Millionaires Expose The Truth About Wealth

Summary

Podcast Summary: Money Guy Show – "Millionaires Expose The Truth About Wealth"

Hosts: Brian Preston & Bo Hanson
Date: June 12, 2026

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Episode Overview

In this episode, Brian Preston and Bo Hanson debunk the most common misconceptions about wealth—straight from the experiences and insights of millionaire clients. Drawing on research, client surveys, and personal stories, the hosts tackle the seven “biggest lies” society tells about how wealth is achieved, what it means, and why most people have it wrong. Their goal: empower listeners with simplified, actionable strategies for building true wealth and living more fulfilled lives.

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Key Discussion Points & Insights

1. Lie #1: “You Have To Be Born With It”

• Main Misconception: Wealth only comes from inheritance, luck, or being born into affluent families.
• Reality: Most millionaires are self-made.
  • Historical studies:
    • 1892 study: 84% of millionaires were self-made.
    • 1996's The Millionaire Next Door: 80% first-generation.
    • 2019 Ramsey Solutions: 79% first-generation.
    • Money Guy client survey: 75% first-generation.
• Brian: “A lot of these wealthy people are first generation just like me ... it empowered me.” [04:43]
• Brian: Note on generational loss:
  • 70% lose wealth by second generation, 90% by the third ([05:31]).
• Bo: Anyone—regardless of background—can build wealth; “you have to be an agent for your own future financial security.” [05:31]

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2. Lie #2: “Money Buys Happiness”

• Main Misconception: Achieving a certain dollar goal guarantees happiness.
• Client Quotes: “A dollar amount, when reached, will solve all of your problems.” [06:37]
• Brian: The average American thinks over $284,000/year is needed for happiness—three times median income ([07:29]).
• Reality: Money is a tool, not a promise.
  • Experiences over possessions create happiness.
  • True happiness from time with family, friends, and purpose-driven work.
  • Bo: “Money that you build really just makes you more of who you already are.” [06:37]
  • Giving and thinking bigger than oneself (spiritual fulfillment) matter.
• Brian: “Money is not just about what I can buy ... it’s about how do I live the best version of myself.” [09:12]

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3. Lie #3: “You Can See Wealth”

• Main Misconception: Wealth is obvious—flashy cars, designer brands, big homes.
• Client Quotes:
  • “Many people who look rich are not wealthy.”
  • “People know that we’re comfortable, but they’d have no idea we’re multi, multi millionaires.”
• Bo: “Wealth is built from the dollars you don’t spend, not the dollars you do.” [10:18]
• Brian: “Real wealth whispers.” [11:06]
  • Most millionaires drive modest vehicles; 61% of $250k+ earners drive non-luxury brands ([12:03]).
• Bo: “Don’t try to keep up with the Joneses ... there’s a really good chance that the Joneses are broke.” [12:29]
• Brian: “Bedazzle your basic life”—do what brings you happiness, but be purposeful with money. [13:09]

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4. Lie #4: “Wealth Makes You Superior”

• Main Misconception: Having wealth means greater morality, intelligence, or virtue.
• Client Quotes:
  • “Having a lot of money does not mean you’re a better person ...”
  • “The public tends to glorify the wealthy as heroes to be followed, when in truth, they are just regular human beings.”
• Brian: “Your wealth is not your worth.” [15:29]
• Bo: Wealth typically results from “wise and consistent choices made over a lifetime.” [15:35]
  • 76% of clients reached $1M through consistent saving and investing, not extraordinary skills.
• Brian: “You don’t have to be the virtuoso ... just good common sense and good decisions.” [16:35]
• Bo: “Money doesn’t change who you are. It merely unmasks you.” [17:42]
• Brian: “All money does is really amplifies who you are.” [18:46]

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5. Lie #5: “You Need A High Salary To Get Wealthy”

• Main Misconception: Only high earners can accumulate wealth.
• Client Experiences: Clients started with $60,000 salaries and built hundreds of thousands through consistency. [19:19]
  • “Most people can outspend any amount of income if they don’t have discipline to save and invest.”
• Brian: Three ingredients to wealth: discipline (live below means), money (margin), and time. [20:32]
• Bo: “It’s not about how much money you make; it’s what you do with it.” [21:16]
• Notable statistic: Teachers (median $63k salary) are among the most common millionaire professions due to early, consistent investing ([22:17]).
• Brian: “A little goes a long way” when starting early. [22:17]

