How to Recover From 4 HORRIBLE Financial Mistakes!

How to Recover From 4 HORRIBLE Financial Mistakes!

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[JakeSpradlin]

Client 2 is one of my favorite money guy stories! I’d love to be a fly on the wall when Brian called the insurance salesman 🤡🤡🤡

[alextemus]

Fabulous show idea! I'd love to hear more of these examples. I think this is partially why the Ramsey show thrives is it gives more of the human component to finances.

[lindacgrace]

My Daddy told me: When they can't dazzle you with their brilliance, they'll resort to baffling you with B.S. You are an intelligent, well-educated person, if you don't understand the proposition, RUN! It is never a good thing not to understand your investment.

[Mike-zflo]

0:01 Find someone who looks at you the way Bo looks at Brian when Brian gets animated about something.

[neoloaded]

01:32 - Client A: Spent with reckless abandon
11:03 - Client B: Bought financial products from the insurance agent at Chick-fil-A
20:51 - Client C: Got rich and kept running the score
26:50: Client D: Let CNN and Fox News manage your portfolio

[josephjuno]

I am more like Her! I am 61 single no kids, don't need to leave LG Legacy. I had an advisor that had me living on only Soc Sec and Pension whole he had my IRA Grow to $2 Million? WtF? WHY wud I want to eat gruel like scrooge w $2 million in the bank! I want to Travel and enjoy Retirement I worked hard for this money! Btw, his fee comes from the part that wud reach $2 million! Nope, not going w that plan!

[michaelwoods]

Those annuities have managers who do only what I can do myself, and I don't charge myself for it! Of course, it helps that I've been a CPA for over fifty years, but anyone can learn the same stuff about investing. A good place to start is with you guys and Dave Ramsey. You're good!

[Luckyaau]

For example 1: 4% withdrawal rate vs 8%, it would have been nice to see inflation adjusted withdrawals after the first year. I'm sure the result is mostly the same (the one who pulls out less has a lot more in the end than the other who ran out), just less money for both over time.

[matthewsawczyn]

6:00 To live off $80, 000/year and to _gain_ money is incredible

[VariationsOnASeam]

I always get upset when I hear people lost their money by helping family.

[LuisVelazquezLV]

One of the biggest mistakes I have ever seen, someone before retiring liquidating their traditional 401k to pay off their mortgage. Another big mistake I have seen, is someone have a 457b and it's invested for nearly 40 years, but in a stable value fund.
I cannot confirm or deny that this is the same person or people in the same household.

[evardmuts]

One valuable thing I learned from high school econ class is " There is No Such Thing as a Free Lunch, " I always gotta know what they get out of this.

[brickpub]

2000 was probably the worst year in history to retire if you're living off investments, so I guess it's good they use a worst-case scenario for their model. If those two had retired in 1994 with 2 million they both would have been sitting pretty 23 years later, with #1 at 8.4m in 2017 and #2 at 3.5m. So there's a lot of dumb luck involved with timing your retirement.

[h]

First XD. I've made a few financial mistakes. Mostly poor investments. One I knew was bad going in, but I wanted the experience and to rub shoulders with people in that field. While that investment lost me 4k, I gained knowledge and partnerships that have made me many times over what I lost to aquire them. A second mistake was being a secondary lender on a property where the investor went bankrupt. That was painful. Don't do that lol. Aside from that, it's thankfully mostly been poor stock picks, but at least I can use those for some loss harvesting. Thankfully most of my choices have been solid, some outdoing my expectations to the point of being able to retire in my late 20s. Many of the choices people told me were mistakes were not, like BTC and I Bonds. They just weren't doing too hot at the time, but look at them now lol. Mistakes are a part of life. Just don't put all your eggs in one basket, and do not count them before they hatch.

[susanclaire]

I enjoy your videos so much! I inherited a small-ish amount but I invested it for my retirement, no crazy purchases.

[anniealexander]

I'm afraid to take on risk right now. I'm saving an emergency fund. I usually don't feel the need for one but with the current environment, it sounds reasonable. My bills are minor. $87 light bill, $52 water and trash bill, $76 for groceries. Easy week!!

It's usually hard for me to let money sit. I set up a treasury direct account but it takes a month to link my bank account. 😔

[letsdothis]

I didn't ha e a mistake but my partner had a massive heart attack and 5 surgeries with a lot of complications afterwards. We lost just about everything how can we recuperate after such a financial deficit. He's 68 and I'm 57? Lease help

[dolevmazker]

I loved all the client stories.

Its a shame about client number 3 tho...

[paulbernitt]

Good stuff. Just need to add in social security dollars kicking in at some point. Imagine the 4% guy cutting withdrawals from retirement savings in half and the 8% gal reducing her withdrawals by $40-K per year once SS kicks in. Certainly, the gal will not grow her dollars like the guy and will run out of money but could extend her retirement for several more years. Certainly, the 4% option is the way to go for growing eternal wealth and not running out of $. Knowing the numbers that matter in retirement is the key to building not only enough for yourself but also eternally for those you love the most.

[anaestereo]

Buying 2 pizzas for 10, 000 bitcoin was a terrible financial decision