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- [00:00]
A
We've got some brand new money stats for 2025 that we think will absolutely floor you.
- [00:06]
B
And Brent, I am so excited about this because the world of personal finance isn't always super juicy, but sometimes we hear a stat that absolutely blows our minds. And those stats are what we're going to share with you guys today.
- [00:20]
A
So love them, hate them. These 10 stats will absolutely shock you and some towards the end are, are downright mind blowing. So be sure to stick around. But with that bo, let's jump right in.
- [00:38]
B
So Brian, this first stat is an oldie but a baddie. It's one that just drives us nuts. We know that right now, According to Bankrate, 59% of Americans could not come up with a thousand dollars for an emergency.
- [00:51]
A
Yeah, I think it's important for all of our financial mutants to know and remember this is why we bring it up every year. Your emergency reserves is your protection or your barrier from what life throws at you. That so you don't have to make desperate decisions. So make sure you plan accordingly.
- [01:07]
B
Yeah. So how do I do this? What do I do? I have to figure out how to make temporary sacrifices. How can I live on just a little bit less than I make today so that I can have a cushion in place so that my financial life does not get derailed. Because far too often we see people that live way too lean and then one of those unknown, unknown comes happens and they just start swiping, they just start racking up the credit card debt. You do not want to be in that situation.
- [01:33]
A
So how you protect yourself, obviously protect your, you know, make the temporary sacrifices, living on less than you make. And then also don't sleep on the fact that your financial order of operations is great in making sure you know exactly how much to have to start that emergency funds with step one, highest deductible coverage.
- [01:52]
B
So if you want to have a free copy of your own financial order of operations, you go to moneyguy.com resources, download it and you will know and be equipped to know exactly what to do with your next dollar. All right, that's the first one. You're for the next one, Brian.
- [02:05]
A
Yeah, let's go.
- [02:06]
B
All right. Mind blowing stat number nine. And this one, this one is not an oldie, but this is a frustrating one because it has come on the seam rampantly. The average user of Buy Now Pay later has borrowed almost $4,000.
- [02:23]
A
And here's a Captain Obvious statement. Majority of these people, nearly half of them have reported at least one financial problem. And here let's talk about these. There is 24% said, hey, because we use this Buy Now Pay later, we have regrets about overspending. How about the 16% that missed the payment? Or how about the 15% once again being pushed by consumption in our society, regardless, regretted the entire purchase.
- [02:49]
B
And what is Buy Now Pay Later? It's this idea of, okay, I don't need to actually spend money on this thing today. I can just make four easy payments of 1999 or five easy payments. So it allows the barrier to be so thin between me consuming today or waiting to consume to tomorrow. And what's absolutely wild is that 49% of consumers, one out of two people in America will use Buy now pay later in 2025. And 20% said that they're doing this every single month. There is a new loan being incepted every month. It is wild. Ron, we did a quick little survey of our team here and said, okay, of you, all of you guys here on the MoneyGuy team who uses Buy Now Pay later, not a hand went up, was zero. That means out there there are groups of people, cohorts of people where everyone is doing it. And that is not good.
- [03:42]
A
So the fact that none of the financial mutants on our content team have ever used this means that there's a lot of general Americans that are following this. So I think let's talk about some key takeaways. Convenient debt, because that's what this is. This is purchases of convenience. And they're making it that much easier. Seeming like this is a bridge of opportunity. Convenient debt is still bad debt.
- [04:03]
B
And people say all, Brian, there's no interest rate. It's not, it's not like a credit card. It's different. If you're someone who's doing buy now pay later so that you can pay a small amount now and not have to pay full amount, There's a good chance that you can't afford that thing you're buying. And frankly, if you can't afford it, don't buy it. One of the keys to being able to build towards financial your financial future is mastering deferred gratification. The idea that I don't need it today, I can save up for something and I can have that something tomorrow.