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6. Lie #6: “Wealth Is Only About Money”

• Main Misconception: Wealth is just about dollar amounts, zeros, and commas.
• Client Quotes:
  • “Wealth is about time and options...”
  • “Health is truly the greatest wealth. If I’m healthy, then I am wealthy.” [23:35]
• Brian: “Wealth is the freedom to focus on what matters.” [24:26]
• Bo: “When you no longer have to trade your time for money, you can begin trading money to buy back your time ... Chris Rock said, wealth is not about having a lot of money, it’s about having a lot of options.” [25:09]
• Brian: Warns against delaying life until retirement. “What happens when they get sick?” [25:53]
  • Wellness and health are critical: 49% of happier retirees plan and take care of their health.
• Bo: “Wealth is about the ability to create abundance in the lives of those you care about—giving, volunteering.” [27:22]
• Brian: “Health is wealthy. Don’t sleep on this ... Take time to get outside of just the money.” [28:20]

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7. Lie #7: “Wealth is Unattainable for the Average Person”

• Main Misconception: The system is too stacked; normal people can’t get rich.
• Client Quotes:
  • “Anyone can amass more wealth than they currently have today.”
  • “Just saving a portion of income over a long period of time works. Get rich slowly.” [29:23]
• Brian: “Anyone can build wealth. That’s right ... innovation has made it easier than ever to invest and grow wealth. You just have to be with the market, not beat it.” [30:31]
• Bo: “The formula is simple: live below your means, invest consistently, avoid high-interest debt, and let time and compounding do the heavy lifting.” [31:52]
• Brian: “Complexity comes with success ... 80% of millionaires are first generation. Let us be the guide map for you.” [32:35]

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Memorable Quotes & Timestamps

• “Most millionaires are self made ... there must be something else to it.” – Bo Hansen [03:54]
• “You will not find happiness in a specific dollar amount.” – Bo Hansen [07:48]
• “Real wealth whispers.” – Brian Preston [11:06]
• “Wealth is built from the dollars that you don’t spend, not the dollars you do.” – Bo Hansen [10:18]
• “Your wealth is not your worth.” – Brian Preston [15:29]
• “Money doesn’t change who you are. It merely unmasks you.” – Bo Hansen [17:42]
• “It’s not about how much money you make, it’s what you actually do with that money.” – Bo Hansen [21:16]
• “Health is truly the greatest wealth.” – Bo Hansen [23:35]
• “Anyone can build wealth.” – Brian Preston [30:31]

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Highlights by Timestamp

• [01:31–04:43]: Lie #1 (“Born with It”) and first-generation millionaire stats
• [06:10–09:12]: Lie #2 (“Money Buys Happiness”), experiences over things, money as an amplifier
• [10:18–13:09]: Lie #3 (“You Can See Wealth”), stealth wealth, real-life millionaire habits
• [13:54–16:35]: Lie #4 (“Wealth Makes You Superior”), humility, and virtues of the wealthy
• [19:19–22:17]: Lie #5 (“High Salary Needed”), stories of average incomes building wealth, teachers as millionaires
• [23:35–28:20]: Lie #6 (“Wealth Is Only About Money”), wealth as health, time, options, and impact
• [29:23–32:35]: Lie #7 (“Wealth Is Unattainable”), empowering “get rich slowly” advice, simplification and encouragement

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Tone & Language

Brian and Bo use an upbeat, conversational tone, mixing data, quotes, and personal anecdotes. Their language is accessible, occasionally humorous, and always encouraging—“We want you to live your best life.” They stress the importance of discipline, self-reflection, and making wise but simple financial choices.

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Takeaways for Listeners

• You don't need special circumstances or a massive salary to build wealth—discipline, consistency, and time are the keys.
• Wealth is about freedom, options, health, and experiences—not appearances or superiority.
• Anyone—with the right mindset, habits, and perseverance—can build and sustain wealth over a lifetime.
• Be intentional with your resources: focus on health, relationships, and making a positive impact alongside financial growth.

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(Summary omits advertisements, sponsor messages, intros, and outro credits.)

