The Internet Got It Right? Money Advice We Actually Agree With

Summary

Money Guy Show - Episode Summary: "The Internet Got It Right? Money Advice We Actually Agree With"

Release Date: June 16, 2025

Hosts: Brian Preston and Bo Hanson
Description: Gain confidence in wealth building with simplified strategies from The Money Guy. Discover financial tactics that transcend common sense to help you achieve your money goals faster, allowing your assets to work for you so you can live a more fulfilled life.

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1. Introduction to the Episode

The episode kicks off with Brian Preston and Bo Hanson introducing the theme: evaluating internet-sourced money advice to determine which strategies truly align with their financial philosophies. They emphasize the unpredictability of internet advice but express excitement about uncovering valuable insights.

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2. Investing Strategies

a. The Power of Starting Early with Roth IRAs

Boe Hansen discusses the significance of initiating investments early, specifically highlighting Roth IRAs. She shares real-world performance data to underscore the benefits of long-term investing.

Boe Hansen [00:33]: "If they had invested back then, they would have actually been up close to 35% today. Newer investors usually have this hesitation because they're trying to figure out when the best time to enter the market is."

She explains that a simple investment in the Vanguard 500 Index ETF (VOO) within a Roth IRA can yield substantial returns over 30 years, exemplifying a 9.5% annualized return turning $100 into $1,641.

Boe Hansen [00:59]: "A Roth IRA is an individual retirement account that grows tax-free, so you don't pay any taxes on the earnings. And this year the contribution limit was increased to $6,500."

b. Consistency Over Timing

Brian Preston reinforces the notion that the best time to invest is "yesterday," with the second-best time being now. He emphasizes that consistent investing, regardless of market conditions, is key to long-term financial happiness.

Brian Preston [01:29]: "Don't worry about when you're getting in or are you buying at the right time. If you can just start investing today and stay consistent, odds are when you look at your portfolio 10, 20, 30 years in the future, you're going to be very happy with how it turned out."

c. Compound Interest and Wealth Growth

The conversation delves into the transformative power of compound interest. Brian illustrates how even modest investments can grow significantly over time, becoming a substantial part of one's financial portfolio.

Brian Preston [03:02]: "It's like getting a snowball rolling down a hill. At first it's small, falls apart, but the longer it rolls, the bigger it gets."

Morgan Housel adds to this by highlighting how incremental investments can lead to exponential growth, particularly emphasizing the difference in growth rates between early and later investment stages.

Morgan Housel [04:13]: "Let the snowball roll down the hill and turn into something truly life-changing and build your great big beautiful tomorrow."

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3. Budgeting and Saving

a. The 30-30-40 Budgeting Strategy

Morgan Housel introduces a practical budgeting method that allocates income into needs, wants, and savings, fostering disciplined financial management.

Morgan Housel [06:18]: "You're going to invest the money, you're just allocating it across needs, wants, and savings."

Brian suggests modifying this approach to prioritize savings first, ensuring that financial goals are met before other expenditures.

Brian Preston [08:28]: "Whenever my money comes in, I want to pay myself first so I know exactly where those dollars are going before they even hit my checking account."

b. Importance of Proactive Budgeting

The hosts stress the necessity of planning where every dollar goes rather than reacting to leftover funds. This proactive approach ensures that savings and investments are consistently prioritized.

Morgan Housel [15:05]: "If you do that, you're never going to have enough money working."

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4. Debt Management

a. Strategic Debt Repayment

An anonymous contributor shares a comprehensive debt payoff strategy focusing on low-interest debts. The approach involves refinancing, making minimum payments on certain loans, and directing additional funds towards higher-interest debts.

Unknown [08:50]: "Using my high yield savings account interest each month to go towards that highest interest debt."

Morgan Housel critiques this strategy, advocating for prioritizing investments over paying off low-interest debt, especially for young investors who can benefit more from compound growth.

Morgan Housel [10:31]: "I think she's doing that... using her high yield savings account interest... to go towards investments can do a lot."

