Top 5 Wealth-Building Challenges (And How to Overcome Them)

Top 5 Wealth-Building Challenges (And How to Overcome Them)

We want to help you succeed in your financial future, but we know that things can be tough. Life gets complicated – and so does your money. So we polled you guys on Instagram, YouTube, X, and Reddit asking what challenges you were facing. We picked the 5 that were the most common – and now we’re going to walk you through those challenges and, of course, how to overcome them.

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.

[CristofEnsslin]

1) Inflation 2) Lifestyle Creep 3) Marriage 4) Children 5) Aging Parents. Major challenges noted! Thanks for all that you do!

[jorlowsky]

Cutting back on dinning out and making my meals, has made me not only save a little more money, but more importantly, it’s helped me slim down and get better sleep.

[emoney]

Brian, no idea if you'll see this, but I love that the framed iPod has been replaced with your book. I know the iPod "started it all" for you, but it's really cool to go from displaying someone else's creation that inspired you to displaying your creation that will inspire many others. God bless.

[loborocket]

My family is past the childcare phase (both kids are grown and out of house). when we were there our approach was to work off shifts. I worked 7am to 3pm. My wife worked 4:30-8:30 and then worked the weekends. We did not see each other as much during those years, but we avoided childcare costs and kept our kids with a parent all the time.

[ronmellen-stier]

Killed it on the the ‘boiling point” pronunciation 😂

[Nahom-ptkm]

17:36
First 100k takes 7.6 years and the last 500k takes 7.5 years

The first 100k takes as long as the last 500k!!

[purplehearts]

I am 24 and I hit my first 100k in June 2023. Now as of Feb 2024, I am almost at 130k. It's so true about how once you hit your first 100k it gets easier to gain more due to compounding interest

[gringopapi]

First 10 seconds of each video: Bo - “Brian I am excited about this!!!” 😅❤

[alexr-pd]

Adding to the conversation when combining finances.

Just showing the spreadsheet can be intimidating. What worked for us was doing the usual (detailed) budget for our (now) combined finances, but keeping the conversation around our annual savings goal. Then peeking behind the curtain if we wanted to save more. And understanding how forced scarcity on certain activities will impact our annual savings.

A few footnotes for my relationship. We both live life frugally. Our budget was based off of our previous spending habits, so we weren’t experiencing a dramatic lifestyle change. We combined our finances once engaged (2.5 years ago). We also check in with monthly ending balances to see if we are drifting. Our current goal is to buy a house, almost there :)

[RobWilliams]

Money and marriage - that is so important. Also, not just with money but lifestyle, values, how you want to raise your kids, etc.

[michaelseeley]

Bo’s eyes at the end when Brian went off script and off the rails with the “Money Guy Team…” 😂😂😂

[LexMouse]

Could you please talk about the finance challenges around having a child with special needs? I live in a country where there is not a lot of free therapy for kids with special needs. So getting therapy for our kids is one of our biggest expenses and it is so hard to know how to manage it all... never mind navigating all the problems around choosing what therapy to invest in and what to forget about because really we could spend all our money on all the different therapies. Especially because these are our kids and we want them to be happy and healthy.

[minuteworkout]

Great show, everyone! Love the graphics and charts

[kellyspaghettti]

I was living pay check to pay check at a high household income because of spending problem. Im so glad it didn't become a debt problem before I got my sh*t together.

Now I spend less than 25% on wants, invest almost 50% and dont even feel like I am sacrificing that much. Its crazy how little value all that extra spending brought me because I spend a third of what I did before while still feeling like I am able to have fun and eat out, etc

Zero based budgeting is what got me to this point. No other method is as helpful at making you reevaluate your priorities at a very regular cadence

[jamesparsons]

This is very relevant for me right now. My wife (46) and I (45) just hit $1M in investable assets (traditional and Roth 401k, Roth IRA, HSA and brokerage). Took 23 years. Looking back- wish I would have put more into my Roth IRA, but focusing on moving forward not looking back. Goal is to retire at 60.

[RobWilliams]

Shadow stats would double those inflation numbers - they go by the same data as the 70’s.

[bilistooka_go_boom]

When would you suggest having the conversation with your parents? My parents are around 60, so they have a (hopefully) long time left. They are both working but my siblings and i have no idea what their plans for retirement are.

[stonecox]

Do y'all know if the 60/40 split for raises was 60% savings and investing or 40% savings and investing? Trying to find where he has talked about that more, but haven't found it yet.

[jacksonbilly]

I love you and your whole team. Changing lives, changed me and my whole mind set. Since I found you 1 year ago, my life has gotten 10x better and I’m making real progress. Never had a cent to my name until I found you. I’m forever thankful. Once I have enough net worth and money, you’ll be my go to advisors and hopefully will make it to be a customer

[kay]

Childcare is serious... it's nearly same as my mortgage