Transcript

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[Bo Hansen]

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[Brian Preston]

We asked wealthy people one simple question. What is the biggest misconception people have about wealth? And what they said might completely change how you think about becoming rich?

[Bo Hansen]

Brian, I am so excited because today we're revealing the lies that people believe about wealth. What the truth actually is and what it means for you and for your money.

[Brian Preston]

I'm Brian, he's Bo. And we're two wild and crazy guys who are here to tell you the truth about wealth to help you reach financial independence. With that, let's dive right in.

[Bo Hansen]

So, Brian, this was the question that we laid out. It said, what is the biggest misconception that people have about wealth? And honestly, we got tons of great responses and many of our clients shared not only a misconception but also the reality behind what's true about the misconception.

[Brian Preston]

Yeah, we're very fortunate. We get to sit in the front row of our millionaire clients and specifically every year ask them what creates wealth. We create content off that. But there's also a section and you just laid it out, Bo, where we actually asked them an open ended question of what are the misconceptions? And that's what really has created the content today. The seven biggest lies that we're fed. Look, I fell prey to this. I grew up in a household, lots of love, lots of hard work, lots of discipline. But the thing that I always heard from my father is you have to be born with it. You have to come from, you know, have a silver spoon in your mout.

[Announcer]

Wealth.

[Brian Preston]

I'm here to tell you I love that today's show gets to dispel a lot of those lies.

[Bo Hansen]

And you just alluded to the very first lie that we're told about wealth is that you have to be Born with it. When we actually looked at some of our client responses, this is what they said. The biggest misconception is that acquiring it has to do with luck, I. E. You're born into a wealthy family, you receive an inheritance that on sacrifice, hard work, discipline, calculated risk taking and responsible decision making. It's, it's more on the luck stuff and less on what you do. Or how about this one? That it can only be achieved by lucky situations or generational legacy.

[Brian Preston]

Yeah. And that leads to, well, hey, if this is what we're being fed, that's a lie. What's the reality? And this is one of those stat points that I remember when I read personally for myself. I read Millionaire next Door and I was like, whoa. It looks like the actual reality is that a lot of these wealthy people are first generation just like me. And then I can remember when I was working my first public accounting job and started doing tax returns. I remember calling my dad and be like dad. A lot of these people are small business owners or they work in this. You wouldn't believe what these people pay in taxes. You wouldn't believe in what I felt like I had had the window or curtain opened. And that's what we're here to share is because there's a lot of stats like of millionaire next door that show that this is first generation behavior.

[Bo Hansen]

Yeah, most millionaires are self made. And this is not a new phenomenon. If we look at a number of studies that were done, we can go all the way back to 1892. And there was a study of millionaires that found that 84% of millionaires or the millionaire equivalent in 1892 were self made or 1996 when the millionaire next door came out, 80% of millionaires were first generation. In 2019 with the Ramsey survey of millionaires, 79% of millionaires are first generation. And even in our own Money Guy Abound wealth client survey, we found that 75% of our respondents are also first generation. So it must be true that in order to be wealthy you don't have to be born with it, you don't have to get an inheritance, you don't have to get lucky. There must be something else to it.

[Brian Preston]

Well, and look, we've done, we've shared this stat before and usually it gets us lots of engagement in the comments section because people just don't like hearing that stat. I actually looked at it as liberating and is actually coming from humble beginnings. You came from humble beginnings. That stat empowered me. But for some reason some people get upset about it. And I'm here to. For all of you who are like, no, the system stacked against you, this next stat will kind of bring it all back around. Because there's no way that that stat that 80% of millionaires are first generation can be true without this second one. Because if you are somebody who comes from money, this should be cold water and scare the heck out of you because 70% of wealthy families lose their wealth by second generation, 90% lose it by third generation.

[Bo Hansen]

So if you do happen to be one of those people that is born into an affluent family or does receive some sort of inheritance, don't squander it, because that's what a lot of your peers are doing. It's because the second and third generations are not good with the resources is why the first generation has to keep doing it over and over and over again. We sit in the place where we believe whether you come from money or whether you don't come from money, achieving financial independence and building wealth is attainable. But it's not going to happen automatically. You have to be an agent for your own future financial security.