Brian Preston [11:01]: "Anything below 6% I would probably consider to be low interest debt. I don't even know if I would prioritize paying off those 4% loans just yet."

b. Balancing Debt and Investing

The discussion emphasizes finding a balance between reducing debt and growing investments, particularly for those aiming for early retirement. The key takeaway is to ensure that debt repayment does not hinder long-term wealth accumulation.

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5. Sustainable Financial Habits

a. Avoiding Burnout

Morgan Housel and Brian Preston discuss the importance of maintaining sustainable financial habits to ensure long-term success. They caution against extreme measures that may lead to burnout, advocating for consistent, manageable strategies.

Brian Preston [18:55]: "Always be buying... buy good low cost index funds on a consistent basis can be an incredibly profitable long-term investing strategy that's sustainable for 10, 20, 30, 40, 50, 70, 80 years even."

b. Identity and Financial Sustainability

A guest speaker touches on the dangers of tying one's identity to unsustainable financial practices, whether in investing or personal relationships. The focus should be on maintaining strategies that can be upheld over decades.

Unknown [17:55]: "It's the same for relationships. You might be able to find a more attractive or a wealthier spouse or partner, but can you keep that going?"

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6. Personal Stories and Anecdotes

a. Ramit Sethi’s Beach vs. Couch Story

Ramit Sethi shares a personal story illustrating the importance of valuing experiences over material possessions. Initially choosing a practical purchase (a couch) over a temporary experience (a beach vacation) led to a compromise, reinforcing the value of memorable experiences.

Ramit Sethi [20:36]: "We could go to the beach for three days or we could use the same money to buy a couch."

Ramit Sethi [21:20]: "Because we were in love. So your experiences with the people that you love are truly permanent experiences that we create."

Brian and Morgan reflect on the story, agreeing that investing in experiences can lead to lasting happiness and stronger relationships, which are integral to overall wealth.

Morgan Housel [21:35]: "Your experiences with the people that you love are truly permanent experiences that we create."

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7. Conclusion and Key Takeaways

Brian Preston and Bo Hanson wrap up the episode by reiterating the core principles discussed:

• Start Early: Leveraging the power of compound interest through consistent investing, particularly in tax-advantaged accounts like Roth IRAs.

• Budget Proactively: Implementing structured budgeting techniques to ensure disciplined savings and investment contributions.

• Manage Debt Wisely: Balancing debt repayment with investment growth, prioritizing strategies that enhance long-term wealth.

• Sustainability is Key: Developing financial habits that can be maintained over the long haul to avoid burnout and ensure continuous progress.

Morgan emphasizes that money should work harder than you do, advocating for strategic planning and consistent action to build substantial wealth.

Morgan Housel [22:57]: "Your money should work harder than you do. And so pay attention, tune in and go make sure you take advantage of our resources."

The hosts encourage listeners to utilize available resources, such as the wealth multiplier tool on their website, to further their financial education and strategies.

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Additional Resources

For more detailed financial strategies and tools discussed in this episode, visit MoneyGuy.com/resources.

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This summary encapsulates the pivotal discussions and insights from the "Money Guy Show" episode titled "The Internet Got It Right? Money Advice We Actually Agree With." By focusing on early and consistent investing, proactive budgeting, balanced debt management, and sustainable financial habits, listeners can apply these strategies to enhance their wealth-building journey.

Transcript

[Brian Preston]

To actually start being accurate with your expenses. I'm not, I'm not talking to anybody.

[Boe Hansen]

But seriously.

[Ramit Sethi]

And we had just enough money to do one of two things. We could go to the beach for three days or we could use the same money to buy a couch.

[Morgan Housel]

Oh no. He chose the couch. Welcome to another episode of Money Guy. React. Here's the setup that the content team gave us. They have compiled a group of humdingers that they claim we're going to like.

[Brian Preston]

Brian, I am so excited about this because we never know what the Internet is going to offer. Offer. Let's dive right in.

