Don’t Fall For These Market Trends with Austin Hankwitz

We've got a special one coming for you today. Don't fall for these market trends.

“>> I am so excited because today we have a very special guest with us.”

Austin Hank, which is a finance content creator, an entrepreneur, and investor. All things finance. Austin, thanks so much for hanging out with us today. >> Thanks for having me. I'm so excited to be here.

>> Hey, that's my line. >> That's my line. >> Guys, no, I've looked in Nashville now for seven, eight years, and I'm surprised I haven't done this sooner. I know, I love it.

I love that you're here hanging out this the day.

>> I always like when things just fall into place like they're supposed to.

And let me give you some scoop on this, Austin. I have a dear friend named Mark who kind of follows our content. And he's come to the studio, got some insight for how he should be working with his business and using social media. And he came to me, and this was probably, this was about a month ago, a month and

a half, and he goes, hey, there's a guy who lives in our neck of the woods, his name is Austin. And here's this podcast called Rich Habit's Podcasts, you want to do something with him. So I then go to Ruby, and I said, hey, my buddy, who kind of has his pulse on things, says we should do something with this guy named Austin, and she goes, good news.

He's already scheduled to come in, and I was like, this is my life. I live in this serendipitous life where just everything, I stumble around and everything falls right into place. But it all comes together. Welcome to the show, Austin.

Thank you so much, Rich Habit's Podcasts been a blast. Very excited to be here. For those who don't know, or maybe have not come across, give us a little background. Who are you? What are you talking about?

How'd you get into the content creation game? Yeah, so more about me, 29, and 30 here in May, graduated from the University of Tennessee, evolves, back in, we can edit that part out. Okay, back in 2018, got my degree in finance and economics. I moved to Nashville to do mergers and acquisitions for a large healthcare company, but I've

always been this like weird money nerd.

Weirdly enough, I credit it to Dave Ramsey, he came to my high school back when I was in high school to talk about the baby steps and I was like, whoa, Roth IRA, this is interesting. I love that. I'm 16 years old learning about this stuff, it's insane. And so now fast forward, call it 10, 12, 15 years after that, I've just always been intrigued

about personal finance and investing. So what happened was during the pandemic, instead of lip syncing and dancing on TikTok, I decided I was going to talk about how I plan to pay off my student loans, grow my credit score, and invest with my retirement.

“And so it wasn't like a, hey, you know, I was 24, right?”

It wasn't like a, hey, I'm some sort of expert. It was a, listen, I'm going to make some mistakes come along for the ride, watch people appreciate it. Yeah, 100%. And I think there's something to be said about radical transparency.

And so that whole time, I was like, listen, I've got a bunch of VOO right here.

Here's what I've gotten side this Roth IRA.

Here's how my credit cards, and I'm trying to use to pay this one off. And here's how much I owe and my student loans come along for the journey, right? And people appreciate it. Yeah. And so now, you know, fast forward years and years into it was doing this full time in March

of 2021, started newsletters, podcasts, doing a lot of marketing consulting for FinTech companies, like public.com and Charles Schwab and things like that. But then we also started investing into some, you know, pre-IPO names as well along the way, which has been a lot of fun. But the rich Abbott's podcast sort of was started in February of 2021 as a way for myself

from my co-host Robert Croke who shot out to silly bands, you guys know silly bands, those bracelets. Yeah. Maybe. Yeah.

So he started silly bands back in 2008, 2007. You didn't know that? Yeah. So now, $300 million a revenue later, and he's just having a good time. Now he's 60.

I'm 30. And we're just sharing our perspectives along the way. He's this sort of like, you know, elder statesman, entrepreneur veteran, and I'm a guy who's 30 years younger, trying to figure it out, trying to build my own business and invest the right way.

And the show is made for anyone in between, right, you can be younger, be older, whatever, any experience that you can just take back control of your money, make the right, implement the right rich Abbott's, and it's been fun, man. It's been a lot of fun. I love that.

So it sounds like, you know, a lot of what you talk about the contigo, it was like, studying

“market trends and looking at that kind of stuff, right?”

I would say yes, but on the same token, like, you know, that it's something to talk about a lot about is it's important to have an active management perspective with your portfolio, not so you're always making changes, because no one can time the market, but because you can now go into whatever the market's doing with your eyes wide open. I think a lot of people make the mistake of saying, I'm going to go diversify into some

crypto, or I'm going to go, you know, do this sector, I have no idea about them when it goes down 30, 40% their surprise. And we want to make sure people, like, if you are diversifying or if you are trying to do something with an asset class or some sort of strategy that's new to you, that you go into it, eyes wide open, where like, hey, listen, this is the volatility that can come with it.

the markets and how it might impact you and your money. So how do you reconcile that with, like, so obviously you have this perspective, you want to be a little more active and no kind of what you're doing there, but also this idea of, like, passive investing, buying low cost index funds because you've already heard you say, boo.

Yeah, right?

“You like how do you marry those two concepts together?”

And I'm sure you guys are, I'm not, I've didn't come up with a strategy, but it's called the core satellite investing portfolio strategy, right? So we'll call it 65 to 85% of your portfolio is in the boring index funds and ETFs that we all love and talk about, but then the other 15 to 35% is diversified into things that are really interesting to you.

If that is, hey, maybe I want to dabble in the dark arts of international stocks here, there. Maybe I want to do a little cryptocurrency or some precious metals, right, gold and silver, but Oliver. So it's like having a little bit of mixed knowing that the vast majority of your portfolio

and your network are in these tried and true index funds that they're going to go up into the right over long period of time, but if you do want to have a little bit of nibble call it low, single digits in some cryptocurrency, some Bitcoin, like rock and roll man, that's fine. Because the cool thing about it is if you experience that 40%, 70% heck, it can go to zero.

If you've got 95% of your network over here and 5% of it goes to zero, well, congratulations, 95% of your network, right? So you're saying it's more the extra, we have a friend of the show that says, you want to do that kind of stuff with the vacation money, not with the grocery money. That's exactly the way we want to sort of navigate that.

Yeah, my friend Chris Camilla, I'm not sure if you guys know who he is, he's an incredible

social arbitrage, traders always with Graham and Jack on their show, he just did a great

episode with them. I think two or three days ago, but Chris does a really good job explaining that if you want to have some of this sort of higher risk bucket, it should not come from your point, the groceries. It comes from tradeoffs that you do throughout your life.

Hey, I'm not going to go to Starbucks this week. So I can save $3, $7, $12, $15, and that $15 goes to that higher risk idea, right? So it's not from the index fund money. It's not from things that are going to continue to allow you to build wealth over time. It's going to come from different tradeoffs for that side hustle or the, you know, whatever

you're doing, it's money wouldn't have had, right? I'm super curious, because you said, one of the things that's been great about what your experience has been is, you said, hey, come along for this ride with me, come along and do this thing, have there been investments that you've made or things that were interesting and unique to you, you're like, oh gosh, maybe that one was, maybe I instead

of doing that, I should have just gone S&P 500. What's? Yes, absolutely.

