DeepSummary
The podcast episode begins with a question from a listener, "Bobman82," asking about the goals after step nine of the financial order of operations and at what step can one consider spending money on fun activities. Bo Hanson and Brian Preston explain that after step nine, one's goals can be anything they desire, such as building a legacy, supporting charitable organizations, or experiencing the world through travel. They emphasize that money is a tool to achieve one's goals and experience life in the desired way.
The discussion then turns to when one can allocate funds for fun activities. Brian Preston advises that even during the earlier financial steps, one should create fun memories and enjoy life within their means. However, he acknowledges that the concept of "fun money" typically arises after step nine, when one has achieved financial independence and can focus on their values and purpose.
The hosts also address a question from "Nathan" about feeling FOMO (fear of missing out) for not investing in real estate. They advise considering one's available time and interest in real estate before committing to it, as it can be a significant hassle. Instead, they suggest exploring other investment options that align better with one's lifestyle and goals.
Key Episodes Takeaways
- After achieving financial independence (step nine of the financial order of operations), individuals should focus on finding purpose and aligning their spending with their values and desired experiences.
- Creating enjoyable memories and spending on fun activities should be prioritized throughout one's financial journey, not just after reaching step nine.
- Real estate investments can be valuable but require significant time and effort, and should be pursued only if aligned with one's interests and lifestyle.
- Money is a tool to achieve one's goals and experience life in the desired way, not a goal itself.
- Happiness does not necessarily require excessive spending, but rather prioritizing quality time with loved ones and finding purpose.
- Individuals should critically evaluate their motivations for pursuing certain investments or financial strategies, rather than blindly following trends or external influences.
- Health Savings Accounts (HSAs) offer flexibility and tax advantages, allowing individuals to use the funds for medical expenses or as a retirement account after age 65.
- As one's financial situation becomes more complex, it may be beneficial to seek professional guidance to optimize strategies and avoid blind spots.
Top Episodes Quotes
- “Money is not a goal. Money is a tool that allows us to achieve the goals that we have to do the things that we wanna do, to experience life in the way that we wanna experience it.“ by Bo Hanson
- “I want you to bank memories, and I want you to actually use some of your resources to create those fun memories and those bedazzled basic things.“ by Brian Preston
- “Remember, I share even in the book, that the poorest time of my childhood, that messy middle for my parents, was actually the happiest part of my, you know, looking back on those years, is because spending time with people you care about and love with is more important than spending money on stuff.“ by Brian Preston
Entities
Company
Product
Person
Concept
Book
Episode Information
Money Guy Show
Brian Preston and Bo Hanson
7/3/24
"What are the goals after Step 9? Also, at what step can you consider fun money?"
We'll walk you through that question and more in today's Q&A episode!
Jump start your journey with our FREE financial resources
Reach your goals faster with our products
Take the relationship to the next level: become a client
Subscribe on YouTube for early access and go beyond the podcast
Connect with us on social media for more content
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.