[Boe Hansen]

On one of my first ever videos, I received this comment about whether or not it was a good time to start and invest in a Roth IRA in 2020. If they had invested back then, they would have actually been up close to 35% today. Newer investors usually have this hesitation because they're trying to figure out when the best time to enter the market is. But let me show you something here. The stock market returns for the past 30 years. You can see that some years are definitely negative for sure, like in 2008. But for the most part they are in the green and positive. That means a hundred dollar investment in 1992 would have become $1,641 after 30 years or a 9.5% annualized return. A Roth IRA is an individual retirement account that grows tax free, so you don't pay any taxes on the earnings. And this year the contribution limit was increased to $6,500. You can open one at a brokerage and then what you can do is just buy the Vanguard 500 Index ETF. That's ticker symbol VOO. And that is going to invest you into the top 500 stocks in the United States.

[Brian Preston]

Brian, we love to say that the absolute best investing was yesterday. Which means that the second best time to start investing is today. That's exactly what Humphrey said. Don't worry about when you're getting in or are you buying at the right time. If you can just start investing today and stay consistent. Odds are when you look at your portfolio 10, 20, 30 years in the future, you're going to be very happy with how it turned out.

[Morgan Housel]

Automatic for the people. Set it and forget it and you will thank yourself later. I'm a millionaire, of course I shop at Walmart for the best deals. I'm a millionaire, of course I drive a van to save money on taxes. I'm a millionaire, of course I don't buy designer clothes to impress people. I'm a millionaire. I don't waste my money on Starbucks. Of course, I share my knowledge for free to help you grow your wealth.

[Brian Preston]

Until he dumped out the cup of coffee I was with him. But yes, a lot of people think that if you're wealthy, you have to buy the nicest things and spend money on the nicest things. And all this, what I often remind my friends of. As someone who drives the fancy car, has the big house, wears the fancy clothes, that is not a sign that they have money. That is a sign that they have spent money. And those two are very different.

[Morgan Housel]

Look, it's so much better to be rich than to look rich. So make sure you understand when the beginning, when you start your journey, when you're trading your time for money, that enough of that money is being put to work in your army of dollar bills. So one day you do what you want, when you want, how you want.

[Brian Preston]

Can we get that accent one more time?

[Morgan Housel]

Blah, blah. By the way, I was not trying to be offensive. It's just, you know, I speak with a Southern accent. It doesn't exactly translate to British.

[Brian Preston]

It was spot on. If you invest $500 and you get a 7% return, all right, cool, you made $35. But if you invest $10,000 now, you're making $700 a year just for having your money work for you.

[Boe Hansen]

That's actually real money. At $10,000, compound interest really starts to kick in.

[Brian Preston]

It stops being theoretical, and it starts being noticeable and even transformational. It's like getting a snowball rolling down a hill. At first it's small, falls apart, but the longer it rolls, the bigger it gets. And eventually it's moving faster than you could have ever imagined. We say all the time when it comes to investing, the bigger the numbers get, the bigger the numbers get. Now, I would say maybe a little bit differently. Not that 10,000 is a small sum of money at all, but what I love seeing is where you can save, invest, and what happens is your portfolio gets so large that that interest that it's earning, that amount that it's growing, is actually maybe more than you're saving on a given month or more than you're making in a given year. When that happens, that's when you reach the critical mass. That's when you reach the bowling point. That absolutely gets so exciting when you're looking at your financial.

[Morgan Housel]

Well, think about this Ramit. He's making a really good point. If you just start saving and investing, even if you're just loading up your Roth IRA each year it's probably going to take about 10, nine to 10 years to get to your first hundred thousand dollars. But what people don't realize that even with the same rate of returns assumptions, the growth from 500,000 to a million is going to be two years faster typically than that first hundred thousand. But so many people just don't give it enough time for their army of dollar bills actually catch traction. Let that snowball roll down the hill and turn into something truly life changing and building your great big beautiful tomorrow.

