Even Smart People Make These Massive Money Mistakes

Comments · 212

• LW

  @lwwarren · 4 months ago (edited)

  Started a custodial IRA for my kids when they were born and put $150/mo in their account in an S&P500 index fund. When they turned 18 they had between $85k-$95k in their accounts. Now that they're working, they're maxing out their Roth IRA and participating in their company 401k. They're going to have over $10 million when they turn 59 and everything in their Roth will be 100% tax free.

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• MR

  @MrJoeLonti · 4 months ago (edited)

  <a href="https://www.youtube.com/watch?v=TFQyo9Dxpew&amp;t=1148">19:08</a> Bo: “If you want a laminated copy of the FOO…you can laminate it yourself!” &nbsp;😂😂

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• MA

  @madguitarist63 · 4 months ago

  Just one note, humans often mistake specialized intelligence as general intelligence. You can be an absolutely brilliant genius in a field but completely average or below average in another area. This is common as nobody has enough time to learn everything

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• TA

  @taahirkamalchagan4018 · 3 months ago

  Brian, I am SOOO excited! 🔥

  2

• LI

  @Linda-b5s8l · 4 months ago

  This was one of the absolute best financial podcasts I’ve ever listened to!🎉 too bad I am in my mid 70’s and didn’t get this information at a much younger age!❤️

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• GL

  @glen46823 · 4 months ago

  There&apos;s one big exception to timing the market I wish Money Guys would talk about. &nbsp; Dont try to time the market ahead of time, because its hard to know. &nbsp;But if its already timed, take advantage. &nbsp; If the market is already down 30% or so and you got money, move heaven and earth to get it in the market. Everything is on sale. That&apos;s what I did in 2020 when the market plummetted and started getting stimulus checks from the government. &nbsp;I put them all the market, and they have tripled since then. &nbsp;If the market has already plummet, dont worry about waiting to dollar cost average. Flood the market with everything you have.

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• KA

  @KA-dw4pu · 2 months ago

  If only Bo could be a little more excited about these videos.

• CA

  @Calcifer_TTV · 4 months ago

  I feel like this was targeting Jack after the Ice Coffee Hour pod 🤣

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• PO

  @pomario25 · 4 months ago

  I was stuck for years chasing the next big thing, it wasnt until a close friend told me about Power Behind Locked Door by Jacob Rockefeller that i realized i was just a cog in a machine i didnt even understand. shifting my focus to systems has made me feel so much more deliberate and calm. it is not about the 9-to-5 grind or waiting for luck, it is about structure and discipline that works quietly in the background while you actually live your life.

• SH

  @sharonoddlyenough · 4 months ago

  0% balance transfers helped me, but in combination with paying off my other debts as aggressively as possible and cutting my expenses as much as possible

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• BE

  @bettedavis9261 · 4 months ago (edited)

  Our &quot;lifestyle creep&quot; was keeping up with increased food, gas, utility, insurance and property taxes. It didn&apos;t go to vacations, new cars, etc., just basic COL increases. Of course, since we were putting aside a percentage, not a dollar amount, into our 401k&apos;s, that amount automatically increased as the pay increased. Eventually, we were able to increase the percentage being invested, but not while we were in the messy middle. As &quot;older&quot; viewers, job hopping (to increase salary beyond basic 2-3% annual increases) was looked down upon, so that wasn&apos;t a lucrative option like it can be today.

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• DO

  @Domain_-u7q-m9m · 4 months ago

  On a flight from Tokyo to Chicago I sat next to a woman who manages portfolios for ultra-wealthy families. She wasn’t bragging, just explaining how people misunderstand “wealth.” Before we landed she asked if I read Power Behind Locked Door by Jacob Rockefeller. I hadn’t. I ordered it the same night. The part about silent power structures hit me harder than any business course I ever took.