- [04:33]
A
Yeah. And then here's another point. You got to get the small things right. I think about the fact of when I'm trying to grow my financial mutants, I'm telling you, hey, make small good decisions for yourself. And the first thing you do is have discipline work for you. This Buy now, pay later is very dangerous for you because it not only works against that component of discipline, but it takes away that time. That money could be working for you. So don't let these small things because that's why it's so dangerous. It feels so little that this can't hurt me.
- [05:08]
B
The average loan right now is only $140. And so people are thinking, oh this, this is so easy, it's so simple, it's so small, it's not significant. But we know 80% of personal finance is behavioral. So if you begin doing these bad behaviors, figuring out these bad habits, they will follow you through the rest of your financial life.
- [05:30]
A
All right, speaking of bad habits, let's talk about number eight. 27% of trade ins for new cars have negative equity.
- [05:39]
B
Okay, what's that mean? Let's think about, conceptualize what that means. That means that when I go to trade in my car, I actually owe more on the car than it is worth and I am rolling that into my next purchase.
- [05:50]
A
Yeah, well, I mean look at this. Close to 8% of people mowed more than $15,000. If we tried to figure out what the actual average was of negative equity in 2Q20, according to Edmunds, it was right under $7,000.
- [06:07]
B
That means that when you go to purchase a new car, you are paying because of negative equity. You're taking out a loan that is $7,000 higher than the cost of the automobile. So what's causing this? Why is this happening? Well one, and we see this all the time, it's low down payments. We know that cars are depreciable assets. As soon as you drive them off the lot, they go down in value. So if you have no skin in the game and you're doing 0% down day 1 minute 1 mile 1, you are going to be underwater on that automobile if you don't put down a down payment.
- [06:38]
A
So quick depreciation, we know that's bad. How about the fact that long, longer loan terms, if you think about the fact that the typical loan is now 68 months, that is almost double what we talk about when we say 23 8.
- [06:51]
B
And then what about high interest rates? We know that right now for a used car, the average new interest rate for a used car is 11.9%, almost 12%. Even for new cars which are highly subsidized, the interest rate is almost, is a little over six and a half percent. So all of these contributing factors are causing people to get underwater on the automobiles and continue to exacerbate this bad decision moving forward. So what's the solution? What's the take?
- [07:20]
A
Here's how we protect ourselves. Nothing wrong with you buying used reliable cars. I mean that's where I started my journey. I remember the first two cars out of college that I bought were used cars new to me but, but still used reliable cars.
- [07:34]
B
So I'm hearing you say this Brian, used reliable car. That means I can go out and buy a 2 year old Mercedes right now, right? Like that's what no use. Like I'm going to get last year's Tesla Model X because that's going to be. That's what you're saying.
- [07:46]
A
I'm saying. Now look, reliable transportation to get to your first builder of quality, you know, assets, which is your job, you have to have be able to live on less than you make. And getting used reliable transportation that's not breaking the bank is going to be a key part of that.
- [08:04]
B
And a way that you can make sure that the car falls into the reliable realm is if you can follow 23eight with your purchase, you're going to decrease the likelihood of being underwater. And if you've never heard of this before, 23eight is simply a rule that says when you go buy a car, whether it's new or used, we want you to put 20% down. We don't want you to finance it for any more than three years or 36 months. And that car payment cannot exceed all of your car payments cannot exceed 8% of your monthly gross income. So that's 23 8. But there are two caveats we always throw out there with them.
- [08:34]
A
Yeah, we don't you want you buying luxury cars with this. If you're trying to buy a BMW, Mercedes, any of those premium brands, same as cash, I want you to pay it off like it's cash in the first year that you own it. And then car payments should not exceed your monthly investments. If you've got a car payment that's bigger than what you're putting your Roth ira, what are we doing?
- [08:53]
B
You got a problem. And another thing you can do when it comes to automobiles is you can make sure that you maintain them well so that the car will last you for a long term. If you go out there and buy some luxury car to where you can't afford to replace the brakes, you can't afford to do the oil change, you can't afford to replace the tires, you can and you're just going to drive it to. The wheels fall off. There's no way that that Car is going to last you. When you buy an automobile, it ought to be a 7, 10 year purchase. Unless you're someone who is at the stage of life where you're trading in your cars and paying cash. One of the best ways to make sure your car can have that sort of life is by actually maintaining and actually taking care of it.