[Brian Preston]

Let's talk about lie number two. This is one where, look, there's a little sliver of this, that this has something to it. But a lot of people believe the law that money buys happiness. And look, we're going to put some meat on this bone. But a lot of people think if I can just have a million dollars or I can have $3 million of a goal number out here of X, that they're going to be happy. There's obviously more to it than that.

[Bo Hansen]

Yeah, this is what our clients said. Listen to these responses. The biggest misconception is that that a dollar amount, when reached, will solve all of your problems. Or how about this? It doesn't solve all your problems or make you happy, or it won't change your level of happiness. It will just amplify your current personality. The money that you have or that you receive or that you build really just makes you more of who you already are. Yet even though that's true, even though there's not a goal number, we have clients who've reached financial success that will exclaim that that's not the case. The average American right now, if you were to ask them, believes that in order to be happy, in order to classify yourself as a happy person, you would need to earn over $284,000 a year in annual income.

[Brian Preston]

Look, that's disconnected because that's three times the median income. That is like puts you in the top 3% of people of what they make. So that's, that's obviously disconnected. So let's, let's kind of pivot and let's talk about what's the truth. And the reality is, is money is nothing more than just a tool.

[Bo Hansen]

You won't find happiness and specific dollar amount earned or a specific amount invested, but the money can help you do things that will bring you happiness. And what are some of the things that do bring happiness? Well, one, and we talk about this all the time, are experiences over possessions. Creating memories and doing things and activities and having things you can take with you are oftentimes way more valuable than the things or the items that you can spend your money on.

[Brian Preston]

So experiences over possessions, obviously time with the family is going to be more important. And I just gave away the second one is because we want you to have those experiences with key people that actually bring happiness and fulfillment to you. Typically, that is your friends, that's your family. Make sure you're making blossoming memories with these awesome people.

[Bo Hansen]

So obviously it's the people you spend time around, but it's also the work that you do. The study found that giving back or pouring into the community around you, pouring into other folks around you, is a great way for you to experience happiness or figuring out how you can engage in work that you're passionate about. Whether that be the vocation that you do, the job that you do every day, or maybe it's the thing that you volunteer for, the thing that you do on the side, the thing that you do in the margin. If you can find fulfillment in the way that you're spending your time, it's a lot more likely that you're going to be a happy person.

[Brian Preston]

And I want you to be purpose, purposeful on how you structure your life. And look, there's a lot of research on happiness that if you're setting yourself up for long things, I know this sounds ridiculous, but this is true. Commutes, if you can have a longer, if you have a long commute, there's a lot of people that you think in the short term that won't cause a problem, but in the long term it probably can. So pay attention to how you're structuring your life. And then I like this last point, just to kind of bring close this loop is can you get outside of yourself spiritual fulfillment? Are you doing, are you thinking bigger than yourself? This kind of gets back to the giving because I also think that you always hear the adage, it's Better. Better to give than to receive. But he also, if you can be a person that's spiritually based, meaning you're thinking about, how do I build a wife that's bigger than me? I think it really brings in the engaging and passion work, giving back, but also understanding that, look, I need to be a good person. Money is not just about what I can buy or what I can do with this. It's about how do I live the best version of myself.

[Bo Hansen]

All right, bro. We're talking about seven lies about wealth or misconceptions. And lie number three is one that I think society has forced upon us. And it's this idea that you can see wealth. Oh, if someone is wealthy, it is ultimately going to be visible. Listen to some of these responses that our clients gave when we asked them about misconceptions. The biggest misconception is that you can see wealth. Many people who look, quote, rich, are not wealthy. And most people that I know that actually are wealthy don't look rich. Or what about this one? People know that we're comfortable, but they would have no idea we're multi, multi millionaires. Or you cannot see wealth because wealth is built from the dollars that you don't spend, not the dollars that you do spend.

[Brian Preston]

And that's why I love that we get to share the truth. Real wealth Whispers. We often talk about stealth wealth. It's one of those things, is that being rich is so much better than just looking rich.

[Bo Hansen]

Yeah. Oftentimes I try to tell my kids this whenever they see someone who has a really fancy car or a really nice house, like, oh, daddy, so and so must be rich. I'm like, baby, they may or may not be, but oftentimes when you see those things, you are not seeing a representation of how much money someone has. You are seeing a representation of how much money someone has spent. And how much someone has spent is not reflective of what they have. And I think society and the Instagram real world that we live in is telling us a very, very different thing.