“And I think a lot of people made this mistake, right?”

We rewind back to the COVID-induced bubble we experienced in the stock market. And I think everyone knows, or knew who Kathy Wood was, right? She had this, she was the darling of the stock market, she had the ARKKETF, it was like this big innovation fund, everyone's talking about it, everyone's investing into it. And I was one of those.

I was like, this is so cool, it's just going like crazy, all these fun names are going off. And then February 2021 happens and it kind of does one of these and it comes back down, you're like, oh, it's okay, it'll recover, I'm sure, right? Road that sucker all the way down.

It's one of those things where you want it's an opportunity to learn, right? It's in that high risk bucket, it's in that satellite side of the portfolio where it's like, okay. Um, you know, this is money that was not taken from, you know, what's called the S&P or the NASCAC or things that go up into the right over a long period of time.

But it's, I went into this with my eyes wide open, so I would say, yes, all, and I think a lot of people also made this mistake of like, I'm excited, it's COVID. We're doing the, you know, the trades. Oh, Kathy Wood, who's this person? Yeah, of course, I'm going to write into our ETF and then you realize that everything does

not just go vertical forever, right? I love that you were talking about radical transparency and was, was interesting.

I can tell you have a passion for it, but I always find it interesting because I've had

neighbors that when they find out what I do for a living, before they really find out what I do for a living, they start telling me about their stockpicks and other things. And I've, I've got one, I consider him a success case is because he came to me probably four to five years into our relationship with each other after he had moved next story, moved away since.

Um, he's like, you know what, I finally have caught on. He goes, you know, a lot of those things while I was telling you about Fitbit and all the other stuff, I've realized that the S&P just, that, when I look at my annual performance,

“that's what drove the majority and that, and that ties in what you're, what you're sharing.”

So a lot of, when you get into the weeds with this, how much of this should be hobby, like you get true excitement and it's entertainment and versus, you know, and you've already set with the core satellite, but I just want to know because that's the thing, I don't want people to lose out on the excitement because all human nature is the shiny objects. Like, I can tell you, I've heard more about silver in this year, you know, really from

last year, you know, all the time, yeah, then I've heard from silver because so we always

right now because of just resency bias and what happened, but it is one of the things where at the end of the day, is there a core belief that kind of, yeah, the index funds, if you don't fund satisfaction in this, it's okay if you set it and forget it as well. It absolutely is encouraged to set it and forget it, it's not just, okay, it's like, that's

“what you should be doing, like, full stop, like, in your retirement accounts, set it and”

forget it. This is not, you're not playing games with your retirement, right? We don't want to play games with our next egg, but something that I really enjoy explaining to people, because you talked about like hobby and thinking about this, I'm a firm believer of that, and I think Amazon's a great example for this.

If you are someone that is shopping in Amazon a lot, you have a Costco subscription, maybe you have an American Express credit card, you know, insert publicly traded company here that you very intimate to understand, I think it's okay to be an owner of companies were customers off.

And I think that's powerful because at the end of the day, I think the stats like 90% of

Americans are not owners in these, you know, do not own equity in the stock market, like they don't get to experience that upside. And if I'm able to explain to someone like, hey, you might not understand the SNP, I get that. You don't want to touch this stuff, you're intimidated by it, but you know what, Amazon works?

Yeah, I've got the Apple my phone, I just bought something on it, like, okay, cool. What if I could tell you that you could put as little as $10 right, a slice of a stock into Amazon, so you own a little bit of equity in the company that you're a customer off. And that's like a light bulb moment for a lot of people, where it's like, okay, cool. So I'm no longer just a customer, but I'm now an equity owner in this company that's

profiting off of me. And I think that that is just where everyone should start. I do agree, because I will say, look, you do this long enough. I've been fortunate enough. I don't really do individual stocks, but I've been fortunate that I've had one or two

products that I was so enamored with, I did go by the stock. And then when they, when you ever have a holding that cross a thousand percent return, you're like, that's a moonshot.

It's like, that is the kind of little turns into something pretty incredible, but I just

“won't people, I won't you do not feel like you have to do it, because I feel like sometimes”

young investors absolutely, they don't know what to do with their first dollar, much less what to do with their bonuses and then we're trying to get them into Roth and just doing, that's where the financial order of operations kind of came from. But I just don't want people to feel pressure that they have to get into some of this stuff where that's probably not where you start the journey.

You start the journey with the boring, tried and true, don't put pressure on yourself that doesn't need to exist. And then as you get deeper, definitely, if you find a passion for it, go for it. Look for the permanent portfolio type investments, but I love you, you're very transparent on that and I appreciate you being so open with it.

Yeah. No, absolutely. And you mentioned the hobby aspect of it, too. It's so funny. I don't think people have the time to do all of the research that they should do before

owning a single stock, right? Or should do before they go own some sort of thematic ETF or a precious metal or something. And on to say, I don't think people want to go do without research, right? So it's like at the end of the day, just go buy the index funds, go buy the booze of the world and yeah, Dow Jones industrial average, all that stuff, like just go read the

way. Well, I think what ends up happening is people, they think, okay, I'm going to do this thing. I'm going to go buy the stock that I'm interested in or I want to start playing in one of these little, but then what ends up happening is it begins to captivate your attention,

right? Like, even though you have 95% of your stuff over here, do in this boring old stuff, you're paying attention to this 3% 5% thing. So one thing that we have to do as investors is figure out, okay, when it comes to things going on in the financial world, how do we discern between the things that are like actually

newsworthy that we should be paying attention to? And what's the noise? What are the distractions? What are the things that we should not? Because I know that I see, especially young people who get it out of order, like

exactly what Brian said, they will focus on that 3% to 5% and allow that to affect their decision-making rather than ignoring it and kind of say, no, you know what doesn't matter what's happening this day, this week, this month, this quarter, I'm going to be okay.

“Would you agree that that's what happens when young people start on that path too early?”

Yes, I would agree, I think that a good analogy to think about when it comes to investing if it's in the stock market in general or a single stock, whatever is going on, is comparing the stock markets would have to a pendulum.

It's always way overexcited, everything's crazy or it's doom and despair.

It's never just in the middle, right? A pendulum swings back and forth, back and forth. And I think to your point of, is it noise as it crazy or is it newsworthy where we act just all the emotion, right, because it's money, money is emotional, money is a very emotional thing.

cycle.

“Oh my gosh, wait, so Amazon spending 200 billion extra, is that good or is it bad?”

Wall Street thinks it's bad, but they also have just back and forth, news, back and

forth. It's crazy. Where if you kind of just take a beat here, take a step back, look at it and say, well, we know over a long period of time, the S&P goes up, call it eight and a half percent adjusted for inflation.