- [09:34]
A
Yeah, and this is one of those things, guys, it is so much better to actually be rich than to look rich. So don't drive around in your wealth. Because all these decisions where people are financing and driving cars well beyond what their paycheck would recommend or suggest for them are failing to miss out on their Roth IRAs. All the things that their future self will regret because they were trying to fake it until they made it.
- [09:57]
B
All right, we talked about cars, which is a huge purchase. Let's talk about the next biggest purchase that most people will make in their lifetime. And this one really was a mind blowing stat. Would you believe that right now the median first time homebuyer is 38 years old, almost 40 years old before they're buying their first.
- [10:16]
A
Well, let's actually pull up, if you pull up the stats on this, it's even scarier than this. As you can see if we had just gone back a decade previous that that stat was 31. But that's not even the full picture is because look at repeat buyers. That number has gone from 53 to 61 just since 2015. But, but, but here's the thing that kind of blew my mind is if you look at all buyers when they group them all together, we went from 44 all the way to 56. This means my first time home buyers are actually less represented, more d. More re repeat buyers, meaning this is less and less younger people getting in. And that part breaks my heart because a home affordability is something I think a lot of us aspire to. This is something that I hope in the coming years we have better news to report.
- [10:59]
B
And so one of the questions, okay, why, why is this happening? It's because home affordability is at an all time low. We know that if you look just a few years ago, In March of 2019, if you had a household income of $75,000, roughly half of the housing marketplace was affordable to you. You fast forward to Now March of 2025, only 20% of available houses are affordable. It's cut in half how much you can go out there and buy what houses are available. Even if you go up to a household income of $100,000 where the number of houses that fell into that affordable range was 65% of the inventory. Now it's only 37% of the inventory. Houses are just not affordable in the same way that they were even five or six years.
- [11:44]
A
And for my podcast listeners, I mean, think about even if you went up to 125,000, that's the income level you'd have to be to afford 52% of the marketplace. And that's. That's pretty dag. I'm successful. Whereas just a few years earlier, six years ago, you could have afforded close to 75% of the market. That's kind of wild. Like I said, I'm optimistic and hopeful that this will improve. But in the meantime, let's give you some takeaways so you can know how to navigate this.
- [12:09]
B
Yeah, and I want to be clear, this isn't just about housing affordability. There are other factors. Yes, student loans are different now than they were a number of years ago. And there is now a sentiment that home ownership might not be for everyone. But if you are someone that wants to own a home, we believe that there are some right ways to do it. And the first thing that we would encourage you is don't be in a rush to get into your first home. Far too often we see people say, I got to buy, got to buy, gotta buy. It's the next step. Next step, next step. It's only the next step if it's the next step that makes sense for you. Don't feel like you have to make this giant, huge purchase just because other people are suggesting that you should. You need to make sure that it makes sense for your life circumstance and as part of your financial goals.
- [12:53]
A
The second point is you don't need a home to build wealth. The way I would rephrase this is don't force it.
- [12:58]
B
That's right.
- [12:59]
A
There's nothing wrong with you. If you. If you realize a home affordability in your area is just not great right now. Especially when you compare rent versus own. And rent is like handle handily beating out the down payment with the interest rates and everything else. Don't force it. I would encourage you start building your army of dollar bills outside of the home so that you have better options and opportunities in the future.
- [13:22]
B
So if you are in the market to buy a home and you do want to do it the right way, we want you to follow our 3 5, 25 rule. And what that suggests is that when it comes to your down payment, you don't have to put down 20%. You can put Down a down payment as low as 3%. We don't require 20% for first time home purchasers. We also want to make sure that you plan on being in that home for at least five years. If you don't know that you can be in that home in that location for five, five years, homeownership might not be for you. And we want you to make sure that the total cost of your housing is less than 25% of your gross income. So if you can follow 3, 5, 25, even in a market where home affordability is difficult, you're likely going to set yourself up to be in a sound financial situation.