[Brian Preston]

Look, I've been around the block for a while, and I can remember back in the mid-90s when Millionaire Next Door came on the scene. One of the headlines that came out of that book that seemed like it was on the nightly news and made their rounds with all the entire news cycle was that most Millionaires drive Ford F150. F150.

[Bo Hansen]

That's right.

[Brian Preston]

You know, and that's because that was the worker truck of the small business owner. Well, we'll take it even a Step further. The study from experian said that 61% of households making more than $250,000 a year don't drive luxury brands. Instead, they drive less showy cars like Hondas, Toyotas, and Fords. So this is something that I think is really valuable is that those who have it don't feel like they have to flex with the whip.

[Bo Hansen]

And so what do people. Why do people do that? What's the reason why people try to show their wealth? Well, obviously it's so that they give off the perception of being wealthy. So if you truly want to be a financial mutant, you need to recognize that, man. I don't need to try to keep up with the Joneses because there's a really good chance that the Joneses are broke. So I want to be careful spending money on things that I don't care about to impress people whose opinions don't matter. If you can figure out what it is that you enjoy, what it is that you value, what it is that you want to spend your dollars on, you're going to find it's likely not going to be the things that are showy and impressive to other people, but it's going to be the things that actually matter to you.

[Brian Preston]

Well, and I still want people to spend time on happiness by bedazzling your basic life. Don't mishear us. We're not saying don't do vacations, don't drive a reliable transportation. We just want it all to be purposeful. I want you to kind of, when I say bedazzle your basic life, I still want you to go on trips, make memories, do all those things that we talked about that are kind of indicators that work towards happiness, like time with family, being purpose, purposeful with your time and what you're here for. But it's just that you understand the value of your money and so you don't have regrets. So when you're in your 50s and 60s, you still look back and go, yeah, I did it right in my twenties. Yeah, I did it right in my thirties. Yeah, I did it right in my forties, and I knew how to take and turn a little bit into a lot so I could have my great big beautiful tomorrow.

[Bo Hansen]

All right, so wealth is not something that often should be seen. Another thing is we shouldn't let our wealth affect our mindset or the way that we think. Because lie number four is that having wealth or being wealthy makes you superior to others. Listen to what our client said. The biggest misconception is that there's a moral component associated with wealth, that wealthy people are somehow more trustworthy and those without money have a moral deficit and can't be trusted. Or how about this one? Having a lot of money does not mean that you are a better person than regular folks. The public tends to glorify the wealthy as heroes to be followed, when in truth, they are just regular human beings with the same flaws as all the rest of us.

[Brian Preston]

You know, I go on these walking meetings with friends and other entrepreneurs and others because I love going on walks. And a mutual friend of ours, another business owner, we were on a walk not too long ago, and we had a conversation, and we were like, people over $100 million. How many of them can we say are great people? And I'll be honest, there were some people we came up with, but there's a lot more that you see broken households. You see just not the greatest versions of what you expect out of humankind. And I think there's something to that. Look, we think that money is obviously a very important tool, but it is. It makes the key point that your wealth is not your worth.

[Bo Hansen]

That's right.

[Brian Preston]

And it's something that I think everybody needs to be mindful of, that this is just a tool.

[Bo Hansen]

Wealth, or being wealthy does not define you or the kind of person you are. What it most likely is is wealth is a reflection of wise and consistent choices made over a lifetime. We do an annual survey where we ask our clients, say, hey, how did you achieve your wealth? What was the thing that brought you to it? What was the thing that allowed you to be wealthy? And 76%, three out of four of our clients said that they were able to reach their very first million dollars. Not by being better than someone else at something, not by being a virtuoso, not by climbing the corporate ladder and being a top C suite executive, but simply by saving and investing, exhibiting consistent saving behavior, living on less than they make, building up wealth. So being wealthy is not a function of, you are a better person, a more moral person, a more smart person. It's really a reflection of, hey, I was willing to make consistent decisions to arrive at the financial circumstance I'm at right now.