You can say whatever about the other indices, I don't know if their specific performances are with the NASDAQ or the Dow Jones, but I'm sure it's up until the right over a long period of time, right? So it's important to discern the difference. Well, so I think one of the things that we were talking about, and I think Ruby's idea

did really come out of this? I can't take all the credit now, was team. This was a team effort. But y'all came with an idea of a fun to lecture size, we can walk through to see how good we are at discerning.

Yes, we are going to get to the Q&A soon, so get your questions in the chat. But first we're going to play a little game. It's called news or noise. So we were just discussing, we see financial headlines all the time. Some of them could be positive, but let's be honest, a lot of them are doom and gloom, right?

A little scary, a little confusing maybe. So we are all about cutting through the noise. So we are going to play a game where I will read a real financial headline of the very recent past. And you guys will tell me, is it news, which you have a paddle, that you can hold a thumbs

“up, you should pay attention to this for some reason, or is it just noise?”

We don't need to worry too much about that in our personal finalized life. Is there any ability, because I don't like, you know, I like to talk. Oh, yes. So is there any editorial feature involved? You get to tell say, why I would challenge you to keep it to like 20-ish seconds.

It's our challenge. Okay. 20 seconds.

I feel like there's always this, this is a new trend where they put, put these.

Especially. Put it on. They take it away in my fill, butster options. All right. Let's dive into the first headline.

It says, open AI is unsatisfied with some Nvidia chips and looking for alternatives, sources say, is this news or noise? Everybody says it's noise, why do you think it's noise? Well, I mean, unless, you know, like I said, I have dear friends that they're all crazy and they've jumped into the Nvidia trend, but I don't personally own that, so that's

noise to me because I'm more of buying the market, being part of the market instead of trying to beat the market. I think it's, I think it's noise because at the end of the day, AI is here to stay, right? Open AI is going to be here, but it doesn't matter who's chips they use or what it was long as they're making, I mean, a billion people around the world every week use chat

GPT, right? So it doesn't really matter who's chips are used as long as they have good customers and good products. Yeah. I would say the exact same thing.

For me, something that's newsworthy means there's an action or a takeaway I should have from that. When I hear that, there's no action for me. I'm not involved with how open AI makes their decisions. So I'm going to let them make their decisions and then I'll just get to participate in

the broad market. All right. Here's a headline. It says, this tech stock just crashed to a 52 week low. Should you buy the dip?

Is it news or noise? Everyone says noise again. All right. I think it's noise.

Here's what's interesting to me.

If that would have been the S&P 500 is that a 52 week low because that would be more of a market market type experience.

“I have a whole protocol when we hit fair market status to how I think about and I get myself”

as a financial mutant excited. But individual tech stock, that's more of a headline to get me to get my eyeballs than it is for for action. Okay. Yes.

That's exactly. It's an eyeball. It's a click. It's come look at this. It's treating it low.

Do you buy the dip? Should you buy the dip? Or should you always buy? Well, they never tell you the tech company either. Should you say, "Should you buy the dip?" or should you always be buying?

I like it. Mm. You can use that. Yeah. That was free.

Okay. Just fun. Yes. Well, I'm glad. We have a lot of fun on these.

Okay. Next headline is Dow ends over 500 points up. S&P 500 finishes just shy of a new record after strong January manufacturing data. This one's about the S&P. What do you think?

News are noise. Let's go. We got little splatter here. So let's go first. Let's go first.

The way Austin says news. Why do you think it's news? Austin. I think it's news because at the end of the day, if the S&P and the Dow Jones are trading at or near all-time highs, that means that the economy and the stock market are not the

same thing. I think we all know that. But good news about the economy tends to drive the stock market. And I think it's a newsworthy headline to know that the economy is trending in their right direction.

Therefore, the stock market seems to be trending in their right direction from this

So I think this is something I would click on and I'd read more about. I want to know the January manufacturing data. I'd want to. Okay, cool. This sounds good.

I'd actually click on the story. All right. Boom.

“I think it's Nick Murray who said, man, if you think that the stock market is high today,”

wait till you see it 10 years from now. And so I think the market, if it truly is a yo-yo that's going up and down, as you go up

a mountain, we're always going to be hitting all-time highs.

So for me, there's nothing actionable in there. Yeah. Well, if you look at the data of bull markets, how long they run versus how short bear markets are, there is a progression where we keep going higher and higher. Nobody knows.

This is, it's important for you to have an allocation that's good before during and after the reflects your goals and your mix of what you can handle from a risk perspective. Since I'm already assuming, since you're a financial mute and you've checked the box on that, there's nothing actionable I can do from all-time highs. Whereas it's the inverse of what I said when we hit 20% down, that's a bear market.

Here is something I can do and think like a contrarian on that. But all-time highs because markets run for years, there's nothing for me to do. I don't think I kept it at the 20 seconds. That's all right. I think it's a bear.

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Next one says Amazon's latest layoffs add fuel to the white color recession. What do you think? News are noise. Both says news, Brian says news, Austin says, "Oh man, I thought I was going to be country."

But we were all beginning, I'm going to pick that one because I thought I was going to go first to get on this one because to see, I bet you'll say the same thing. Go ahead. I am a firm believer and we just saw this with open claw over the last couple of weeks. Maybe you guys have seen that or not.

“Like agentic AI, robotics, like all like embodied AI is what it's called, right?”

This is coming for a lot of white color and blue color jobs. And I think between Amazon laying off 30 or 40,000 employees since, over the last six months. And then we said the Dow ink, they laid off, call it 10, 20,000 employees as well. I think this is newsworthy.

I think people need to be paying attention. Now is there an action to take? I don't know. I'm not telling people to take that action. I think there is.

That's like that specific, I can't wait to hear. But I think this is something more people should be paying attention to. What do you say? The action is that when I read a headline like this, this could be for you to internalize and ask yourself, do I have my own emergency reserves?

Am I okay if this thing goes sideways because when it rains it pours, when I wrote millionaire mission, I shared that we change the analogy and I give Daniel a lot of credit when Ruby and Daniel and I were brainstorming and we came up with reins at pours is because

always try to create this visual where all the bad actors, meaning that the market gets

its teeth kicked in, you go unemployed. It's like all bad news hangs out together and smokes cigarettes together. So it's one of those things where you just need to know all these things are likely going to happen at once. So it's a good wake-up call for you to internalize that and say, hey, what's going on

in my house, so I can tend to my own garden, so I don't get caught in a bad situation. Oh, one thing I'll add is I agree, I don't think it's newsworthy for the investment part,

“I think it's more newsworthy for my vocation and in our place where I need to be thinking”

about what my future career looks like, what my future opportunities look like. I don't want to ignore that this thing is happening if it could potentially touch my world. Yeah, not good stuff. All right, we got a couple more.

I thought I was coming for you on that one too. Well, that was fun. Conversation anyway. Next is a radic behavior of Bitcoin, silver, and memory stocks threatens to unerve the bull market.

it's news. Here's why I say that's news.