- [14:06]
A
This leads to number six, income only explains 30% of net worth.
- [14:15]
B
No, Brian, that's got to be wrong. That's got to be wrong.
- [14:16]
A
I think there's a lot of people. Look, without a doubt, making a bigger income can turn into a better opportunity for building. Can. But unfortunately, because of, I don't know if it's lifestyle creep or it's just lack of discipline, there's a lot of people out there that are spending every dollar that comes into their household. So that's why you cannot directly say income is resulting in higher net worth for the majority of people.
- [14:41]
B
Yeah, we always say all the time. The show, it doesn't matter how much you make, it matters how much you keep. Is your. Do you have the ability to turn your income into wealth? I think. Was it JL Collins who said everybody thinks they want to make a million bucks, but the answer is the truth is you don't really want to make a million bucks. You want to spend a million bucks. Morgan Housel or Morgan Housel one. Who said that you want to spend a million bucks? Well, those two are in vast contrast. Just because you have a high income, just because you, you have an ability to spend a lot of money does not mean that you're going to have the discipline necessary to be able to use that money to create margin, to ultimately create wealth. And a lot of folks don't believe that, but we've seen the counter with our folks.
- [15:22]
A
Yeah. So let's give the takeaways, guys. I want to make sure that, you know, anyone can build wealth. It's really leaning into that first ingredient on the three ingredients of wealth. Building discipline. You can you live on less than you make and actually put that money to work.
- [15:37]
B
And so, you know, every year we do a survey of our millionaire clients. We ask them all these questions around what they look like and the decisions they make and the behaviors that they Implement. And what's wild is when you look at our clients, would you believe. And this excludes our retired clients. So our clients that are still working age 12% of our client base here to Bound Wealth Management has household incomes less than $100,000 and yet they've been able to build up sizable portfolios. It's not about the income, it's about what you do with the income.
- [16:07]
A
And that leads to the next thing. Just do something.
- [16:09]
B
That's right smart.
- [16:11]
A
Even if you start small. I'm okay with. I think there's this false narrative that people put in their head is that I'll just do it later when I make more money. Guys, you'll never be able to get back that time. So I'd rather you start now with 50 to $50 a month, 5% of your income. You choose what that starting point is. But we gotta do something.
- [16:31]
B
It's getting easier for you to start somewhere because a lot of people will say that, hey, the number one place that I started saving, the number one place I started building wealth was inside of my employer sponsored retirement plan. And actually leads to our number 5 mind blowing stat. 61% of 401k plans now have automatic enrollment where if you don't want to participate, if you don't be part of, you actually have to opt out as opposed to opt in. And the results of this small little change have been mind blowing.
- [17:02]
A
Yeah, this one makes me. This warms my heart a little bit. Is because of the way some, some legislation changed and encouraged employers. We put the headline on here because we're both Georgia boys from Athens, Georgia. Automatic for the people. Look at what has happened since 2006. Automatic for the people has caused people. Now we got 61% auto enrollment. More people are going into retirement plans and their future selves will thank them for it because this is what helps you build your great big beautiful tomorrow.
- [17:32]
B
Think about this. Plans that had automatic enrollment had a 94% participation rate compared to 64% without that. That means that because of this automatic enrollment people are, I say being forced. That's not true, but it's. People frankly are not willing to take hold of their financial life. And because the automatic enrollment is doing that for them, it's getting them participating. And of those 69% of folks who do automatic enrollment have it built in where every year it gets 1% better. So this year it got automatically enrolled at 3% and next year it's going to be 4%. And the year of that's going to be 5%. And what's awesome about that is that if you start early enough it does not take a lot to have a huge impact. We actually have a great deliverable. You can go to Money guy and download what 1% more can do for you. And I want you to think about this in the context of these 69% of participants in the automatic enrollment plan that are getting 1% better every single year. It is making a huge drastic impact to what their retirement will look like. They are literally replacing years of their retirement living need just by being in automatic enrollment and improving their savings rate every year.
