Podcast Summary
Money Guy Show
Episode: The Truth About Starting Over in Your 40s | Making a Millionaire
Hosts: Brian Preston & Bo Hanson
Date: August 18, 2025
Guests: Shelby & Dustin
Main Theme & Purpose
This episode explores the financial realities and opportunities of “starting over” in your 40s, using Shelby (33) and Dustin’s (43) recent marriage and combined financial journey as a case study. The hosts guide the couple through financial strategy discussions, including managing debt, investing, college savings, and planning for retirement given their age difference, varying backgrounds, and career trajectories.
Key Discussion Points & Insights
1. Backgrounds & Family Dynamics
- Shelby and Dustin share their histories: Shelby’s disciplined financial upbringing and Dustin’s later start in wealth-building after careers in teaching and journalism.
- Both have lived in Nashville for over a decade; each moved from Texas.
- Dustin has a son, Mason (11-12), making planning for college and step-parenting relevant topics.
“We had both been married. He has Mason, his son, and we just knew what we were looking for. Once we found it, we said, all right, this is a good thing.”
— Shelby [03:19]
2. Net Worth & Current Financial Snapshot
- Combined net worth: $400,000
- Combined household income: $180,000
- Assets include cash, home equity, and retirement accounts.
- The couple’s approach: Combine finances with a “fun money” allocation for each partner’s discretionary spending.
“Once I sold my house… we combined all of our finances. Currently, everything is combined. We have our own personal checking accounts that has, like, fun money. So $300 a month, like, just go spend it…”
— Shelby [10:06]
3. Past Financial Lessons & Debt
- Both have histories with credit card debt and using the Dave Ramsey snowball method to eliminate it.
- Both are now debt-averse and cautious with credit.
“We were paying off credit cards with credit cards back in the day… My boy’s mom and I did the whole snowball thing back in the day… ever since then we’re able to stay out of that hole.”
— Dustin [17:12]
4. Student Loan Debt: Challenge & Resolution
- Dustin has had student loan debt since his early 20s, a significant psychological and financial burden.
- The plan was to use a mix of savings (from a car fund and other earmarked goals) to pay off $57,000 when interest resumed at 7%.
- Hosts recommend prioritizing payoff as it now qualifies as high-interest debt.
Notable Quote:
“Getting rid of it now, I don’t even know what that’s going to feel like, honestly. It feels like an albatross… I got used to the weight.”
— Dustin [40:54]
- The couple decides to liquidate some planned savings/cash to pay the loan off immediately, accepting they’ll rebuild other funds afterward.
5. Attitudes and Habits Toward Money
- Shelby manages the daily/weekly budget with extreme diligence; Dustin prefers a less hands-on approach but trusts Shelby’s stewardship.
- Systematic, “forced scarcity” savings: automate contributions to emergency, tax, SEP IRA funds, and other buckets.
Notable Quote:
“I’m in there every morning and every afternoon and every night, like, multiple times a day… I’m obsessive about it, really…
But he’s also not causing problems. So it’s like, you know, if that’s what keeps you relaxed, then all good.”
— Shelby [14:22]
6. Large Cash Position & Allocation
-
Cash on hand: $143,000, allocated into:
- Emergency ($42,000)
- Car replacement ($40,000, but this can be stretched/tweaked)
- Mason’s college ($16,000)
- Home maintenance ($8,500, potentially unnecessary with robust emergency fund)
- Honeymoon fund ($3,800)
- SEP IRA funding & self-employment taxes
-
Shelby asks about proper time horizons for keeping cash vs. investing for goals (college, car, etc).
Guidance:
- For goals <18-36 months: Stay in cash.
- Goals at 5+ years: Can invest more aggressively.
7. Retirement Planning Realities
- Target retirement number: $3 million, built using the “4% rule” ($120,000/year withdrawal).
- Current savings/investment rate: ~$60,000/year (Roth IRAs, 401k, SEP).
- Their projected savings trajectory exceeds $4 million by Dustin’s 65th birthday, generating about $97,000/year.
“We have 200,000 saved… if you continue to save just this $60,000… the number turns into $4.6 million.”
— Bo Hansen [51:42]
- With current living expenses (~$7,000/month, including mortgage), it appears $3 million may be an overestimate, especially once mortgage is paid and son is out of the house.
Key Reflection:
“Is 3 million really the number? … [If not,] does that open up opportunities for us earlier on than maybe we had even thought would be possible?”