“I think that these things are so hot and people are so excited about the cryptos or”

the silver or the bull yarn or whatever the thing may be, whenever their headlines it show realistically how risky they can be, how much I want people to take note of that and recognize, oh, maybe this is not somewhere where I should allocate my dollars. Maybe this is not something I should be playing with because just because it's gone up into the right for a long, long, long, long time and just because there was a thousand percent

rate of return over this small fragment of time does not mean that will persist into the future. I think it's news because it should be a deterrent from people jumping on the banwagon at the wrong time for the wrong reasons. So don't do it with eat and money.

Don't do it with eat and money. I think I totally fair, if you think about like, you know, market cycles and business cycles and things like that, I could be wrong here, but how I understand it is when you have these high beta risk on asset classes, like a Bitcoin or a memory stock, once they start to experience those climax stops and start to come down, like, sure, maybe that could

be a newsworthy takeaway of like, wow, where could we be in the market cycle or, you know, what's ever going on there? But, to me, it's just had to just keep going. Glicks? Yeah.

That's great. Well, that was fun. I like that we have a little bit of... Was that it? Oh, come on.

Oh, great. Well, I want to answer some people's questions. Oh, okay. I was not answering. I was not answering.

I was not answering. I was not answering. I was not answering. I was not answering. I was not answering.

No, I do have some questions. Do two, boom, Brian's personal request, we will be doing a rapid fire segment towards the end of this episode. So if you have a question in our watching live and would like it to be answered rapid fire style, go ahead and just write RF at the beginning of your question in the live chat

and we will add that to the cue for the rapid fire round. And cookie wise on what gives this makes it unique, is that we're still going to keep this in 60 seconds. Yes.

“Oh, we're all mass-minded people, 60 divided by three?”

Sure. 20 seconds. You guys want to work together?

You guys are all offended on the first attempt.

Let's see what we do on Take Two. All right, we're going to start it now. We're going to start it now. You can take a little more of our time. Oh, I fell.

Oh, I fell. Did you see I got attacked? There was a bugging that just occurred. I didn't say you were the 40. I didn't say that.

Oh, no, God. You assumed that. Can you either confirm nor deny. Okay. One, two, Jake's question.

This is not rapid fire. He says, "Hey, money guy, I'm 24 with no debt. I'm making 130K a year with a 25K emergency fund and 70K invested. That's 50 in tax brokerage and 20 in Roth. I'm wondering if it's okay to move into an apartment that would take 40% of my income."

You may want to recap your home buying rules, guidelines, say your housing expenses really shouldn't go beyond 25% of your grossing.

You don't want the old man to answer or you don't want to jump in first.

I think I'd like to hear the old man answer. Old man first. First of all, Jake, congratulations. You're doing so well. I see so many great, I mean, you're bearing fruit.

So the vine is doing a lot of good things right now. But I wonder, if you're paying, if this is 40% of your income, you're trying to live alone in this swanky place. Go get a roommate. I mean, what happened to us all having roommates until we go get married?

And so that's my six roommates in college. I mean, I love the more the merrier.

“I mean, that's what I'm voting on, I was joking with Bo, because he is, I think we were”

the same age. We would have ended up being, we weren't roommates for a little bit. We were a wife. We were moving up here to Tennessee, y'all lived with my wife and my family. A big spoon bow here.

But it's a, I definitely think that you're doing so much right. I hate to derail that because you're in that stacking stage of letting your army of dollar bills grow, go get a roommate, and all these dreams. Now you're 20% of your income, and that seems completely reasonable. Yeah, I completely agree.

I think the most interesting sort of observation about this is I appreciate how Jake is going to focus on renting versus like, I'm going to go buy a house. I'm going to go put all this money because like, I'm pretty sure the stats right now is to show it is cheaper to rent. At a lot of places it is, yeah, then it is to go buy a house, the massive down payment

and figure out, you know, what else to go into that? So Jake, I love your situation. You're absolutely crushing it for 24 years old, 130,000 a year.

You got the emergency fund that's incredible.

We'd love to see, to their point, that 40% turned to 20 or 25 or somewhere in that range. If it's a roommate, if it's just a different apartment, you don't need, you're 24, dude, when are you living at the rits? Yeah, that's bad. That's what I should have said.

That's the rits. I like that analogy. That's where I was going. That's why, because apartment is just running, it's a short term, short term obligation.

What's your current rent?

What are you paying right now? We have said before that when it comes to buying a home, we do not love it, but we recognize that in some situations, 25% may not be realistic to get on the home ownership side of things. And maybe you're early in your career, you have a high-income trajectory, and so for the moment,

you might have to be at 28% or 30%, but you know you're going to get married. Or you know that you're going to have an increase in pay or whatever. That's different. Then hey, you know what? Right now, I can voluntarily, and, initially, just go pay 40% of my income in rent.

I think that's likely an unforced error in this case that could be avoided. Go and watch Roadhouse with Patrick Swazey, not the new updated one that Amazon Prime came out with, like a year and a half ago, go watch the original Roadhouse with Patrick Swazey, see if you can find it on TBS because they'll cut out the nudity and all the

passing, because that version is probably more appropriate for this show, but I want you

to note that Patrick Swazey essentially lives in a barn on some land, and you know,

“it's very modest, and it's still, he was the coolest cat in town, and that's what you”

ought to go with. You don't have to have the Ritz Carlton place. I just think it's hilarious, like Roadhouse is this one, it's got to be what? Yeah, I'm all right, but I feel like I am educating the masses here of the younger generation, because they're going to watch that, I mean, I watched that one with Jake

Jill and Hall, or whatever. Not constantly making that the same thing, the economy, right? Not the same thing. No, just to reiterate though, I think it's so important, and I really want to hammer this home.

As someone who was 24, that was making 65, 70,000 a year in my job, thinking I had made it, and I'm going to go buy this cool car, I'm going to go do this thing at the expense of maxing out my Roth IRA, at the expense of having a fully funded emergency fund, I promise you, you're 24, no one cares for you, where you live, no one cares about your apartment, like just if you can get over that ego, the faster you can get over, the younger you are,

like you are going to set yourself up for things. You can still get a significant other living in the Roadhouse. I promise that is going to happen, yes. Yes. No, it's good stuff.

All right, let's move on to Jake. Jake didn't even know on a life advice, he was going to get right there. I'm honestly, I was hoping that you guys would have some of your guidance on it. That is, it's somebody in the comments can tell us, is there a way to watch these classic movies without all of the other stuff to do that?

Because I'm sure there's a great technology, it's probably because Bo and I had TBS. Uh-huh. You know, if you grew up in Atlanta, you had the superstation, the Ted Turner said. I didn't know how a problem that they've sometimes remember seeing movies on TV and didn't realize all of the content that was cut out of there.

