Money Trends By Generation (Where Do You Stack Up?)

0:00 why do the drums at the start here sound VERY familiar?! :O

Rapid fire failed.

Now on the happiness scale, starting your own business has to be the top.

I thought it was the American dream not the American promise. Very different descriptions of generations.

The bantering in this segment is better than the financial advice! Thanks for the laughs, y'all are great!! Don't forget about Curtis Blow's "Christmas Rappin"!!

Hey Money Guys, just commenting for the algorithm!

This will be my first year doing a net worth statement with my spouse. Thanks for the tips on how to start the conversation.😊

I relate to the question about converting employer match dollars to Roth. When I was just figuring out finances, I thought that once we got out of debt, the best idea was to convert as much to Roth as we possibly could. As I started to understand taxes more and how accounts can be pulled from in retirement, I realized it’s not a terrible thing at all to have some tax deferred assets. I think sometimes we go too hard saying that Roth is really really good but don’t also say that there is still a valuable purpose for traditional accounts

10:05 that's a huge assumption for gen Z. If you're in gen Z and already at the US median income you are way above your cohort's median. They have these numbers by age you know.

Was the definition of "generational wealth" given as part of this survey? The way you guys use it is much different than how I would define it and that discrepancy could explain some of the survey results.

Double the work force with women and slowing marriage rates, yeah it’s going to be harder except for investors.

Who farted?

Ya, millennials experienced pretty much all the same things Gen X did. We were much more a transitional generation than Gen X were.

My family breaks into song like Brian is describing randomly. Doesn’t have to be on a road trip, could just be while we’re making dinner etc. I’m actually surprised more people don’t.

I have one data point for creating wealth. Was a partner in a S corp for about ten years and we did okay, but didn't create a lot of wealth. Sold out to my partner and went back to 9-5 job. Created a lot more wealth working 9-5 and saving 20%-25% in tax-deferred, invested in market.
Sure, nice to set your own hours and all that, but there's a LOT to running a business. Lost a lot of sleep just worrying about making payroll and all the 'behind-the-scenes' business stuff.
P.S. I retired from 9-5 job about six years before my former partner finally sold his business to retire.

The optimism of youth 😊 the general population is more pessimistic because they have been out fighting in this economy for years. You need to have optimism in youth.

Why is Bo’s wife dumb? He presented her poorly and hopefully she is smart

4:35 Ah yes, the era when we still needed a rooster to wake the Internet up every morning.

re "get a financial advisor through work": find out if they are a fiduciary

I feel like you didn’t follow the FOO regarding Momto3’s question about the car loan at 7%. If she didn’t already have the emergency fund you would have told her that step 3 is high interest debt and she should pay that off before building the emergency fund. Why wouldn’t that still be the answer? Shouldn’t she use those funds to pay off the debt so she’s done with step 3 and not doing the FOO out of order? 🤔

Love the rapid fire style! Rebie needs a nerf gun as the enforcer.

I told my wife that the money guys said going over our net worth could be romantic…. She did not agree.

Bo asking Brian to repeat his modem noise absolutely destroyed me lol

Money is a lot easier to make nowadays! I wish i had Bitcoin and Robinhood when i was 20!

I think a very fun way to do the annual net worth review would be to make it into a “Spotify Wrapped” style presentation! “Our net worth grew by XX%” or “We saved and invested $XX this year.” Planning on doing this when I move in with my partner!

❤❤❤❤

I had this sparkiling or stillwater issue last weekend. Wife said still thinking it was tap and got a 8 dollar bottle of water. It was delicious though so not sure if it was placebo.

Add tax efficiency to that emergency fund question. It would suck to trigger short term tax liabilities because you need to replace a water heater or something like that.

I liked the rapid fire 🔥!!

5:30 The best way to create generational wealth wasn't on the survey. It's spending lots of time with your kids, teaching them all the things you wish you were taught at their age.

My favorite part was when Brian made the modem sound. 😂😂

if you can, could Brian talk about accounting degree graduates that have a CPA but don’t want to go the public accounting route? thanks team!!

I wish I lived in TN, I'm a recruiter!

Hello, I have an about 135k saved up and need to put 12k into an investment account, but which one? An individual broker (60k) I add 4k monthly, roll over IRA (5k), or open a Roth IRA (the rest is in 401k and 1y emergency fund). I'm 30 and trying to semi retire in 10 years and have a marginal tax rate 29% i expect a lower tax rate in retirement. I work in a volatile industry and have not bought a house and no kids.
Thanks for you help!

Brian’s answer to the first rapid fire question. His tone of voice never changed and some reason it reminded me of Will Ferrel in Old School where’s he’s doing the debate and says “what happened I just blacked out”. Lmao.

3:56 my grandfather rode a water buffalo to and from school (Philippines) that he paid for to attend. Our opportunity today (born in 98 , married with a daughter and house purchased in ‘21 with zero money received from grandparents,bc parents died and left). We have a million times the opportunity in America today than 99% of human history. There’s nothing to complain about in historical context

Brian's wife is gonna come home alone from that hike one day if his financial sandwich isn't good.

For the convert the pretax to Roth question. Maybe I missed it, but wouldn’t they also possibly jump up in tax bracket on that conversion if they have a lot. So if they have a couple hundred k in there they could easily be in the 30’s tax rates rather than the 20’s.

The koozie/tumbler combo is a WINNER!

Social media also I would guess has a lot to do with younger generations thinking generational wealth is possible. Think about the videos where they interview college students and ask how much they think they will make and almost all of them say six figures when the reality is the average household income isn’t even six figures.

I would love a guidance on house price vs net worth (or investments) by age. Like if you are 40 is a 1 mill house with 4mill net worth (3 mill investments or more if you have a mortgage) a good balance?

Those numbers aren’t mine, just a hypothetical.

What gen z said it was easier? 😂. Pls tell me its not the 15 year olds 😂. Once you hit that job market, you'll see if its easier now. You got a market that is blown up before you could join the party and you are left with many dominoes that can trip up the stock market. A housing market at its peak and a small business environment insanely harder than previously seen. Doesnt mean its impossible of course, and you should try. But definetly not easier

Hello, Money Guy Show,

I recently discovered your show this year and quickly became a big fan of your podcasts. I have a question that may not have been asked before, as it leans more into the philosophical and existential side of things. It’s been bothering me for a bit, to be honest.

After a few years of personal finance research, I understand the importance of saving and investing for the future. But what if you don’t live long enough to enjoy your money? Things like unforeseen car accidents, illness, or even something as extreme as murder—these are all potential scenarios where you might not be able to use the wealth you’ve built.

And even if you do make it to an older age, what’s the point of enjoying life then? At that point, you might not be able to do the things you once dreamed of, like climb mountains in Switzerland or scuba dive in the Bahamas, if you’re dealing with a broken back, limbs, or relying on an oxygen tank.

I like the rapid-fire answer format. More of that!

I love using the wealth multiplier to make others feel depressed.

I would have said it the same way. I wish I could do this everyday like you guys. I have watched enough of you, Dave Ramsey, and other people along with getting a finance degree to do so. I tried opening a company and even getting into banks and I vestment companies but the barrier of 2-5 years of experience makes it impossible to start. How do I get into a good company like yours to actually help people. I can't get in without selling my soul and going insane applying to 250 jobs. I need a hand up not a hand out. How can I talk to you about this too? I teach what you do to people for free because I love it.