— Bo Hansen [49:23]
- Hosts encourage the couple to consider “minimum bands” vs. “aspirational” funding levels and re-evaluate as income/assets change.
8. Solo 401(k) vs. SEP IRA for Self-employed
- Both have SEP IRA (prompted by the show), but hosts recommend a Solo 401(k) for greater flexibility—especially catch-up contributions and salary deferral components.
- Dustin, as real estate agent, could benefit more by maximizing Solo 401(k) vs. just profit-sharing with SEP.
9. College Funding for Mason
- Goal: $50,000 by college start (leverage Tennessee Promise, which covers first two years’ tuition at community college).
- Currently saving $6,000/year, well on track (109% of goal at target age).
- Shelby raised concerns about overfunding 529s (stemming from family experience), but hosts explain improved flexibility:
- Unused funds can often be rolled into a Roth IRA (up to $35,000)
- Only pay taxes/penalty on growth, not contributions
- 529s can be used for trade school, graduate school, or transferred to other family members
10. Planning for Age Difference in Retirement
- 10-year age gap means careful structuring of accounts is needed, especially for early access (bridge accounts) until Shelby reaches withdrawal eligibility.
- Taxable brokerage ("gap") account can provide flexibility and bridge income needs.
Notable Quotes & Memorable Moments
-
On Paying Off Debt:
“I feel like an albatross has been around my neck… I just got used to the weight… I'm glad to get this out of my life because I got way better things I can do at $57,000.”
— Dustin [40:54] -
On Budgeting Styles as a Couple:
“He is not as engaged with it on a daily basis. Like, I’m in there every morning… multiple times a day… but he’s also not causing problems. So if that’s what keeps you relaxed, then all good.”
— Shelby [14:22] -
On Retirement Numbers:
“If 3 million were the magic number, which I'm not convinced that it is… is 3 million really the number?... does that open up opportunities for us earlier than maybe we had even thought?”
— Bo Hansen [49:23] -
On College Savings & 529s:
“If all you did is… $35,000... in the 529, you at least have an escape hatch that could be rolled into Roth IRA over the next number of years.”
— Bo Hansen [68:07] -
On Financial Progress:
“We think you ought to probably go and pay off the student loans… spend some real time figuring out what your number is. Realistically, what do we want to spend traveling? What are we going to do when we retire? How are we going to live life?”
— Bo Hansen [69:17]
Important Segment Timestamps
| Segment | Topic | |---------------------------|------------------------------------------------------------| | 03:33–04:12 | Net worth and income snapshot | | 04:12–06:37 | Dustin & Shelby’s financial backgrounds | | 09:00–12:40 | Combining finances, real estate windfall | | 12:40–14:22 | Financial pain points (student loans, college, retirement) | | 14:22–15:56 | Household budgeting dynamics | | 17:12–19:47 | Past debt experiences and credit management | | 21:12–27:33 | Household cash position and specific savings buckets | | 27:33–29:05 | Vacation/memory spending philosophy | | 29:06–31:45 | SEP IRA and Solo 401k differences for self-employed | | 33:54–41:12 | Student loan payoff logistics & emotions | | 44:17–46:29 | College funding strategy and progress | | 46:39–52:41 | Retirement number, savings trajectory | | 54:38–56:01 | Re-evaluating whether you're “behind” or on track | | 57:18–59:46 | Planning for age gap in retirement and taxable accounts | | 61:02–64:00 | Investment time horizons for goals | | 64:29–68:17 | 529 concerns & flexibility, family background | | 69:17–70:17 | Homework & next steps |
Actionable Next Steps (from Hosts)
- Pay off student loans immediately as deferment ends/interest resumes.
- Clarify your retirement “number” realistically. Base it on actual desired lifestyle/spending.
- Consider a Solo 401(k) for business income over SEP IRA for more contribution options.
- Finalize your approach to college savings—mix of 529 and taxable brokerage based on comfort with restrictions.
- Allocate future savings: Fund bridge account for early retirement access; automate contributions as you already do.
- Periodically revisit all goals as circumstances and time horizons change.
Overall Tone
- Practical, direct, and encouraging—hosts reassure the couple they are already making smart decisions and “not behind,” validating their caution and diligence.
- Conversation is light-hearted, supportive, and friendly, full of relatable anecdotes about personal finance struggles and victories.
For listeners:
This episode is a candid, in-depth look at “catching up” financially in your 40s, showing that strong systems, open discussion as a couple, and a willingness to adapt can create confidence and tangible progress—no matter how late you feel you’ve started.