There's no much love actually. Love actually have this problem. If you watch out with the family after you watch it on TBS, it's a different story. It's honestly delightful to see you realize things like this. Um, okay.

“We do have another question queued up, if you want to do rapid fire questions, be sure”

to get those in, just put RF in front of your question. This next question is called Kelvin 4659. It says, I was looking at your slide for what qualifies as high interest debt. I noticed that a mortgage was not on the list. What are your thoughts?

And just to recap, if you're familiar with the food or the financial order of operations, step three is to knock out that high interest debt. So what do you think? Do we have that slide that the content team can throw up there? Holy damn, it looks awkward.

That's awesome. This is, this is what Kelvin is referring to, and this is a really interesting framework. I appreciate it when people create frameworks and rules like this, and you guys, this is really thoughtful. Yeah.

Well, but it's, it's even controversial inside of the money guy show, but it's, we'll save that for another day. So what is, so Kelvin's ultimate question is, hey, I noticed you say, okay, student loans,

if I have that, some interest is high, some interest is low, credit cards is always

going to be high. And just auto loans, some interest is high, some interest is low. But mortgages were not on the list. And we got this question a lot a number of years ago, and mortgages were seven, seven and a half percent people would ask, hey, is this now step three?

If I just bought a house, should I be funneling all my funds there? And we kind of said, no, we do take this position in this stance that mortgages are likely, at least not in our current era, current stage, high interest debt. Why do we say that, Ryan? Because you're going to refinance, and that's the thing is that there's so many things

you ought to be doing with your money in the beginning, that it was more of an allocation of resources.

“And that's what I think it's still noble.”

I think the awesome spot on those is that you do need to be very aware whenever community you look at, is it better to rent versus own? Because there's still a lot of people out there who have mortgages pre 2020, where their interest rates are sub 4%, their purchase price was a half to, we're getting to the point where 40% of what the market value of things are.

So that's why those people who own those houses from that period can have a rent well

it, but I do think that if you're in a house, it's okay if that mortgages 7% for a moment in time. My first house was 6 and 7, 6 and 3/4, and I was able to refinance down, and I still think that it would be an opportunity for that in the future. I really do.

I'm an optimist towards interest rates coming down.

“I am too, and I think, I just saw that slide for a second, but something I noticed was”

it was broken down by the specific thing that was financed. And I think there's something to be had, oh perfect, it's back on screen. I think there's something to be had here about differentiating between a depreciating asset, that's financed, and an appreciating asset, that's financed, obviously, the mortgages and mentioned here, but that's an appreciating asset in most normal times.

Car loans are the opposite students, I guess are kind of the middle because that's your education, your career, things like that.

Credit cards are never good to have.

I always kind of thought about this too, it's like, what's that perfect rule? There's no perfect rule as it relates to what is high interest debt, but my framework in my mind is like, okay, where's the federal fund rate, right now 3.5 to 4%? Maybe you add 4% on top of that, call it 7.5 to 8, if it's above that, let's get it off.

Let's pay this off. This would have been that if you have student loans that are around the 5% or 6% range, you're like, okay, well, maybe this is something we can talk through, or prioritize you mentioned resourcefulness there and using a different resources in a separate fashion.

“But yeah, I think, if it's above 7.89, I don't care what it is, pay it off, man.”

You don't need double-digit interest rate debt. But you do. And I look, I hate to put you on the spot off, but if you have a 7.5% or 8%, let's just say it's 8% mortgage.

Because you did a piggyback loan and you have your second mortgage is 8.5%.

Would you do pay that down before you funded your Roth IRA? No. No, I can fund that. The rules is what we have a lot of internal loans. I think it's reasonable asset.

It's an approachable asset that you were saying to probably doesn't apply, but an approachable it does. I do think one thing that's really interesting, that I've started paying a little bit of attention to, and now we have to rewind, like, almost 10 years before this was like a thing.

But we used to do these analysis for folks when they would go to buy their home, we would look at a 30-year mortgage versus a 15-year mortgage. And at that time, there were some compelling circumstances where, okay, if I go get a 30-year mortgage at 6.5%, but I do a 15-year mortgage at 5% or 4.5, the net might be a compelling trade-off if the rates are that much more attracted, depending on where you are in your financial

journey and what your age is, I do think if rates kind of persist where they are now, we may be going to see more of a spread between 30 years and 15 years. What happened over the last decade is they converged so close that there just wasn't a really compelling reason to look at 15-year mortgages. I think if we stay at this level, we're going to start to see more spread there, likely.

So it's something to pay attention to, but again, I still love 30-year mortgages to give you a lot of flexibility. First, if this is your first time home purchase early on in your financial journey, what if you are buying that second home upgrading, trading up, I don't think it's crazy if the rate differential is.

And don't sleep on the fact, go through our checklist, go to money.com/resources because you also need to make sure you go through the other elements. We're talking about the component of interest rates and financing terms, but how long you're going to stay in the house, there's a lot of elements, and we give you the checklist of all the things you need to be considering.

Yeah, I mean, we hear this phrase all the time, personal finance is personal, and you are the only person that can make those decisions for yourself, and it's our jobs to give them the tools and resources and educate them, but at the end of the day, the other ones have to make those decisions. A lot of it.

All right, next question is from Brandon H. It says, "Hi, team, should I take out a 25K loan at 2.99% interest rate for investing in a long-term brokerage account? I'm 29, on step 7 or 8 of the food, 95K salary, trying to build a house in 2 to 3 years. Is this a good idea?" What are you getting at $25,000 at loan at 3% first off?

That's interesting. Yeah, what?

“Here's the thing, how it also, he left off, how long is it locked in at that?”

Yeah. Yeah.

And then I'm always a little lyrious, especially when I find out somebody is making

a close to 100 grand. I think there is more benefit and dividends to figuring out how you get your savings rate to 20, 25% as fast as possible so you can make it automatic for the people, always be buying. I don't like gimmicks like this, because usually this is the same thing as on our previous

question where it was talking about credit cards, because financial meetings, we all think we're so smart. We say, "But the credit card companies offer me 0% on my credit cards right now." And I'm like, "Yeah," and I said it early and I'll say it again, "The don't man gives you that first hit for free."

the ditch and you have an addiction and you're doing it all wrong, it's the same way with debt.

And I always worry, these introductory offers the same way you go fill your house full of furniture

and they won't even make you pay interest for five years according to the commercials. But then if you go read the fine print, you find out if you have any hiccup, they're waiting there like the grim reaper to just take you down. So I would rather you focus on the positive behavior that doesn't require debt than trying to count on some introductory offer and leveraging up right off the get-go.

I always like leverage like when I get into residential rental property and things like that, that's more of a step eight of the financial order of operations than somebody who's 20, 90 years old trying to leverage to get an arbitrage build.