- [18:44]
A
For my podcast listeners, because they're not seeing this on the screen, this is why I want you to go get this deliverable so you can see specifically for your age group. A 20 year old who actually increases this by 1% can almost impact your retirement by 10%. Huge that think about it, 1% equals 10% of retirement for a 30 year old. That 1% change can change your retirement by close to 5%. Awesome guys. These are small decisions that are going to have big results for you. So that's the takeaway is make the good habits and as easy as possible and you can automate this because that makes it that much easier and more likely to create success for the long.
- [19:21]
B
And I want to be clear, the way that automatic Enrollment works for 401k plan is the spot plan sponsors. Hey, you didn't tell me what you want to do, so I'm going to automatically make you do it. We don't want you to be in that camp. We want you to volitionally decide I want to do this, I want to contribute. But if you can set it up to happen automatic, you are going to make that good habit as easy as possible. And you'll be amazed what happens after 6, 8, 12, 2 years, 3 years, 5 years old back and say holy cow, that little automated process that I put into place had a huge impact. And even if you can't save 25% or you can't save the desired savings that you want to do, something is better than nothing. Maybe you can only start with $20 a month. Maybe you can only start with a hundred dollars a month. Maybe just do this. Take your take home, pay whatever your paycheck is, whether it's a monthly paycheck or a weekly or a bi weekly and just say okay, whatever that net amount is, I'm just going to say 5%. I'm going to take 5% of that amount and I am going to choose not to spend it, but rather to put it aside for my future self. And you will be amazed at how that can change your financial life.
- [20:36]
A
Yeah, and I love the fact because we're talking about, we're giving all the benefits of automating, but that's really only half the battle. God's take an active role in what you're investing in as well. And then please, if you don't hear anything else on the show, because this leads to the next point that we'll bring up, make sure the money's actually getting invested. Nothing breaks my heart more when I find out people are really good at the saving side of things because that's the discipline. But, but you got to finish the drill and actually put your money into your army of dollar bills so they can work just as hard for you. So make sure you invest that money because the next stat that's going to break your heart is when you find out 28%. Now, we were just talking about 401ks, but 28% of IRA rollovers remained in cash after seven years. What? What are we doing?
- [21:26]
B
So Andy Reid, he's the head of investor research behavior at Vanguard, he leads literally called this. He said, IRA cash. Cash sitting in IRAs is a billion dollar blind spot. Folks putting their money into IRAs via rollovers or contributions and not doing anything with it. And so you may be asking, okay, well, how's this happen? What's going on here? 68% of folks said they didn't realize it was in cash. I thought it was being invested, but it just sat there in cash. 48% said, Hey, I thought, well, as soon as I rolled it over, Vanguard was just going to take care of, they're going to automatically invest. I thought this was going to happen for me. And then 15% of folks said, you know what, I knew I was supposed to do it. I knew I was supposed to invest. I knew I was supposed to get it working for me. I just never got around to it. I just never did it. Half the battle is saving the money. Half the battle is putting the money into an account, not spending it today. But you have to make sure you finish the drill. You have to make sure you actually invest those dollars so that they can begin working.
- [22:26]
A
So let's fix this today. If you go look at the key takeaways from this is know what your dollars are invested in or first listen to the show, hit pause right now and then go pull up your accounts.
- [22:36]
B
And say, oh, okay, good, I'm going.
- [22:38]
A
To make sure this money is truly Invested so you're not part of this horrible statistic.
- [22:43]
B
And remember, automated does not mean autopilot. Automated means, hey, every month I'm going to have my money come out and it's going to go to work and I have automatic purchases and I'm going to have that taking, but I'm not going to ignore it. I'm going to check my monthly account statement, I'm going to look at my quarterly report, I'm going to do my annual net worth statement. So even though I have an automatic process in place making the good habit as easy as possible, I'm still going to be the field general. I'm still going to keep an eye on what my dollars are doing to make sure that they're doing exactly what they're supposed to be doing.