[Brian Preston]

You know another great way to illustrate this, if you go to moneyguy.com resources and play with our wealth multiplier tool, you can see just how powerful because of compound interest, how powerful each dollar in your army of dollars can be. It's why we say that $1 for a 20 year old can turn into $88. That is your money working for you. Kind of want to give you a cool test. Can I give you a cool test? Yes. Would you rather work in a company.

[Unknown]

Where you make $90,000 a year and.

[Brian Preston]

Everyone else earns $80,000 a year or.

[Unknown]

Would you rather work in a company making $100,000 a year where everyone else.

[Brian Preston]

Well, I'll tell you, most people, if it's only a $10,000 difference, they will choose earning, out earning everybody. And that's really a natural response. Let's say now I change it and I say would you rather work in a company where you get three weeks.

[Unknown]

Of vacation a year and everyone else.

[Brian Preston]

Gets one or work in a company where you get six and everyone else gets nine?

[Morgan Housel]

Oh man.

[Brian Preston]

Everyone says more vacation because there's no status in the vacation. Sure, but the money, they want the status.

[Morgan Housel]

That's fascinating because it shows you how just. I don't know if competitive is the right word, but it's definitely people. It's part of your happiness factor, especially with a relationship with money, is how you perceive yourself among your peers. I mean, that's why when you hear the adage you ought to live in the most, the cheapest house on the most expensive street, always run from that advice because if you're the poorest person in your friend group, you remember the whole Friends episode where it was Ross, it was Chandler actually got the promotion and everybody else just couldn't afford to go out to eat and so forth, you don't want to be that person. So I can understand the pay. I was surprised to see the six weeks of paid time off. I guess that shows people want to own their time that much sooner and that's why you have to invest with the army of dollar bills.

[Brian Preston]

I think another thing you ought to do is when it comes to making these financial decisions, you should make it less about everyone else and more about you. What do you value? Do you value having a higher income? Do you value more vacation time? Do you value work from home? Do you value close, probably proximity to fun stuff around the office? You have to define what things make the most important impact in your life and decide accordingly. Based on you, not based on your peers.

[Morgan Housel]

Your friend needs 20 bucks because he blew his last paycheck on Hot Cheetos. Here's what you do. You sit him down, bring out a clipboard and draw a circle. You tell him that this circle represents his next paycheck. 30% straight to needs like food and gas. Another 30% towards wants like shoes or even more Hot Cheetos. And that last 40% towards savings. But not just in cash. Some of that is going to go into a custodial Roth IRA which offers tax free growth and withdrawals in retirement. Custodial Roth.

[Brian Preston]

I think this is a high schooler talking to a high school friend. I think that's, I think that's what's going on here. That's, that's got to be.

[Morgan Housel]

That 40% makes a lot more sense.

[Brian Preston]

That's got to be. I love this. What he's basically laying out is we have to have a plan for our money. All he was doing was doing a very simple budget. When money comes in, this is where my money's going to go. Well, if you can have a plan before the money shows up, you're going to set yourself up to be in a much better position than if you try to make a plan after the money's already been there. Because if you wait till the end of the month to see how much you have to save, oftentimes you have way more month than you have money.

[Morgan Housel]

By the way, if you're talking to any high school person and you're convincing them to start investing the money, that person already, already is a billionaire of time. And it doesn't matter if we're talking about $50 a month, $100 a month, the wealth multiplier on somebody who's under 20 years of age is going to probably be of a factor of 100. So when you understand that concept, you'll think about how you spend, you'll think about how you save. All different. Because your army of dollar bills is more powerful than your brain, your back, and even your hands.

[Brian Preston]

The only thing that I would change in this one is he had that 40% is the last thing he represented. I'd want to make it the first thing right whenever that money comes in. If you can save first before you allocate the 30 before you allocate the 30 now maybe he's going to do it that way. But whenever my money comes in, I want to pay myself first so I know exactly where those dollars are going before I even see them hit my checking account.

[Morgan Housel]

The old for scarcity tactic. I love it.