“And I think to add on top of that, Brandon, something and again, maybe you are insanely disciplined”

and this is not going to take place in your situation. But if I was a betting man, I would bet if you were to go borrow this $25,000 out of 3% interest rate, you might get a little weird about how this money is invested. You're going to see it go up and down, oh my gosh, oh my gosh, oh my gosh, how much what's my payment?

It's down a little bit. So I'm losing money. So I pay it back to I sell it early. I think that you're going to get really emotional even if you did this. So in my don't do this dude, literally go find to your point Brian, that 20 to 25% in your

budget, go invest that, do everything you're supposed to do and do not build, wealth is not built at this early stage on debt. It's built on discipline. My question is, wow, yeah, here's some things I know about you, Brandon, you make $95,000 a year, you're $29 years old and you've already said that you're in step 7 or 8, which

tells me you're saving 25% for your future, why lever that up, why take on more risk than absolutely necessary. I was trying to think of an analogy and I came up with a dumb one that doesn't work real well, but I'm going to say it because I can. If I don't put my seat belt on when I get in my car, technically I can get to my

destination faster. I don't have to worry about Buckling, I don't have to put taking it off, but is the marginal increase in speed at which I will arrive at my destination by not doing that worth the risk that I'm going to take on? Yeah.

Absolutely not. We're talking about small sums if you are already saving and already doing the thing

that you want to do, you're basically, you're not exactly rounding third, almost home,

but man, you were far along in the base path. At this point, why do you want to start show-boding and adding risk unnecessarily that

“could likely more than likely derail your plan unnecessarily?”

So, what I love about doing a live show is that we have, in your brain ends out in the audience and has gave us more context. This is a loan for military officers, so thank you for your service. Exactly. Thank you.

I still, I don't think it's necessary, you know, this is one of things where it intrigues you the financial mutant inside of you, but this isn't where your wealth is necessarily, this isn't the foundation block for it, it's really, it's exactly what Austin said, it's the discipline of setting up those automatic for the people type behaviors that is going to take you to the next level, you know, because that's the other thing, it's a military

officer, I don't know, you know, I don't know what you have going on in your, you didn't say you had kids, I don't think they had kids. They weren't trying to do other things. So, you probably already have your own arbitrage situation is that you're housing subsidized

and other things out, but you can get to 20, 25 percent even if you set your steps up

seven and eight. He's already there.

“So, that's why I think this is something that you look back, you go, what just because”

you can, doesn't mean you should, there's a lot of things for financial mutants that you learn that is that it's, it reminds me of, you know, the siren song, go do this, you know, because it's not really going to make your life any better. Not it's great. Thank you for all the questions.

We love hearing what's on your mind, so keep them coming and right now, we are going to keep them coming, but even faster, it is time for our, it does not depend rapid fire segment. So, the rules of this segment are all three of you combined have 60 seconds to answer the question and you cannot use the words, it depends. So, that's one of the rules, Austin, because they struggle that, they like to say it.

So, personal finance, they personal on this one, okay, here we go. It's absolute. Their consolation prize is that at the end of the rapid fire, we will have our, maybe it does depend segment where you can air any grievances or add to what you didn't get to say during rapid fire, if you so please.

I'm so excited. I do, do we have like non, do we have like the non rights, because that we can't play out of the tiger. Just visualize, you can come in. You know, I'm going to sound right.

Don't, don't, don't, don't, don't, don't.

That probably doesn't work. We're not getting trouble. We don't get super. Now we're ready. You see this thing as much as you want.

Okay. For the record. Look, don't want to mess, I learned at an early age, Crosby still's an ashing young. You don't, you don't use music on your podcast, they get you. You can do it.

All right, here we go.

“First rapid fire question, why can't Roth funds be used as an emergency fund?”

Because they're for retirement. Yep, technically they can. But you shouldn't, because you already have an emergency fund, the point of the emergency fund is to ensure that you are one, not swiping a credit card, and two, not caching out money that's already invested for you in your retirement accounts.

It's like, no, you already have an emergency fund. You're good. You don't need to go cash out. Your Roth IRA principle. Yeah, whatever, it's like, you know, penalties, I get that, but at the end of the day,

you already have an emergency fund for this. I feel like we did this like the dapper dance. Because we didn't take our times.

It's just like one of us played the bass, one of us was the alto, like, no, this is the

how we did it. Is that an, that's the aquapelagrid? Yeah, that doesn't. If you go, if you're a main street in Magic Kingdom, you'll see the dapper dance. I'm going down to you drink around the world at Upcott.

I just said that last year is a lot of fun. I have drink, I have not done drink around all at once. I've seen, I've been in Upcott enough to see the people wearing the shirt, but on display or letting us know, hey, be careful of us because we're drinking around the world. Love it.

For the record, I was not wearing one of those shirts. You should have. If I was good, do it. I need to shirt. No, every people's, a lot of people's.

They're like, oh, I construct shit. We do our money, God take over of Disney. Well, I'll have some shirts. Good to know. What I have about, I'm trying to say it's not rapid.

No, here's the thing. If I did it though, we would all, like, we would do half drinks. You share drinks. You ever had pairs up to a buddy?

“Yeah, and that's what my fiance and I did.”

Yeah, well, see. Look at that.

See, that's the response.

Let's say, get through it. Do it that way. Do it that way. That way you can cap it off with Guardians of the Galaxy at the end of the night. All right.

We're going to get back to some rapid fire. Next one is with an eight year age gap, 26 and 34. What ages do you use planning for retirement? Oh, he's almost tired. Oh, man.

Right. He said it. These answers, the oldest persons. Oh, I understand the question now. Yeah, that makes a lot of sense.

That's going to be the most conservative answer because it makes time happen faster. So that's going to be the easy answer is based it off the old person. And they're specifically asking what number to use for retirement, not how to calculate like any of the formulas, like where they are average accumulator, any of that kind of stuff. We can come back to the it depends section.

And I have a lot more feedback. But I can give you the oldest person if you need it on the cuff answers. It's not abundantly clear, though. They were absolutely the question higher and more time. With an eight year age gap, 26 and 34, that what ages do you use for planning for retirement?

Oh, yeah. So I think it kind of encompasses a lot. It's really more of the person's agent.

“What's the date of the actual retirement?”

That's right. Hi, we want to retire in 30 years. Great. Look at that. 60 seconds.

It's too long. You guys better. We're going to spin up a lot. It's not good. We're going to spin up a lot.

It's not good. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot. We're going to spin up a lot.

We're going to spin up a lot. We're going to spin up a lot.

I get the button.

Every time I get a new subscriber, it just kind of gives you the old man.

Everyone is going to just. All right. Let's do a few more rapid fire before we have our. You know, this question time. Then what age or amount of money should you have?

Oh, I just read that one. Shoot. I like to take that. You don't get another chance. Morning.

Currently in step five of food. When trying to build wealth with a spouse. Is there a way to combine accounts to optimize compound interest? What's the ideal for a couple to do? Um, good.