[Brian Preston]

Well, I also, I want to create this as something that's an encouraging stat as well, is that I think a lot of us, we look at ourselves and go, are we. Are we that special? You know, and when I see a stat like this is that 76.4% were just savers and investors. They took small decisions, small, good decisions, and just did it. Consistently over and over again. So you don't have to be the virtuoso. You don't have to be the senior executive. You don't have to be this dreamer slash entrepreneur. You can do this with just good common sense and good decisions.

[Bo Hansen]

And then another thing we want to remind you of, and I think Henry Ford is the one that popularized Zootopia

[Brian Preston]

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[Announcer]

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[Brian Preston]

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[Bo Hansen]

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[Brian Preston]

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[Bo Hansen]

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[Brian Preston]

Well, I think it's an amplifier. You know, this is one of those things I talk about in Millionaire Mission is that I think that all money does is really amplifies who you are. It's once again why going back to that list of what creates happiness and fulfillment, what are you a generous heart? Because that's going to get you outside of where's your spirituality, where's the those type of things, the whys of who we are as people is going to keep you from getting into the greedy stuff and thinking you're better than somebody else. There's a better way to do money.

[Bo Hansen]

All right, Brian, we're talking about lies or Misconceptions about wealth. Now, this next one is really interesting because this is a lie about what's required. There's this common idea out there that if you want to be wealthy, not only would you have needed to inherit it, or not only do you needed to have wealthy parents, but if that was not the case, the only way for you to get there is that you must have a high salary, you know, a very large shovel in order to build wealth. But listen to what our clients said. The biggest misconception is you have to have a high salary to build wealth. This particular client made $60,000 as a starting salary in their 20s, yet they were still able to build hundreds of thousands of dollars in liquid net worth at that salary through smart and wise investing. Another client said, sure, income helps, but most importantly, it's based on the behavior of starting early and being consistent over a long period of time. Or most people can outspend any amount of income if they don't have discipline to save and invest. And Brian, we've seen this. We have seen folks who make millions and millions of dollars a year in annual income, and yet they are still broke because they've not figured out the key to actually building wealth.

[Brian Preston]

Yeah, money is only a part of the recipe. And what do I mean by that is that guys, anybody who's hung out with us for any amount of time, you know, we talk about it often, is that there are three ingredients to wealth creation. And the most important or the foundational point is the first point. And the first ingredient, which is discipline. Can you actually live on less than you make? Because if you can live on less than you make, it creates margin in what's coming through your household cash flow. And that margin creates that second ingredient that we just talked about, which is the money. And once you can create that margin of money, if you give it the third and most valuable of the three ingredients. Tom, now we're cooking. And have the true recipe for. For wealth creation.

[Bo Hansen]

Yeah, building wealth is not about how much money you make. It's what you actually do with that money. And while it likely is easier with a big shovel and maybe there's not as much friction, it can still be done even if you don't have a big shovel. Or maybe you're someone who's saying, oh, well, I'm just going to. I'm going to wait till my income gets higher, then I'm going to start saving, then I'm going to start making better financial decisions. You would be amazed if you can just take a Little bit today. If you could just make some wise decisions of with where you are today and begin making those sound financial decisions, those will compound through time. And maybe one of the best examples of this is actually from the Ramsey millionaire study. The study found that the third most common profession amongst millionaires was not lawyers or attorneys or professional athletes. The third most common profession among the millionaires that they interviewed were actually teachers, educators.

[Brian Preston]

Well this makes sense. If you think about, look at first you're like that's a contrarian stat point. Why, why would teachers be millionaires? Because we just, you know, when we think of teachers they're definitely not super highly paid. You know the, the median salary here in the United states K through 12 teachers is $63,000. How can these show up in the top five of category of professions for millionaires? Well, think about forced scarcity number one, two big things for scarcity and automatic contributions from a pretty young age. The second, well that's the second point is starting as early as possible. So it's back to having the consistency of doing it early and doing it often. We didn't put this slide in there but we talk about it often. If you compare the journey, we use our, if you go to moneyguy.com resources and our wealth multiplier. The journey for a 20 year old who starts saving and investing is three times easier on what they have to actually put into work than a 30 year old. For a 20 year old compared to a 40 year old, it's 10 times easier. Yes, you're broke as a joke when you come out of school, but a little goes a long way. And I think teachers because of the forced behavior of them having to fund a portion of this pension to fund a portion of their savings, it creates the perfect ingredients for long term success.

