Money Guy Show – "This 22 Year Old Needs a Complete Financial Reset | Making a Millionaire"

Episode Date: February 2, 2026
Hosts: Brian Preston and Bo Hanson
Guest: Peter

Episode Overview

The episode features Peter, a 22-year-old with multiple jobs and significant hustle, who earns a solid income but struggles to convert that into meaningful wealth. Hosts Brian and Bo conduct an in-depth financial “reset,” analyzing Peter’s financial choices, debts, and opportunities. The episode delivers advice on command over money, intentional spending, and steps to shift from just earning to building wealth.

Key Discussion Points & Insights

1. Peter’s Income and Work Situation [00:32–08:54]

• Peter, nearly 23, works three jobs:
  • Full-time machine operator at a large company (400+ employees).
  • Owner of a construction/landscaping business (primarily lawns, some small excavation and home repairs).
  • Country music performer with gigs mostly on weekends.
• Estimated annual income:
  • ~$70,000 from machine operation
  • ~$13,500 from music gigs ([03:49])
  • ~$2,500 drawn from his construction business, which grosses around $30k–$40k but isn’t yet profitable ([07:01])

“Most 23 and a half year olds don’t have three different jobs. That’s a unique thing.”
— Brian, [02:36]

• Peter’s main challenge: Juggling multiple income streams, none mature or systematized, leading to scattered effort and little net wealth.

2. Financial Snapshot [09:59–14:17]

• Net worth: Just over $13,000
• Emergency fund: $1,000–$2,000 (tended to fluctuate, as funds used for debt payments)
• Investments: ~$2,500
• Assets: Car, truck, motorcycle, and quad
• Debts: Personal consolidation loan, mainly for truck and quad purchases

“We have a lot of transportation things. I’m trying to see where in the financial order operations the toys were.”
— Bo, [10:25]

• Notably, Peter also recently adopted a rescue horse—another source of ongoing expense.

3. Debt Decisions and Spending Habits [14:20–20:16]

• Acquisitions made at a young age: truck, quad, motorcycle, car. Many were financed; some were rationalized as business needs, others for lifestyle or family pressure.

“So I got the truck loan. Then I got the quad, which was about $8,000–$9,000... Then my transmission on my truck went... So I got a bigger loan, paid for the transmission, and paid off the quad loan.”
— Peter, [12:06]

• Downpayment on these assets drew down emergency savings
• A “FOMO” (fear of missing out) mentality influenced decisions

“I’m torn between ‘you only live once’ and planning for my future.”
— Peter, [25:55]

4. Budgeting, Cashflow, and the Mystery of Missing Money [17:53–22:03; 18:46–19:41]

• Monthly gross income: ~$8,000
• Fixed expenses: ~$2,500
  • Rent, insurance, loan payments, boarding fees for the horse, phone, etc.
  • Notably, some unique expenses: e.g., horse massages, regular vehicle repairs
• Significant “untracked” funds (~$5,500/month with no clear allocation)
• Admits to lack of budgeting, tracking, or use of money management tools

“Do you do any tracking? Do you use Monarch... or anything?”
— Brian, [21:45]

• Recognizes the need for a system and accountability

5. Financial Analysis and Missed Opportunities [22:03–25:55]

• Brian and Bo calculate "opportunity costs" of Peter's choices:
  • The $9k quad bought at age 20 represents $795,000 in lost future wealth.
  • Even the car and motorcycle have significant opportunity costs over decades.
• Education on "wealth multipliers" and why consumption now can massively reduce future financial freedom.

“Every time you make a consumption decision... this could turn into what your wealth multiplier is actually built for your future. We just got to change your perspective...”
— Brian, [24:56]

6. Advice and Action Plan: Resetting the Course [27:36–31:49 & 32:20–36:44]

• Step 1: Get serious about tracking all income and spending monthly.
• Step 2: Aggressively pay down all high-interest debt before focusing on investments or larger purchases.
• Step 3: Build a more robust emergency fund, especially given risk from vehicles, side hustles, and minimal financial cushion.
• Step 4: Discourage further equipment/business purchases until cash reserves and financial foundations are set.
• Step 5: Consider focusing on the main high-paying job and music, putting the underperforming business on pause or winding it down.

“You’ve done one of the hardest things in the world, which is creating a big shovel. Now you got to finish the drill and figure out, how do I actually turn that income into wealth?”
— Brian, [26:42]

7. Strategic Career Decisions [38:09–44:05]

• Discuss whether Peter should buy a bigger truck for business or shift attention
• Strong advice to avoid spending for "aspirational" business needs when his full-time job is both higher-paying and more stable
• Suggests maximizing day-job overtime, liquidating nonessential assets (quad, truck) to accelerate debt reduction and financial control

“Don’t turn a want into a need artificially...”
— Bo, [40:17]

8. Mindset Shifts and Life Balance [45:02–45:31]

• Peter recognizes he wants to move from necessity-driven grind to intentional, efficient effort, freeing up time for his passions (especially music).
• Hosts affirm his time and energy, but urge channeling into wealth-building, not distractions.

“You have to put on your oxygen mask before you can put on somebody else’s... you haven’t shored up your financial foundation just yet.”
— Brian, [35:11]

Notable Quotes & Memorable Moments

• On Opportunity Cost:
  “The quad, you were 20 years old. You spent $9,000. Your wealth multiplier was 88.3. That one decision alone against your future self is $795,000.”
  — Bo, [22:56]

• On Budgeting:
  “If you’re going to meaningfully change... you have to understand where these dollars are going so you can appropriately redirect them... and it’s not quads and horses.”
  — Brian, [28:21]

• On FOMO:
  “The cool thing with your income, there ain’t much FOMO to leave on the table. If you make the level of income you have with only $15,000 of debt... buckle up for two months and extinguish this...”
  — Bo, [31:49]

• On Focus:
  “All you’re probably doing is working against your day job... You’re not giving the dream of the entrepreneurship even an opportunity to take root because it’s so poorly funded...”
  — Bo, [42:37]

• On Asset-Building:
  “If he can save at that clip starting at this age, he’ll cross over into millionaire status by the time he hits 40... at retirement age, he could be looking at a portfolio of like $14 million.”
  — Brian, [50:35]

Key Timestamps

• Peter’s Income Breakdown: [03:28–08:54]
• Net Worth & Assets Review: [09:59–14:17]
• Debt Story (Quad, Truck, Loans): [12:06–13:23]
• Budget Gaps & Expense Analysis: [17:53–22:03]
• Financial Advice & Habits: [27:36–28:35], [32:20–36:44]
• Career Focus & Entrepreneurship: [38:09–44:05]
• Hosts’ Reflections on the Conversation: [45:48–54:11]
• Wealth Projection Calculations: [50:34–51:14]

Final Takeaways

• Peter’s strengths: Work ethic, diverse skills, strong income, young age.
• Current obstacles: Scattered focus, poor tracking, lifestyle creep, “FOMO” spending, lack of intentional planning.
• Hosts’ advice: Drastically simplify, become fanatical about tracking money, attack debt, avoid lifestyle inflation, pause low-ROI entrepreneurship, and let hustle compound over time.
• Potential outcome: With focused effort and minimal distractions, Peter could be financially independent and wealthy at a young age, with freedom to pursue his true passions.

“You have the right ingredients––time, hustle, work ethic––but you haven’t figured out how to put together the recipe yet. With some intentionality, you can turn your financial life around.”
— Brian, [51:38]

For listeners in similar situations:
Start with clear budgeting, prioritize debt elimination, resist lifestyle temptations, and regularly review where every dollar goes. Transforming income into assets early can change the trajectory of your entire life.