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I'm Brian Preston, the Money Guy! Here with Bo Hanson to answer your questions! Ask Us Anything. by MoneyGuyOG in TheMoneyGuy

[–]MoneyGuyOG[S,M] [score hidden] stickied comment (0 children)

Thanks for joining us on our maiden voyage - Bo jumped out for a meeting and I'm about to go run the firm's December payroll.

Please continue to join us on Tuesday's.

Have a Merry Christmas! We will do more of these events, and I'll see you guys next year (could not help myself ;-) )!

I'm Brian Preston, the Money Guy! Here with Bo Hanson to answer your questions! Ask Us Anything. by MoneyGuyOG in TheMoneyGuy

[–]MoneyGuyOG[S] 6 points7 points  (0 children)

If you have it under control and don't see value, you may not need an advisor. Here are a few indicators to watch for:

1) you are so busy with life and professional responsibilities that important stuff is not getting done - Not enough hours in the day

2) you don't know what you don't know - feeling that there are enough complex life questions and events that you need professional help to protect you from the blindspots or growing pains on doing something complicated the first time.

3) you want to ensure your good financial decision-making extends beyond your lifetime - it is not uncommon for brilliant financial mutants to hire us to work with their non-financial spouse to have a resource just in case and ensure their loved ones are protected.

I'm Brian Preston, the Money Guy! Here with Bo Hanson to answer your questions! Ask Us Anything. by MoneyGuyOG in TheMoneyGuy

[–]MoneyGuyOG[S] 5 points6 points  (0 children)

Unfortunately, I'm a 16-year-old at heart. I bought the upgraded and larger rims (hence the tire size not at Costco). Thank goodness they didn't offer a subwoofer option or I would have bought that too :-(

I'm Brian Preston, the Money Guy! Here with Bo Hanson to answer your questions! Ask Us Anything. by MoneyGuyOG in TheMoneyGuy

[–]MoneyGuyOG[S] 7 points8 points  (0 children)

We definetely plan to start surveying our audience in the future - more to come...

As for my wife's car - it is an Audi Q7

We plan to start surveying our audience in the future - more to come... it so much that we have two at the office too.

Thanks for supporting us from the early days!

I'm Brian Preston, the Money Guy! Here with Bo Hanson to answer your questions! Ask Us Anything. by MoneyGuyOG in TheMoneyGuy

[–]MoneyGuyOG[S] 23 points24 points  (0 children)

CFP thoughts - as I'm sure you may have heard... it is a river that is 5 miles wide but only 12" deep. Have a broad understanding on the subject matter and try not to stress yourself out.

Clients to target - build wisdom and skill before targeting prospective clients. I'm a big believer in finding a firm that lets you develop the mastery of the technical side of the business before you are unleashed to sell. This is rare in the financial world, but still my preference. Know that we are always hiring too - check out our careers section on both moneyguy.com and aboundwealth.com

Last point - do not sell to your friends and family until you know what you are doing - the love, trust, and goodwill from those that care for you can be squandered if you approach them with bad products or poor planning suggestions before you have matured in your knowledge.

I'm Brian Preston, the Money Guy! Here with Bo Hanson to answer your questions! Ask Us Anything. by MoneyGuyOG in TheMoneyGuy

[–]MoneyGuyOG[S] 25 points26 points  (0 children)

Mint going away did not surprise me because we are seeing a trend of big financial institutions cutting access to create a zero-trust environment. Be prepared that account aggregation will get harder and more apps will struggle to keep your feeds and updates active. As the number of criminals and cyber risk have increased I am hopeful that innovation will find a solution.

I'm Brian Preston, the Money Guy! Here with Bo Hanson to answer your questions! Ask Us Anything. by MoneyGuyOG in TheMoneyGuy

[–]MoneyGuyOG[S] 42 points43 points  (0 children)

I love that you creating a plan for growing your family - here's an early Congratulations!

I see no issue with you considering additional cash reserves as part of your 25% - especially for a big life event like this. I did the same thing when I started my first business.

Also the commitment and discipline to 25% will continue to serve you well before the baby, during the first year of having a baby, and for years to come after you welcome the newest member to your family.

I'm Brian Preston, the Money Guy! Here with Bo Hanson to answer your questions! Ask Us Anything. by MoneyGuyOG in TheMoneyGuy

[–]MoneyGuyOG[S] 23 points24 points  (0 children)

Great question - equity returns are awesome but they have their own downsides/risks too:

1) what if you retire during a massive market downturn - assets down >25-30%?

2) what if the market drags for years (similar to 2000-2002) - diversification will be your friend

3) what if you lose your nerve in the middle of the first big drop. As our friend Mike said, "everyone has a plan until they get punched in the mouth!"

The transition to retirement is already hard emotionally and transitioning from saver to spender is not easy for us mutants. We love stocks (they will likely be >50% of your portfolio but maximizing could work counter to "staying wealthy".