Money Guy Show: Introducing 'Making a Millionaire' – Detailed Episode Summary

Release Date: January 29, 2025
Hosts: Brian Preston and Bo Hanson

Overview

In this premiere episode of the Money Guy Show's new series, 'Making a Millionaire', hosts Brian Preston and Bo Hanson unveil their latest initiative aimed at demystifying the journey to millionaire status. The episode sets the stage for a deep dive into real-life financial strategies, personal stories, and actionable insights designed to empower listeners to achieve their wealth-building goals.

Introducing 'Making a Millionaire'

[00:06] Brian Preston kicks off the episode with enthusiasm, highlighting the show's focus on "real stories, real people, real strategies, real wealth." This sets the tone for an authentic exploration of wealth-building.

[00:16] Bo Hanson expresses his excitement about finally being able to discuss the new show after months of planning. He emphasizes that 'Making a Millionaire' will offer a "brand new, new" perspective on wealth creation, promising to engage and inspire their audience.

Premiere Details:

• Premiere Date: Monday, February 3, 8 AM
• Episode Frequency: Bi-weekly (every other Monday at 8 AM)

Format and Content Focus

Bo Hanson elaborates on the show's structure, stating that each episode will feature deep dives with individuals, couples, and aspiring millionaires. The goal is to showcase the abundance cycle—learning, applying, and growing financial strategies—to demonstrate how listeners can apply these principles to their own lives.

[00:49] Bo Hanson: "We are going to do a deep dive sitting across the table from individuals, from couples, from millionaires or millionaires in the making to show you what it looks like when we actually get to apply the abundance cycle."

Educational and Practical Insights

Brian Preston underscores the importance of transparency in financial planning by sharing experiences from previous episodes. He contrasts past content that focused on restricting financial actions with the new approach that encourages expanding financial opportunities to create a "great big beautiful tomorrow."

[01:40] Brian Preston: "It's not always the cutting. It's also expanding and thinking about all the things you should be doing or can be doing or even do more to make more memories."

Audience Engagement and Participation

The hosts invite listeners to participate in 'Making a Millionaire' by sharing their stories and engaging in deep dives. They emphasize the interactive nature of the show, encouraging the audience to apply for participation through their website.

[04:00] Bo Hanson: "If you are someone who thinks you may want to apply that you can go to moneyguy.com apply and maybe you want to tell your story. You want to have us do a deep dive with you? We would love to do that."

Listener Questions and Expert Advice

Throughout the episode, Brian and Bo address listener questions, offering expert advice on various financial topics. Here are some highlights:

Deferred Compensation Plans

A listener named Kyle C. inquires about the pros and cons of a deferred compensation plan offered through his wife's job.

• Bo Hanson explains the basics of deferred comp plans, including the ability to defer current income to a future date, thus managing tax liabilities.

  [05:59] Bo Hanson: "Deferred comp plans allow you to push off current year income into the future... building yourself like a mini pension through your deferred comp plan."

• Brian Preston adds that while deferred comp plans are beneficial for those aiming for early retirement, they carry risks if the employer faces financial instability.

  [07:18] Brian Preston: "Make sure that you read all the rules. This is a very personalized decision, but it is great..."

Investing for Young Children

Another listener asks about the best place to hold investments for his 11-year-old son who is passionate about math and finance.

• Brian Preston suggests custodial Roth IRAs as an excellent tool for teaching financial discipline and maximizing tax advantages for young investors.

  [13:01] Brian Preston: "...custodial Roth IRAs because if he's wired this way, why not you?"

• Bo Hanson emphasizes the importance of aligning investment accounts with the child's financial goals, whether it's education, retirement, or intermediate goals like buying a first car.

  [14:26] Bo Hanson: "...if the goal is for college... 529s... custodial Roths are a great solution..."

Negotiating a Raise

A listener, referred to as "the head cat," questions whether it's wrong to ask for a raise when feeling undervalued at work.

• Brian Preston and Bo Hanson advocate for approaching such conversations from a mutually beneficial standpoint, focusing on how the employee can add value to the company.

  [15:18] Brian Preston: "I think it doesn't have to be a win or lose discussion..."

  [16:20] Bo Hanson: "What it should be is a mutually beneficial conversation..."

Balancing Savings and Spending

A couple named D and J seek advice on transitioning from being savers to spenders, given their substantial investments and desire to create memories with their young child.

• Bo Hanson recommends maintaining a disciplined savings rate (25% of gross income) to ensure financial security while allowing room for spending on meaningful experiences.

  [20:25] Bo Hanson: "Once I knew that whatever my gross income is, If I'm saving 25% of that gross, I'm going to set myself up to be able to write my ticket for my financial future."

• Brian Preston encourages them to run financial simulations to understand their retirement needs and emphasizes the importance of balancing disciplined saving with enjoying the present.

  [22:08] Brian Preston: "...make sure you focus on the make wealth before you de-risk and start doing the maintain wealth behaviors."

Personal Anecdotes and Best Practices

The hosts share personal experiences to illustrate best practices in financial planning:

• Brian Preston recounts a situation where seeking advice from Bo helped him avoid a significant tax burden, highlighting the value of collaborative financial planning.

  [27:38] Brian Preston: "Bo was like, 'isn't that transaction three months in the future or four months in the future?'... he saved me a decent chunk in taxes..."

• Bo Hanson discusses the importance of having a financial coach to navigate complex decisions, reinforcing the show's theme of personalized, strategic wealth management.

  [26:25] Bo Hanson: "Sometimes having that person in your corner... can be incredibly valuable."

Conclusion and Call to Action

The episode concludes with a reminder of the hosts' commitment to providing valuable financial insights while disclaiming personalized advice, ensuring listeners understand the informational nature of the content.

[28:36] Bo Hanson: "Abound Wealth Management does not render or offer to render personalized investment or tax advice through the Money Guy Show..."

Listeners are encouraged to engage with the show by visiting moneyguy.com for resources, tools like the Wealth Multiplier, and opportunities to participate in future episodes.

Key Takeaways

• 'Making a Millionaire' is a bi-weekly series focused on real-life financial strategies and personal wealth-building journeys.
• The show emphasizes the abundance cycle: learning, applying, and growing financial strategies.
• Interactive Participation: Listeners are encouraged to share their stories and engage directly with the hosts.
• Expert Advice on Diverse Topics: From deferred compensation plans to investing for children, negotiating raises, and balancing savings with spending.
• Personal Experiences: Hosts share anecdotes to illustrate best practices and the importance of collaborative financial planning.
• Resources and Tools: Listeners are directed to the Money Guy website for additional resources and interactive tools to aid their financial journeys.

Notable Quotes:

• Brian Preston [00:06]: "We're gonna be talking about real stories, real people, real strategies, real wealth."
• Bo Hanson [00:35]: "We have a brand new show coming out for you guys that we want you to get so excited about."
• Bo Hanson [14:26]: "If the goal is for college... custodial Roths are a great solution."
• Brian Preston [22:08]: "Make sure you focus on the make wealth before you de-risk and start doing the maintain wealth behaviors."

Connect with 'Making a Millionaire':

• Apply to Share Your Story: Visit moneyguy.com/apply
• Resources and Tools: Explore moneyguy.com/resources
• Live Streams and Q&A: Join every Tuesday at 10 AM

Disclaimer: The information provided in this summary is for informational purposes only and does not constitute financial, tax, investment, or legal advice.