[Bo Hansen]

Yeah, when it comes to building wealth, the key is consistency and time. Not necessarily a high salary. High salary is not required. Now lie number six is a little bit interesting and I think this one is going to sound somewhat contrary. But the lie is that when it comes to wealth, when it comes to quote unquote being wealthy, it's all about money. It's all about how many zeros, how many commas you have. But that's not the truth. That's a lie. Listen to what our clients said. They said the biggest misconception is that wealth is about money. It's also about time. Money gives you the freedom to do the things you want. When you want those two things combined is what is actually wealth. Or how about this one Health is truly the greatest wealth. If I'm healthy, then I am wealthy.

[Brian Preston]

I mean, this is a powerful point. You know, this is one of those things. As I've gotten older, we often talk about the element of time. I always say for my 20 somethings, you are literally a billionaire of time, that you make sure you act accordingly. Well, also, as I'm getting, as I am in my 50s, I now recognize how scarce my component of time is. So I think that that leads to the truth. Wealth is the freedom to focus on what matters. And it's amazing how much of this is. If you can make smart decisions when you're early, you can hopefully get options and flexibility and do things when you want on your terms in the future.

[Bo Hansen]

Yeah, it's about a few things. One of the things that was alluded to was health that you just mentioned. Flexibility. It's the ability to do what you want, when you want, how you want on your terms. When you no longer have to trade your time to earn money, you can begin trading your money to buy back your time. I think it was, it was Chris Rock who said wealth is not about having a lot of money, it's about having a lot of options about being able to do the things that you want to do on your terms. If all you're doing is trying to get to 1 million, 5 million, $10 million, and you don't understand what freedom that actually brings to you, I think you're going to find that it's a pretty empty goal.

[Brian Preston]

Well, and how many people we get a front row seat to creating success, but also seeing what successful people do. One of the things that breaks my heart is when you see somebody who's got this goal of I'm going to live my best life in my 50s and 60s because that's the retirement date that I've set. And I'm going to do all this deferred gratification until that point and then what happens when they get sick? And that makes the point of, that's why I want you to live your best life in your 20s, your 30s, your 40s, so you don't have regrets is because there is something to the fact that if you don't have health, what have you really got? And there's a stat out there that says 49% of retirees who are happier in retirement plan and take care of their health. Because what I don't want you to do is to just take your health for granted and you get to have a front row active role in how well you Want to be. I had a pastor who I became really close friends with. We actually traded text last week. It's always because he lives out of a different state now we're separated. But he's the one, because he's a few years older than me, that he said that you get a crossroads at your 40s, that you either choose how healthy your body is. Are you going to use your body as an instrument and exercise it and keep it healthy? Guys, there is something to that because I have focused on my 40s being healthy and now I'm in my 50s. And I'm definitely focused on it because if we can keep ourselves healthy, you get more activity, you get more experiences. You can be a big integral part of your success in this element.

[Bo Hansen]

So wealth is about giving you flexibility, about options. You want to make sure that you stay healthy so that you can enjoy your wealth. But wealth is also about the ability to create abundance in the lives of those that you care about. And this might be in terms of giving. Maybe I give money, maybe you volunteer your time. And while I think we all have kind of arrived the conclusion, okay, yeah, giving is good. And we've heard that it's better to give than to receive. But the Cleveland Clinic actually found that their are specific benefits associated with giving with being generous, such as lower blood pressure, lower levels of depression, lower overall stress level. So if you can use your wealth and build wealth to be able to affect impact and support those around you in a healthy way, there are benefits that you may receive that are not monetary but are still unbelievably valuable.

[Brian Preston]

Yeah, and I even this goes outside of even these stats. You know, a lot of you do any research on sleep. Anybody who has trouble going to sleep, you'll find out. A common exercise that you can do at bedtime to help you sleep better is exercises of gratitude. Thinking about what you actually have appreciated about the day or what's going on in your life right now. That's good, guys. There is a direct correlation to this. Health is wealthy. Don't sleep on this. A lot of us achievers, we're driven so hard that we think that we can do anything and everything. But you will reach a level where you stress out your nervous system if you're not taking time to get outside of just the money. There's something to focusing on the wealth and bo it all gets back to time and experiences with people. We love the memory making, all these things. Do you see how this stuff starts to interconnect in a lot of ways that I think a lot of content on personal finance Mrs. That's what we're here for, is to try to connect those dots so you can live your best life.