[Unknown]

Here's my debt payoff strategy. As someone with $57,000 of debt but also wants to retire in my 40s, I have two private loans and six federal loans. My first private loan is at 2.67% interest rate, which is crazy. I refinance this so many times just paying the minimum payments. This will be paid off by December 2027 which I feel comfortable with. So I'm not doing any extra payments to this debt. My next private loan is at 3.99%. I refinanced this most recently with SoFi and I do have a $300 referral bonus. If you're looking to refinance with minimum payments, the payoff date is November 2029. Since the interest rate is under 4%, I'll continue making the minimum payments, but I'll definitely keep looking at refinancing over the next couple of years. And lastly, my six federal loans, I group these all together, they have an average interest of 3.87% are a couple very favorable rates. So I'm going to use all of the interest I earn in my High yield savings account every month and put it directly towards the highest interest debt. My high yield savings account interest from February was $218.01, so that is going to be my extra payment this month. I always add my extra payment into my debt payoff tracker. The crazy thing is just by doing this one extra payment, my payoff date is reduced by two months. Overall, I'm mostly doing minimum payments because my interest rates are low, but using my high yield savings account interest each month to go towards that highest interest debt. This accomplishes two things. Number one, it forces me to not keep saving cash because I have a tendency to save way too much cash. And number two, I get to make progress on my debt without it feeling like I'm actually putting money towards it because it's just high yield savings account interest. That is my debt payoff strategy so I can focus on most of my cash flow going towards investments. This is so important if you have a goal towards early retirement. Investing early and often is the secret.

[Morgan Housel]

I loved it and I like that she gave the disclaimer there at the end because what I was feeling like that was missing was the focus on investing because I don't. There's so many people out there in the marketplace Beau, that want to be debt crusaders, meaning they find out how good it feels to pay off debt. They start off with credit cards and then they move to student loans and other things. But everything she showed was low interest. I would be sad if you were not funding your Roth IRA with a 2.87% interest rates, but I think she's doing that. She's just showing how she's gamified the process in a very effective way.

[Brian Preston]

The other thing that I would maybe just think through is she said she lumped all of her federal loans to together. I'm not sure why she did that to arrive at the average interest rate, but she said some of them were even above 4 and the average I think was 3.87. I would argue if she's in her 20s, which I'm going to guess she's probably in her 20s. Anything below 6% I would probably consider to be low interest debt. I don't even know if I would prioritize paying off those 4% loans just yet. Because if she went to moneyguide.com resources and checked out her wealth multiplier, she would see just how powerful every one of the dollars she saves is. So not just the interest on her high yield savings account, but the other dollars that she's throwing against investments can do a lot. There's a really good chance she'll make more on her money than that 4% or a little over 4% she's paying in interest. I think I may even be a little more aggressive not paying off even those student loans before she's 30.

[Morgan Housel]

It's kind of like low interest debt is a step nine of the financial order of operations. There's a few steps in between there. That's what, that's what I am picking up on both.

[Brian Preston]

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[Morgan Housel]

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[Brian Preston]

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[Morgan Housel]

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[Brian Preston]

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[Morgan Housel]

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[Brian Preston]

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[Morgan Housel]

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[Brian Preston]

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[Morgan Housel]

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[Unknown]

Here are some signs that you might not yet be saving enough. Failing to use your accounts to their full potential can be a clear indicator. This might look like taking a withdrawal from your 401k account or your Roth IRA account to cover expenses that pop up. But these accounts are meant for long term growth. This could also manifest through tapping into your emergency fund to cover non emergency related expenses. When your income goes up, so too should the amount that you're saving. The easiest way to be sure that you're going to be contributing more to your savings and investments over time is to make sure that you're contributing a percentage of your pay. Finally, needless to say, if you are living paycheck to paycheck, you are unlikely to be Saving enough, because quite frankly, you likely don't have enough breathing room in your budget to be contributing a significant amount to savings or investments. So if you find yourself in this situation, find a way to create a little bit of flexibility in your budget.