- [23:14]
A
Yeah, and I think this last one, this kind of made me sad a little bit because I like to think a lot of these people is just a mistake. But then I see the stat is because we say you don't have to have it all figured out. And what I mean by that is when they surveyed these people, they found 27% said they didn't invest because they were overwhelmed with all the investment decisions.
- [23:32]
B
Doesn't have to be guys.
- [23:33]
A
This is something a lot of ways, this is why we talk about target index funds is because you just choose how much you can save when you need it or if you're just maybe you've progressed beyond that, you can do just general index funds. You just make sure you don't have to get cute with this. Put your money to work, let your army of dollar bills do some work for you.
- [23:54]
B
And the solace that you can have is if you put your money to work. If you actually begin participating in the equity markets, do you realize markets are up 8 out of 10 years? People think that the stock market odds, you know, it's like gambling, it's red or black, it's win or loss. That's not true. If you look at any given decade over a 10 year period, the markets are usually up for eight of those years and down or have a bear market in two of those years. So the deck is kind of stacked in your favor.
- [24:24]
A
Well, I think a lot of people, because the nightly news covers all the ups and downs throughout the year. And without a doubt we have a stat here we'll show you because it's not a shocker to you. There's a lot of intra year declines, meaning that even in really good years the market might be down as much as 49%, we've seen that in certain years. But if you just average it out, there's likely a 14% intra year decline that even good years have. It's just, you need to zone out of that noise and just know markets make money. Eight out of 10 years you're going to be okay even with all the volatility that's happening on a day to day basis.
- [25:05]
B
And when you stack that up over a long time period, what you recognize is that that bear markets are much smaller than bull markets and they last much shorter than bull markets. Again, we have this illustration we show from 1942 all the way till 2022, every bear market, every bull market and what you can see is how relatively severe the bear markets are to the bull markets. They pale in comparison. So not only is the market up 8 out of 10 years, but when it's up, it's up really big. And when the market is actually down in those two years, yeah, it might be painful in the moment, but when you zoom out and look at it, it's literally just a blip on the radar. I think it was Peter lynch that said more money is lost trying to avoid the next downturn than just participating in it. And this drives that home. You were going to hurt yourself a whole lot more by missing out on the next bull market than even if you got the timing right and missed out on the next.
- [26:01]
A
The average bull Market According to First Trust, 150% gains, total gain, whereas the average bear market, a loss of 32%. So it's just, I think sometimes yes it's scary to lose 32% or to weather that, but if you can just be consistent, control your behavior, you will be better for it. Because that leads to the closing tip. When in doubt, zoom out. I mean look at this chart. Depression mean it's all time, 17,000%. Meaning you have to move that, that decimal over too to really see what's going on here. And look at, we even put on the chart, there's scary stuff. You know, whether it's the collapse of the Great Depression, Black Monday.com Bubbles, Great Recession, even the COVID crash. There's always going to be scary things whispering in your ear why you need to be concerned or sitting on the sidelines. But when in doubt, zoom out and your future self will be rewarded for it.
- [27:02]
B
So you can understand the markets and you can see this, but we don't just want you to get excited about understanding the markets, we want you to also understand the mathematics. Because when it comes to investing and when it comes to building for your financial future, the math is pretty exciting. And that leads to mind blowing stat number two. Would you believe it if we told you that $250,000 is halfway to 1 million?
- [27:30]
A
Now wait a minute, Bo, something doesn't compute here. The math ain't mathing. 250 out of a million, that's 25%. And you're saying that's half? Half is 50%. How can 25% be 50%?
- [27:44]
B
So let's show you this. Let's assume that you're going to save $833 a month. You're going to save $10,000 every single year. And let's assume that you can make 8% rate of return on those dollars. So I'm going to save $10,000 a year, a little over 800amonth, and I'm going to make 8% per year. Well, after I have been investing for 13.8 years, putting my money to work, letting it grow, I will have gone from $0 to $250,000. It took me 13.8 years to get there. Okay, but do you recognize that if I just keep up the exact same behavior, exact same savings, exact same rate of return, keep doing the exact same thing, that over the next 13.8 years, I go from 250,000 to 1,250,000 may not be halfway in dollars terms, but it is halfway in time terms to a million man.