Compound interest will say the same whether your accounts are together or not together. That's where the mathematics work. If you have two one hundred thousand dollar accounts or one two hundred thousand dollar accounts, the math is the same. Now, what's the optimal strategy?

No, no, you definitely use the financial order of operations because one spouse might have a just kick in four

one K that allows you to maximize step six in a really good way.

So you load that up.

“Both of you probably want to have Roth IRAs, but you have to make sure you have the right”

account structure. That's why the financial order of operations is the all terrain vehicle to get you there. Hundred percent. Yeah, I think just as someone who's getting married in May of twenty twenty seven, I can't wait to come. Congratulations. Thank you so much.

Can't wait to combine my finances with my spouse and it's going to be. It's going to be awesome. That's how people build wealth. Can I ask us going to question? This is.

This is a trend. Yes. 60 seconds. This is a trend. It doesn't have to be.

I've noticed all my friends who are getting because I have a lot of friends with adult children getting married now. When I got when I dropped the ring when I did the ring with my wife, it's set a clock for six months. But I know all marriages now are over a year. And now to I've heard this weekend from a dear friend like the venues are booked even for over a year now. So is that what's going on?

Well, I just curious why trends are because I'm just an old school guy. No, I'm it's funny. I don't mean to get weird. But yeah, so I got engaged June 4, 2025. My dad died July of 25. And so it was pause on all wedding plans.

And then in October of 2025, it was let's go now think about the wedding. And the only types of venues that were available were ones we just really didn't want. Or they were available on 9/11 of this year, which is a Saturday. Or our Halloween. I didn't want to get married on either of those days too hard.

Okay, thank you. Thank you. Thank you. Thank you. Thank you.

Your opening up a wedding. Really?

“Because that's what I've heard the same thing from dear friends.”

Yeah. And so then I flipped it forward to spring a 27 May 8th as when we're going to get married. And it was like the last day at this venue. It was that or it was June 10th. Oh, wow.

Like some of these venues are really, really in high demand. Yeah. Oh, you really engaged for six months? Yeah. I was a year.

We were at almost a year today. How long were you engaged for? Oh, I was short. We were like four or five months. I'm sorry.

We're not a fine. Oh, I'm here. Oh, I'm a young body. None of my friends were like that. I was a young body.

I thought when we was the standard. I thought like one year was like pretty common. Yeah. And my circles anyway. I don't know.

I mean, it's. Thank y'all for going this sidebar. I blew up. No, no, no, no, no, no, no, no, no. Financial.

Just. I guess it is weddings are financial. We could go. That's very funny. Yeah, all right.

The venue. The venue. It's a whole industry that makes money off of those emotions. Yes. Goodness.

Yeah. Now, when you're only engaged for four or five months, the venue is very limited, which I didn't totally mind to be honest. I was just like whatever is available.

I'm from South Atlanta. Let me tell you. Those venues and they make it happen. Plenty of venues. All right.

Let's do a few more rapid fires before we close this out. It says, I'm at food step five completed working towards steps. Come, moves up five completed working towards steps six. But the car payment is $935 at four point seven for APR. And that I didn't use the 238 rule to buy.

“Should I start paying this thing off or consider it low interest at age 31?”

Thank goodness. I know. I would really want to know how much you still owe on this car. Obviously, food, go check that out. Make sure you follow everything they share with food.

I think it's an incredible roadmap.

But I think of the day. If you're going to have a ton of money, you owe I think on this car. And you already have that sitting in cash. And maybe like a bridge account, a taxable brokerage account. Something in that nature.

And you can say, hey, I'm not going to. I'm going to go free up a thousand dollars a month by paying this off a bit early. I'm all here. I'm here for that. I would do the math to recalculate what would it take to get this inside of 238.

If based on what I bought it, if I wanted to get it inside of the 238 structure, what would the mathematics for that look like? I was going to say get it back within 238. Go back and do the exercise. But when I love there was Bose Micro Machines voice.

I was like, man, if you're running that at double speed, you're it's cooking the chipmunks. All right. Let's do one more. This is fun one. Favorite finance books in addition to millionaire mission because that is our favorite. Here we go. Let's go. You go first.

Sure. I will say 100 baggers by Christopher Mayer is a great book. I really like the little book of Common Sense Investing by John C. Bogel. And I also enjoy millionaire next week. You go.

Well, I mean, everything is mine.

Because I always say the two books that shaped me initially.

We're a wealthy barber and the millionaire next door.

“And that's why I love what I do with millionaire mission is because I felt like I kind of paid respect”

to both of those powerful books. Because I gave you not a narrative form like wealthy barber, but I definitely walked you through my life story. And how I kind of came across financial order of operations. And but then I put it in the analytics of the millionaire next door. Yeah.

Millionaire mission. How to win friends and influence people. I have to go to. Even though it doesn't seem like it's a financial book, it absolutely will impact your financial life. If you take with that book says to heart.

Great time. Look at that. I don't think I left you much to have. I'll have to do my 16. You didn't. Yeah. So well done. All right. We have now come to the end of our, it does not depend rapid fire segment.

So let's go back. I took notes now. It depends a couple times both. So what do you want to set the record straight? Well, let's go north.

First, any thing to add to the age of the retired.

There's a 26 year old 34 year old. How do I decide in retirement age? Oh, so you said you had to say. I just wanted to add real quick. I appreciate them doing this breakdown.

I'm trying to figure out who's sort of path and all that fun stuff. But I also think a fun exercise would be trying to figure out. We all know what the 4% rule is.

“I think a fun exercise would be trying to figure out your freedom number.”

And by how quickly you can achieve that, right? So maybe there's a world where you can retire at 48 or 52 or 56 before you tap it in these retirement accounts. And so just taking the time there to say, OK, you know, how much wealth can we build in a 10, 15, 20, 25, you know,

your period of time here, what is the 4% rule look like in this? Do we have it in the right accounts where we can touch this penalty free? I think thinking about it holistically, not just having a age here, age here and who should be kind of think about is a great way to approach it. And also, if you guys are married, it's like everyone's money.

So it's not like, oh, this person has money in this account. I mean, it's thinking about it as a unit. When I'm doing financial planning, one of my favorite things that I like that we do for clients is that you'll see a key dates page, just what we can do in retirement planning. And we'll have, you know, for both the both spouses, we'll have dates of access.

But we'll also have the dates that they each plan on retiring. And you can kind of start very quickly seeing where the intersection points are, with Social Security, with, you know, 59 and a half, 55 if they're part of a 401k.

“That's what, that's why I love about doing a plan is because you kind of start seeing”

all the movable pieces and you make a dream into an actual actionable plan. I've got nothing to add to those to those are great. The next question, though, was, and I got some thoughts on this. I know you do. When should I hire a financial advisor?

And how do I find one? It was like, this is my question. What I was going to say is it depends on what you're looking for, but we're not all financial advisors are created equal. And not all services they provide are the same.