[Morgan Housel]

So many people just are reactionary with their money, and that's what I do. Love that she just shared about budgeting. I like having a plan to where every dollar in your army of dollar bills is not left behind, because it's actually a proactive plan to what you're going to do with your money. So you're not just sitting out there waiting to see what's left over. If you do that, you're never going to have enough money working.

[Brian Preston]

You know, she said that, okay, yeah, I can cut my expense. And look at that. That's actually only one of two levers when it comes to impacting your finances. Most people really have two levers they get to pull.

[Morgan Housel]

Yeah. I want to make sure that you focus on how big is your shovel. That is going to also accelerate your journey to building true wealth.

[Brian Preston]

And a lot of people don't know where to start. That's why we came up with the financial order of operations. One of the ways you can find figure out how not to fall into that trap of, you know, living paycheck to paycheck is, okay, what do I need to do first? And then what's the very next thing? And then what's the very next thing? When it comes to building wealth, we think there are three ingredients to wealth creation. There's discipline, then there's margin or money. And then the third one is time. Well, she was really laying into that. Second, when you have to figure out how in your financial life, you can create some margin so that you can take that margin and you can put it to work for you for the future.

[Morgan Housel]

And if you never live on less than you make, you'll never be wealthy. That's just a fact.

[Brian Preston]

Yes, exactly. No one gets their budget right the first time. On average, it takes at least 90 days or three months to actually start being accurate with your expenses. I'm not talking to anybody.

[Boe Hansen]

But seriously, for you guys, you're going.

[Brian Preston]

To start budgeting and you're going to do it each and every month. Don't be so hard on yourself when it comes to listing all your expenses and having those budget categories down. You're not going to be accurate when it comes to utilities. You're not going to be accurate when it comes to how much you spend on grocery shopping. But each Month, you're going to understand how you actually spend in your day to day. And then once you hit that 90 day mark, you won't have to spend so much time trying to make a budget.

[Morgan Housel]

There are so many correlations with health and wealth and the fact that when you start working out, you're sore and a lot of people just quit because it just made them uncomfortable. It wasn't fun, it didn't feel like you saw any results immediately. Money is the exact same way. I mean, when you budget, nobody wants to track where every dollar goes, but you do it so that you can get better. With saving and investing money. You either going to take a little bit of today to build something pretty spectacular because those small decisions will build on themselves, or you can procrastinate and make the hardest decision of all and have to basically allocate all of your money to building for the future because you just let it get away from you.

[Brian Preston]

And I think the biggest value is now you have some insight into where your money is going all the time. I'll ask folks, hey, what do you spend money on? Like, oh, not, not very much. Why aren't you saving more? Oh, well, there's no money left over. Well then your money must be going somewhere. Budgeting allows you to see what are the behaviors that are actually taking place in your pocketbook and in your wallet that you can impact to hopefully change and improve your financial life.

[Unknown]

I think it's super dangerous in any life to attach your identity to something that's unsustainable. If you attach your identity to something that you cannot sustain when it ends, you're going to be morally crushed. The variable that I want to maximize for, it's not can I earn the highest returns, it's can I maintain investing strategy for another 50 years? I know that I could earn a higher return this year and over the next five years if I did something different. But I'm way less confident that I could keep it going. And I think it's the same for relationships. You might be able to find a more attractive or a wealthier spouse or partner, but can you keep that going? Is it something you can maintain? I'm not interested in anything that's not sustainable. Friendships, investing careers, reading habits, exercise habits. If I can't keep it going, I'm not interested in it. I think the only way to really do that is if you are going out of your way to live life at 80 to 90% potential. If you're always trying to squeeze out 100% potential for something Almost certainly it's going to lead to burnout. Whether it's a friendship or relationship or an investing strategy, it's not easy thing to do and if you're a type A person, it's almost impossible. But going out of your way to live life at 80% has always been a strategy that I want to do because I want to keep it going for a long time.

