Brian Preston (Money Guy Show): Financial Order of Operations
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- Опубліковано 27 тра 2024
- In this BEST OF MKM interview highlight, Brian Preston, from The Money Guy Show, shares his famous Financial Order of Operations!
CHAPTERS
0:00 Intro
0:24 First Order of Operation
1:34 Employer Match and High Interest Debt
3:23 Emergency Reserves
5:02 Roth and HSA
7:08 Maxing Out Your Retirement
8:18 Hyper Accumulation
9:39 Prepaid Future Expenses
10:56 Coast FIRE's Concept
13:50 Low Interest Debt
#BrianPreston #MoneyGuyShow #FinancialOrderOfOperations #Investing #FamilyFinance #PersonalFinance
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GUEST BIO - Brian Preston
Brian Preston, CPA, CFP®, PFS - Brian is founder of Abound Wealth Management and host of The Money Guy Show. Brian is a 3rd generation educator, and this desire to create educated clients led to the award winning podcast and UA-cam channel. He has been broadcasting for over 15 years. When not helping clients reach success with simple, smart strategies, Brian loves spending time with his wife, Jennifer, and their two daughters in Franklin, TN.
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CREDITS
Video Editing: Andy Hill
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Check out the full interview with Brian Preston here: ua-cam.com/video/yAh4sg9O9PA/v-deo.html
27 and currently working on Step 5 🥰 Learning all of this has hugely changed my mindset on “needing” a new car, “needing” new clothes all the time, “needing” to eat out.
The fact that you're learning this and taking action on it at 27 is MASSIVELY impressive.
At 27, I had a -$50,000 (negative) net worth and was spending way more than I earned.
Keep it up!
The Money Guys!
My favorite show.
They rock!
good little chat, we love Brian Preston
Thank you for watching! Yes, Brian is helping so many with his smart financial advice 👍
Two of the best in the business. I love the positive, informed, optimistic, and non-political approach you both take to personal finance content.
Much appreciated! It was fun having Brian on and learning from him.
Love the money guy show! What a great guest to have on.
Their content is so helpful! It was an honor to chat with Brian
Incredible! Great person to have on the show! I love Brian Preston & his channel/podcast.
He’s a guy I really trust and he’s out there to help us all win 👍
My job only gives a Pension. They also give you an optional 457b which I max out. Just started a Roth IRA too
Incredible! Future millionaire if you aren't one already!
@@MarriageKidsandMoney house paid off and completely debt free at 36 too.
@@appleztooranges That's incredible!
Very helpful and clear advice. Fantastic interview !
Brian is doing incredible work! Glad you enjoyed it David!
Too cool! Great video. Definitely would like more videos like this. Awesome
That’s great feedback Robert! I’m on it 👍
Good stuff brother. Lucky you to interview him. Thumbs up brother!
Brian is a great guy!
I love ❤ 😍 The Money Guy and team!
Aren’t they great?!
Great Show, those guys are great.
Thanks Sean! You know from experience this stuff works 🤑
I love them so much I named my reference channel after them!
Nice!
It’s Brian Preston the money guy 😊
An honor to chat with Brian!
How do you save up for a down payment on a house? Should you allocate some of the money to a HYSA instead of the roth IRA and HSA? What priority is getting out of a rented apartment?
Depending on your timeline for buying that house, a HYSA could be a smart move!
Investing might be risky with a shorter timeline.
More thoughts here: ua-cam.com/video/9L1Fsbr-qvM/v-deo.htmlsi=3O2qyKt3aVtpTu9K
FWIW y'all missed something about the deductible. You need to save more than that as their is usually co-insurance. Really, you should have whatever your out-of-pocket max, is. If you're self employed it can be sky high, unfortunately. Our out of pocket family max when I was self employed was $14,400.
Great feedback! Our family uses an HSA to set aside money for deductibles, co-insurance, etc.
Depending on the medical issue, it could be quite expensive!
how does risk factor in? For example, should you prioritize paying down high interest debt over 3-6 month emergency fund if you work in an industry being hit with layoffs?
Great question!
I believe "steps" or "orders of operation" are good guideposts for us to view, but we need to factor in our own unique situations into the equation.
If your industry is being hit hard with layoffs and you have a feeling you'll be out of work for a bit, having money in the bank is a smart move.
So is step 0 getting insurance? Because I don't have health insurance...
can you do an episode about starting your own company to be a broker-dealer in an LCC of one (yourself)
SEC, SIPC, FINRA, CRD, IARD - start with defining those terms and explain the annual fees
1.) create LCC
2.) fill out form BD through the SEC
3.) join FINRA or another SRO
4.) ???
5.) Profit
Can anyone tell me what that number tracker behind Brian's head is called or where one would buy one? I Googled the crap out of it, but can't find it
When you find out, tell me too. I want one to track the progress of this channel!
Should that max deductible be my Max out of Pocket for my health care? That is a higher number than my 'deductible' (nearly double).
That's what I do...yes.
I recently started seeing Money Guy's content, but I can't understand any of this. I'm not a native english speaker and I have no idea what Roth, employer match or HSA is and no matter how many times I try to see them explaining it, they just jump into it without really explaining what it is
That sounds frustrating. What questions do you have?
They have stuff back in their catalog, they talk through it, but not every episode.
Is it possible you are not in the US? A lot of their advice is specific to programs and tax rules in the US - you can pick universal tips out of that, but it will definitely be hard to understand if you don't know the available programs.
Roth 401k/ira means you use after tax income to invest in a type of retirement fund (called a Roth) and the gains aren’t taxed. Traditional 401k/ira means you invest with before tax income, you don’t pay taxes now but you pay later when you withdraw money from your retirement account. Ira is a personal retirement account 401k is sponsored by your employer. Some employers will match your retirement contributions up to a certain percentage depending on your employer that is employer match. Hsa is a health savings account. You use pre tax money and when you buy health care related stuff you don’t pay sales taxes on the healthcare bill.
This is all americanized you need to find the equivalent in your country
There are no retirement loans
That’s the truth!
I need help growing my wealth, I want to hyperaccumulate. can someone save me from the stagflation
Im 21 i get butthurt when they use 20 year olds for examples lol im older than that 😂
You should absolutely be offended! haha
Disappointed they skipped talking about HSA.
He kinda skips over HSA and what you're supposed to do with it.
Here's some information I put together about HSAs - ua-cam.com/video/lPm9f7SaxPQ/v-deo.htmlsi=rnA5cFiuLHGMbx2X
I truly don't like the idea of not paying for the child's college and burdening them with lifelong debt just because you are too lazy to work until 65. Its a form of throwing them under the bus, isn't it? 9:39
Yep a specialist education is a requirement even if it is not college. Getting good jobs requires special knowledge...
I don't have kids but really it seems like parents stuck between forcing kids to potentially get loans for college or taking care of parents because they can't afford to live on their own and maybe not able to work.
Really tired of 22 year olds being used as an example, I’d bet the audience is primarily in their 30/
Most likely
Started listening to Bo when I was 22. Now 25.
Car Paid Off.
Joined Military.
Invested 60k.
Bachelor's degree is paid off.
Gi Bill will pay for PhD.
Same! I turned 40 this year and I feel pretty f**ked
@mycarshit You're not, though. If you wait any longer, you will be. You have to crack down now. 20s is ideal. 30s is ok. 40's is almost too late, but there's a chance. 50's you're fucked.
23 lol