Are you looking for something that's like a one time transactional thing? Are you looking for just investment management? Are you looking for like a more total view of your financial life to make sure all the pieces fit together? Because at different pieces parts and stages of your financial journey,

you might be looking for one of those things. So first needed to find what am I looking for? And then you can decide, okay, well, based on what I'm looking for, I'm at the stage that makes sense. I love what Brian said.

If you're someone who's looking for like a holistic look at your entire financial picture, understand all the parts and pieces of your life fit together, we usually see that start to make sense. Once someone has five hundred six hundred thousand dollars of investible assets and some complexity in their life,

where they're like, man, I just don't know the things that I don't know. Now, there are other people earlier on in the journey. And in our opinion is there's tons of free resources and blogs and podcasts,

and all kinds of things out there that are amazing resources

that you can do it yourself. But some people want something slightly more than do it yourself. And there are solutions out there available that bridge that gap between,

And okay, I'm ready for like the full holistic view of my life.

And so you have to figure out where you are and what you're looking for. In terms of how to find that we have a great resource on the website. If you go to moneyguide.com/resources, it's eight questions to ask your financial advisor. No matter what type of advisor you're thinking about,

“you should ask them these questions. Hey, how do you get paid?”

What are your conflicts of interest? How do I know you know what you're talking about? Because you want to make sure once you've defined what it is you're looking for, that the person on the other side of the table, a set of its deliver, that thing that you're looking for.

So it's a free resource growth there. Check that out and use that as sort of like an interview guide as you're having these conversations. I absolutely love that because to your point, unfortunately, there are financial advisors out there that are predatory.

If it's with their fees or maybe they're not fiduciaries. They get paid on the back end by different types of funds that they recommend. There's a lot of little things that people don't understand as it relates to how some of these financial advisors get compensated. And then why they're wanting to put even specific products.

But I cannot agree more. And I think it's really interesting. I want to get you all as perspective on this as you all are doing this. We've seen companies that are offering, you mentioned the transactional stuff right for $250 an hour.

A fiduciary will sit down with you and sort of go through the motions. Or I think I'm not going to name the name of the company because they're not sponsored. But there's companies out there that will, you know, hi, give us $3,000.

We'll give you a whole financial picture. I think it's like that. So how, how is that? Is this a new trend you guys are seeing? Because you guys have been in this space a lot longer than I have.

Look, there's been disruptors and this is kind of the same thing with what's going on with AI right now too.

Is everybody, you know, first it was the hourly advisors are going to

to replace you and then it was the robot advisors are going to replace you. Now everybody talks about AI. The other day for me, it comes down to the execution of the planning because it's easy to create a somewhat coherent plan. It's another thing to actually turn a plan into the execution of something

that creates meaningful change in people's life. And I'll have a conversation with another advisor yesterday. Reviews on that call with me too. And we were talking about, and here's like, yeah, it's the same thing.

“That's what we're kind of talking about trends that are going on.”

It's like I had a wire transfer that, you know, it was like 10 calls to make sure this wasn't a crooked transaction. And I think about how we have to massage the paperwork for so many of our clients on how you do key transactions when you're consolidating health savings accounts. And when you're doing Roth conversions, when you're actually reviewing the tax

returns for clients before they hit the file this because you might know you, the advisor might know more about the investment transactions or the interaction of all the investment income with Irma or social security than even the tax prepared. So all those things kind of come into play. So it's back to the execution.

Now maybe we get to the point, but I get excited. I even have an optimist. I'm just a natural optimist that I think even if this thing can do execution down the road, I think that just means that now we can service and more people. Because right now my restrictions are the financial advice.

That's one. Everybody picks on especially us who choose the relationships out of things through AUM. I say you have to realize we really do adhere to the done bar principle that humans just can only handle so many relationships.

Well, and I can only work with so many people. And my time we have more people that want to work with us than we can actually do. So we have to put governors on how we structure that. So I get excited from the technology standpoint. If something allowed us to actually meet reach more people.

Yeah, maybe that compresses the cost to some degree. Which even opens it up from a cost, you know, if it's supplied to man. If we in the pricing of the flexibility of all that, the availability of all that stuff. I get excited that we're not even seeing what could be. We're all thinking about the destruction.

When I see that there potentially could be access to more people.

Because my goal always has been with the show is to be an educator and see if we can get more people making better decisions.

So I get excited. That's what we can just give it away.

“I remember, y'all, I've been doing this so long that you should know that when I first started going to conferences.”

It's probably 2009, 2010. And I'd go these conferences and other financial advisors back. You're just giving it away. Aren't you scared that that's hurting you? You've eradicated your transparency.

Yeah, and I'm like, no, I was like, because I just, I think that this is the education is so powerful. And I know that the complexity is going to be there and what we're sharing. So I've never been burned by being super generous and having this optimistic mindset. And I think that we'll be okay in plus the sense of community. You guys know, every, you come here every Tuesday because you know that financial meetings are different.

And we're leaning into how we can expand that community element. Even more, because we want you guys to be able to connect. We want you to be able to connect with us. And that's something that no machine is ever going to be able to replace us.

Love that. Love it. No, I do.

This has been really awesome.

“Thank you so much for joining us every Tuesday at 10 a.m. central.”

We'll be back next Tuesday and until then, make sure you check out MoneyGuide.com. So we have tons of free resources, calculators and articles all going deeper on things that we discuss today and more. So MoneyGuide.com. Austin. Thanks for being with us today.

Yeah, let us know if anybody wants to know about your stuff.

You laid off there.

“Yeah, can they find you every Monday, Thursday and Friday.”

We're publishing new episodes of the Rich Habits podcast on Spotify on YouTube on Apple. We'll go check out the Rich Habits network a place for our biggest fans to have extra coursework, have participated in weekly live streams that my co-hosts and I have. Go check out gritcap.io, which is the URL of my newsletter called Rate of Return.

And just check out Austin Hankwitz on the internet.

Yeah, that. Guys, we have a blast. I think you can see. Thanks a passion. So fun.

Yeah, this is great. It came with to do it again. This is a lot of fun. I'm your host, Brian.

“Join Bobo and Austin, Ruby, and rest of the content team.”

Manigah. Out. The Money Guy Show is host about Brian Preston and Bo Hansen. Brian and Bo are partners with a bound wealth management. A bound wealth management is a registered investment advisory firm regulated by the Securities and Exchange Commission.

In accordance with the compliance of the Securities Laws and Regulations, a bound 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 involved agree with risk including the risk of loss.

With Amazon, more than 50% of the population with less than 1% of the population has been paid for. In the paper-tutant, Bo is also going to spend a lot of time. If there is nothing to do with it. In the paper-tutant, Bo is also going to spend a lot of time with the Securities Laws and Regulations, and the money is also going to spend a lot of time with the Securities Laws and Regulations.