[Brian Preston]

I love that that lines up so well. We talk about all the time always be buying. When it comes to investing, we want you to be buying every paycheck, every month, every cycle and always have your dollars working for it. You don't have to overcomplicate it rather than going trying to pick the next hot dot or the the stock that's going to blow it out. Just buying good low cost index funds on a consistent basis can be an incredibly profitable long term investing strategy that's sustainable for 10, 20, 30, 40, 50, 70, 80 years even. And you can do that without having to waste a ton of mental capital.

[Morgan Housel]

Well, I think a key thing that Morgan's hitting on there that I love is because even if you chose that perfect high flying investment when it tripled, quadrupled, went up fivefold and you sold it, you're gonna be ticked when it goes up tenfold beyond and you're gonna tell everybody and their brother for the next 10 years that you woulda, shoulda, coulda made a gazillion dollars off this one investment. This is why these boom bust cycles is just so dangerous to you emotionally. And that's why I like what Morgan talked about there is if you can do things that you can stay consistent and your behavior will stay through the path and actually reach success, that's what's actually mission critical. It's not getting everything perfect at 100%, it's just doing enough so that you actually come out at the end, the end the journey. Well Bo, you've made the correlation before that if you're in a race just because you were leading the race for 30 out of the 50 laps, that's actually not valuable at all if you don't finish the race. So I think that's where Morgan really nailed it, is that you have to do things that are sustainable. And I think a lot of people just don't understand that key concept.

[Ramit Sethi]

32 years ago my wife and I were having this knockdown, drag out fight, ironically about how to, how to celebrate our first wedding anniversary. And we had just enough money to do one of two things. We could go to the beach for three Days. Or we could use the same money to buy a couch. And so my wife Spanish, she's all about the beach. And I'm a thrifty, practical American. So I'm like the couch.

[Morgan Housel]

So you're thinking utility, she's thinking fun.

[Ramit Sethi]

The beach is over in three days, man. The couch is forever.

[Brian Preston]

I mean, it makes perfect sense.

[Ramit Sethi]

So we're going back and forth, beach, couch, beach. Finally we compromise and we go to the beach. Married 33 years.

[Brian Preston]

Compromises the way I think.

[Ramit Sethi]

But we thought about that recently and we got the couch six months later.

[Unknown]

Right?

[Ramit Sethi]

Because we had the money and got the couch. I don't remember the couch. I don't remember what color it was, but I remember that beach vacation, everything that we did because we were in love. And we still are. So your experiences with the people that you love are truly permanent experiences that we create.

[Brian Preston]

They actually blossom. They actually get better over time as they pass. And that's exactly what he's saying there. I mean, we joke about, oh, you should have picked the couch, but I think you probably made the right choice picking the beach.

[Morgan Housel]

No, I think there's. Especially when it comes to relationship because we only get this life, you know, to make as many memories as possible. And I see so many people that think they're making the smart decision or even think about couples who've been together 15, 20 years and they're starting to have success, but yet one spouse is still requiring the other spouse to give them every receipt. I mean, there's so many things you have to understand this relationship with money, your relationship with your loved ones, and you have to figure out how do you actually move, maximize this journey to where you don't have regrets. So your 20 and 30 year old self is feeling maximized and respected, but also your 50 to 60 year old version of yourself is like well done. While you're younger and had the power of compounding growth working for you. I would have chosen, by the way, give me the chance to go on vacation with my wife for an anniversary over a couch trip all day long.

[Brian Preston]

We know that there is more to one wealth than money. And that's what we love that all these kind of like to play into. And building wealth does not have to be incredibly complicated. It's not easy, but it's remarkably simple if you can recognize some of these things and implement them inside of your financial life.

[Morgan Housel]

Guys, we have a blast creating these react episodes. We just want you to know that your money should work harder than you do. And so pay attention, tune in and go. Make sure you take advantage of our resources. Moneyguy. Com Resources. We'll load you up for free. I'm your Host, Brian Preston.Mr. bo Hansen. Money Got Team Out.