Financial Advisors React to UNHINGED Money Advice on TikTok

Financial Advisors React to UNHINGED Money Advice on TikTok

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[davidtree]

Former IRS agent here - that first clip, yes, he is full of it. Once I hear that he has put his family on as board members and then he is deducting family meals EVERY night at his house on his taxes, I am disallowing everything. Then I am going to dig into every aspect of his business because he is being incredibly aggressive and no sane person would buy that interpretation of the code. I'm also leaving that meeting thinking I may have a fraud case on my hands.

Second, if he is doing this he isn't affording it because of the tax savings - for every dollar he is spending he is only saving 18.5 cents AT BEST (assuming 37% tax bracket - 1*0.5*0.37). Nobody stays in business spending $100, 000 to save $18, 500.

[d_all_in]

People think tax write offs make things free. In reality it's a discount equal to your effective rate. Congrats spending $100 to save $20 on your taxes 😂

[Rastebb]

Im just gonna jump at midnight on 4/15. That way im not on US Soil and not subject to federal income tax

[FirinMahLazer]

The guy in that second clip 1000% knows those cars are getting repossessed.

[justgaming]

Teaching your daughters daytrading? They would probably be better off learning card counting in Vegas

[karterestill]

I lose braincells anytime I hear Grant Cardone's voice😅

[aliali-ceyf]

these influencers really gain any money by duping people into buying their "system" is refreshing that there is a huge backlash now to all influencers

[sasukesuite]

9:30 is my mom in a nutshell. She'd always say "I'm going to move out of my Section 8 apartment this year, watch." She's been saying that for the past 21 years.

[elwilmerborges]

Thanks you so much Money Guy Show for all you do! You react and also educate. Keep up these videos coming, really enjoyable!

[grace.]

10:35 i hope i never have to see another video by this guy ever again in my life

[gibblespascack]

"401K is a way to hide money for the future" True, but the best part is that if you started contributing at 25, you will be taking out lots of money that you never put into the 401K plan. Living off that growth for a decade or two is a great thing even if you are paying income tax.

[lVlegabyte]

I love these types of videos! I always find someone parroting one of these people on tax write offs. Also people thinking tax write offs being an infinite money glitch, they don’t understand you still pay for it.

[rickdunn]

@ The Money Guys. Perhaps do a simple model showing a younger person that keeps buying new cars vs one that buys a good used car and saves for retirement early (e.g. 88.3X multiplier).

[The-Financial-Hooper]

Some of these Tik Toks can really be infuriating lol…. Thanks for keeping us grounded, Money Guy team!

[BiggMo]

3:08 (Brian’s Troll Here) …Nice video guys, seeing your reactions sprinkled with reality makes my morning

[rffinances]

One aspect of the tax benefits of a 401k not often talked about is how you likely get a tax deduction at a higher tax bracket than when you withdraw it. In my case, most of my money going into my 401k would be taxed at the 24% tax bracket. I expect my income will be lower in retirement, so I doubt I'd hit the 24% tax bracket then, but even if I did, a lot of my withdrawals would be filling the 10%, 12%, or 22% tax buckets. So, while it is true that I'll need to pay taxes when I withdraw from my 401k, it will be less than the savings going into it. And while it's possible taxes will be higher in the future, I doubt there will be the political will to raise taxes at the lower brackets, where I expect most of my retirement income to be.

[briankennedy]

Bo, is there ever a time you are not excited? Would love to see a (short video) of the things that bore Bo.

[luphelele]

The private chef thing is the most unhinged and illegal lack of understanding I've heard in a while. Writing off an expense doesn't mean the government pays for you. You just don't pay tax on it - which is just a small percentage of the expense. Being able to write it off doesn't make you more able to afford the expense. You're still paying 100% of the cost. You're just not paying the additional 28% you would have paid for taxes.

[ImSuhWeet]

The "oh ya, right back up" comment from Brian has me in tears hahaha 😂

[johnnyfive]

That Alameda Research chick also claimed she is not math wiz. I forget how that worked out.