset allocation, how you spread out your assets, but also your asset location, what shows up on your tax return. I mean, we've. We've seen this before where we'll review a client's tax return, and they might have three or four different advisors, and they're considering hiring us to consolidate all it. And we'll look at their tax return. Like, man, why is this structured so inefficient? Like you're paying $30,000 more in taxes because of your investment income than you ought to be. Why is this happening? Oh, well, I have a couple different advisors. I'm like, well man, you have a couple different people doing a couple of different things. You know, Megan, you're a music person. I use this example all the time. If you have an orchestra, right, and you have all the different instruments all playing a different sheet of music at a different tempo, what do you end up with?
- [25:05]
Megan
Chaos.
- [25:05]
Bo
Chaos, just a whole bunch of noise. But if you can get all of those different instruments all playing on the same sheet of music towards the same goal of the same song, well then you end up with something beautiful and your financial life is no different. So when I think about this having two different strategies for a combined retirement, it seems like a very ineffective way to accomplish that overall goal.
- [25:28]
Brian
I wrote three quick things I said, you know, goals are usually pretty common. Meaning that it's not, you know, this is something, this is what makes a relationship is y'all usually will have a united goals. So it's kind of unique to have those splintered into separate, separate components. The other thing is account structure. You hit on that is that I have seen where maybe one spouse has a really big 401k. That is just asking because you, as you get older you're going to need more conservative holdings. It would be nice if you could put in a tax location tax efficient way, load up the bonds in those pre tax assets and then you know, do let the other asset accounts do what they do best, whereas you're really kind of artificially limiting all the planning opportunities by separating. And then I also think that having a good planner where you're united and you'll have the same and you're talking about this together because those goals are common. It really isn't a relationship amplifier. I mean one of the great we're. I'm not trained in psychology whatsoever, but I've been managing money for these three decades and I've worked with a lot of couples and I love being kind of the uniter of seeing differences beforehand. And then you come out of the other side of a good financial planning meeting and you can see they're united. You can see they're going to carry this over probably into a nice meal afterwards. They go out to talk about some of the things that were covered and it really can be a relationship amplifier. Whereas I'm worried If you're separating everything, especially as you get into the mature side of big financial decisions, you might be creating something that's taking away from the relationship because it's almost creating a divide or a competition. And that's one of the things you've heard me talk about with money and relationships. You've got to take the power out of the money because more than likely one person in the relationship is going to make a lot more money than the other. And you get some strange power dynamics for the spouses, if one is controlling this and the other one feels in this, they have to come ask for permission or ask for something from the other spouse. It just creates power dynamics that I don't think are healthy in the long term. So if you can minimize that as much as possible, and good planning can do that in a lot of ways, love it.
- [27:43]
Megan
Thank you so much, twc for your question and thanks for being here. And thank you to everybody for tuning in today. We love doing these Tuesday live streams and answering your questions. You can find any of the resources that we talked about today@moneyguide.com resources and if you are one of those people that's new to the show, definitely check out that where to start page or that food course with that $50 discount.
- [28:06]
Bo
Well, it's 49. Let's not. Let's not upcharge them. It's 49.
- [28:09]
Brian
Yeah. It's not $50 discount.
- [28:11]
Megan
It's like a $200 discount. Yeah. Through the end of the year. So definitely go check that out.
- [28:17]
Brian
Yeah, guys, we love doing this. I just echoed exactly, parroted what Megan said. But it is a blast we love. We don't take it for granted that we get to create this content. And based upon the flavor of that last question, I want everybody to remember that money is just a tool. It's not a goal. So make sure you are keeping the big life stuff out there united where it's actually intersecting with your savings rates, your goals, your relationships. All this stuff works together. So make sure you go beyond the money and live your best life. I'm your host, Brian Preston. Mr. Bo Hanson. Money Got Team Out.
- [28:53]
Bo
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 MoneyGuy Show. The information provided is for informational purposes only and does not constitute financial tax, investment or legal advice.