[Bo Hansen]

Yeah, it's not about having a huge account balance. It's about using the resources to live the life that you ultimately want to live. So obviously we've painted it in this light that being wealthy, quote unquote is a good thing and can be a positive thing. But then there's lie number seven. And I think this is probably maybe the most damaging and most harmful of all the lies is that there has been a lie that has permeated society that wealth is unattainable. It's not something that can be achieved by the everyday person. This is what our clients said. The biggest misconception is that it's unattainable for the masses. The truth is anyone can amass more wealth than they currently have today. Another misconception is there are factors outside of our control. Inflation, housing market, job market, etc. That are pretend preventing us from being able to achieve wealth at all. Or wealth is out of their reach. Just saving a portion of income over a long period of time works. Get rich slowly.

[Brian Preston]

Yeah, this is the biggest takeaway and I hope that we are the poster children for this. We both come from humble beginnings and that's one of the things that I. A lot of this content for the Money Guy show was built on the back of when I was 22 years old and started my wealth building journey. I had the discipline figured out, but I just didn't know what to do with the money. But I'm here to tell you guys, if you will show up and listen to our content. We truly do believe the truth is anyone can build wealth. That's right. It's just one of those things. I think that yes, the system right now, yeah, I get it. Education's kind of distorted right now with all the student loans out there. Yes, cost of housing's gone up, but man, oh man, the innovation that's around us that has made it easier to invest, to put your army of dollar bills to work. That part, the innovation and how fast the economy is growing, you can be a part of that. You don't have to try to beat the market, you just have to be with the market. And I think you're going to see that your money can actually work harder than you can with your back, your brain and even your hands. But even though you can build, and we think anybody can build money, you need to know what to do. With that money or how to make that money an expression of living your best life. And bo, that's what we are here to try to help people understand not only the analytics, but the why of how you maximize this tool of money.

[Bo Hansen]

Yeah, the formula is actually pretty simple when you think about it. Live below your means, invest consistently, avoid high interest debt, and then let time and compounding do all of the heavy lifting. And while that's an incredibly simple formula, it's not always that easy. But the earlier you figure it out and the more discipline you can exercise, the easier it can become. It will take sacrifices. You will have to defer some of the day for tomorrow. But if you can do that, you can build wealth. You can live the life that you want to live on your terms. And the only person stopping you from that is you.

[Brian Preston]

I think a lot of people, because I love these shows where we're dispelling lies that are so common out there. And a lot of you who are watching this content, I think what you get from us if you've actually created success in your life is you're like, you're nodding your head and you're affirming. You're like, man, this is pathetic almost how these guys are telling me things I've experienced in my own journey. Because once again, we are the mouthpiece of all of our millionaire clients who've responded to our annual surveys. And you're like, how do these guys know so much? Is because we've lived this life. We've helped hundreds, if probably thousands of people at this point on our client list and then millions of you out there in the audience. So we know what goes into creating wealth. And look, you can try to keep your plan and your life as simple as possible, but the reality is, is that when you create success, and it will show up when you create success, complexity comes around the corner and you can try to keep things as simple as you want. And when I invite you and when that complexity shows up, we've got the answers for you on that, too. We work with clients all across the country. We're going to leave the porch light on for you. We'd love to help you navigate because a lot of you are going to cross into the threshold of retirement or financial independence. You just don't know what you don't know because you're gone through this one time. As we said, 80% of millionaires are first generation. So there's a lot of newness to a lot of you. You don't know how to maximize this tool of money that gets more and more complex complicated as you create success. Let us be the God map for you so you can live your best life and own that much more time in this important life that you have. That's like I said, you're not a billionaire of time anymore, but now you have the resources to build buy more of that scarce resource of time. And I'm your host, Brian joined by Mr. Bo Money Guy team Out.

[Announcer]

The Money Guy show is hosted by Brian Preston and Bo Hansen. Brian and Bo are partners with a bound 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.