- [28:40]
A
This is why compounding interest is magical, is because you're halfway there. So yes, it's only a quarter of the money, 250,000 out of the million dollars. But from a time standpoint, you're already halfway there because that money's going to start growing upon itself. It's beyond the bowling point or bowling point, however. You know, I can't say things well, but it is amazing. And a lot of you are like Karen, but guys, that sounds like 27, 28 years. That seems like too much for me. Here's the good news. You actually control this. Even though you're halfway to a million dollars, you, you control. If you just invest more, you're going to actually accelerate this journey even faster.
- [29:19]
B
Yeah, let's start. Let's start even. Let's start lower. If you save $500 a month, it would take you about a little over 33 years to get to a million dollars. Well, the halfway point in terms of time, if you're watching your annual net worth statement, is when you hit 209,000. If you can save $1,000 a month, it'll take you about 25 and a half years to get to a million. So you're halfway point is about 266,000. If you can save $2,000 a month, it'll take you about 18.4 years to get to a million. Your halfway point will be just under 325,000. And if you can save $4,000 a month, that's about $50,000 a year. It will take you just over a decade, right at 12.4 years to get to a million. And when you get to $383,000, you are halfway to that million. Your behavior matters. And a lot of people say this all the time, Brian, man, a million dollars. I don't know why you guys talk about a million. Why is a million, why does it matter? Why is it important? Like a million today is not worth what a million was in 1990, whatever, when Dr. Stanley wrote Millionaire Store. But man, it's still a pretty awesome accomplishment.
- [30:32]
A
Well, it's a huge milestone because, guys, and we love seeing you guys celebrate this, you don't keep it a secret. I love even on Reddit threads, you guys are out there sharing with our audience or other fellow financial mutants that you've crossed a million dollars. And here's the thing. Yes, I know inflation has, has hurt what a million dollars purchasing power is, but as we just showed in in the number nine amazing or surprising facts, it's going to be a heck of a lot easier to hit 2 million when you've already crossed a million. It's going to be easier to hit 3 million when you've crossed that million because this stuff stacks on top of each other. Compounding interest is truly the eighth wonder of the world. And I love it when you cross into that seven figure status because magical stuff continues to happen. It's not the end of the journey. It's actually the beginning of even more magical stuff happening in your financial future.
- [31:23]
B
And do you recognize that when you hit the two comma club, once you get into seven figure status, having a net worth of $1 million literally puts you in the top 10% of Americans getting to that milestone. So yeah, maybe a million isn't enough for you. Maybe Your number is 1.6 million, or your number is 2.2 million, or your number's 4.3 million. If you want to know what your number is, you can go to learn.moneyguy.com and check out our know your number course. But whatever your number is, when you hit that threshold, when you cross into seven figure status that automatically right there put you in the top 10%. And that is something worth celebrating because of the hard work you've put into building towards your great big beautiful tomorrow.
- [32:07]
A
Bo I've got a great way if you really want to feel special and celebrate your accomplishments financially, especially if you've crossed into seven figure status, we've set up a website for you. If you just go to moneyguy.com you can look at become a client. Because we love celebrating our financial mutants. We call this the abundance cycle where yes, you come, come here, we give you tons of free stuff. Just go to moneyguy.com resources. We'll load you up with all the free stuff. But there will come a day where you realize, man, this simplistic thing that I started has gotten really complicated. What's the next steps? We're going to leave the porch lights on for you and hope that you will cross into that threshold and give us an opportunity to continue to pay it forward, continue to make you feel special because we really do believe there's a better way to do money. I'm your Host, Brian Preston. Mr. Bo Hanson. For the rest of the Money Guy team. Moneyguy out.
- [32:58]
B
The Money Guy show is hosted by Brian Preston and Bo Hanson. Brian and Bo are partners with Abound 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 information 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.