Money Guy Show Financial Advisors React to Unhinged Money Advice on TikTok!
Dec 27, 2024
Join the hosts as they hilariously dissect bizarre financial advice from TikTok, like the wild notion of skipping loan payments! They challenge popular money myths while stressing the need for informed strategies, especially around auto loans and retirement saving. The discussion also dives into the balance between personal relationships and entrepreneurial success, highlighting the harm of prioritizing wealth over connections. Lastly, they advocate for incremental steps in real estate and urge action over empty affirmations for true financial growth.
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Car Buying Tips
- When buying a car, put down 20% and finance for no more than 36 months.
- Ensure your total car payment doesn't exceed 8% of your gross monthly income.
401k Returns
- The average 401k return is not necessarily 5%, as claimed by some.
- Investing in low-cost index funds within a 401k can yield significantly higher returns historically.
19-Year-Old "Millionaire"
- A TikTok video shows a 19-year-old claiming to make $8,000 in two hours through day trading.
- Brian and Bo question the validity and sustainability of such quick profits and advise against such risky speculation.