Financial Advisors React to RIDICULOUS Money Advice on TikTok!
ฝัง
- เผยแพร่เมื่อ 27 ต.ค. 2022
- Brian and Bo react to the craziest financial advice on TikTok - like how to make money out of thin air, why real estate always goes up, and learning how to S.T.R.I.P.
Take Your Finances to the Next Level ➡️ Subscribe now: th-cam.com/users/MoneyGuySho...
Download FREE Financial Resources from the show ➡️ www.moneyguy.com/resources/
Sign up for the Financial Order of Operations course ➡️ learn.moneyguy.com/
Download The Money Guy Net Worth Tool ➡️ learn.moneyguy.com/
Our professional focus is on financial planning and investment management, and we leverage our knowledge for your benefit. We help you focus on the things you can control and manage the things you can’t. Visit our site for more info ➡️ www.moneyguy.com/work-with-us/
Facebook: / themoneyguyshow
Instagram: / moneyguyshow
Twitter: / moneyguyshow
TikTok: / moneyguyshow
Let’s make sure you’re on the path to financial success - then help you stay there!
The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW!
We can’t wait to see you accomplish your goals and reach financial freedom! New shows every week on TH-cam and your favorite podcast app. Thanks for coming along on the journey with us.
"Making money is easy! You just need to have money!" I love when you guys do this.
I love Vivian from Your Rich BFF (“hot wall street girlie” lol) and I was so scared when I saw her pop up here. Happy y’all approved of the message because I think I’m pretty good at parsing out the bad advice and I found a lot of her content to be good. So glad y’all agreed.
I was also scared. I have been watching her videos for a few years now and ohhhh was also scared they weren't going to agree with what Vivian was saying
EXACT same reaction haha
I immediately went “uh oh” seeing Vivian but one must listen to the video first before formulating a conclusion.
Felt a little clickbaity to me, because she is such a big, reliable financial content creator…to put her in the thumbnail of a “ridiculous advice” video…🤨
I love when you guys do the reaction videos to TikTok financial advice! Now off to purchase an $8 million building to sell for $10 million. Easy peasy
if trump did it so can you!
@@sk31370n Not paying your bills is also a great way to hold onto your money.
I love that most of the tiktoks can be boiled down to "if you wanna make money fast, step 1 is that you start with enough money to buy a house or 5..."
getting that money is easy. just sell a house or 5..
The editor adding the spongebob “my leg” guy at the end deserves a raise.
Wow, she invented a better FOO. Brian is shook.
Let’s not get carried away 😉- it was good though 👍
@@MoneyGuyShow Lol Brian looking like the Dr. Phil meme when he was watching that TikTok
Nah, anything named S.T.R.I.P. is kitschy, reminds me of an email I got about Super High Intensity Training that was coming to the Denver area, and then they kept saying how S.H.I.T. would change your life. I never did figure out if it was a joke, but it certainly had a marketing team behind it.
@@MoneyGuyShow
Ya, I'm sure your wife wouldn't enjoy telling people that her husband teaches people how to S.T.R.I.P..
Make millions out of thin air!! Wow, what a concept! Who knew all this time I was breathing my potential wealth! 😂😏🤷🏽♂️
some people are. there are million dollar companies out there selling clean air.
"Compound interest is the eighth wonder of the world. He who understands it, earns it he who doesn't pays it"
Appreciation to the editor.
"Would you give me $12 if I give you $1000 back?"
That's what I always ask when I'm talking to a 20 year old.
"Bo, there's no way, this is entertaining ". LOL gotta love Brian ❤️
I remember when my stock portfolio first started to fluctuate by $1000 per day. It was crazy to get used to because that was more than my twice a month take home pay. Now, I've had days of up or down in $3k-$5k and that happens about once or twice a month. That is more than my monthly take home pay and it happens in one day! As long as it keeps progressing up and I treat it as just a number, I will be fine. But it is insane to think of regular $10k movements per day and just getting used to that at some time.
thank you for these videos! it's so easy to get swayed by some of these TikToks, especially if you don't have a good financial foundation, and everyone makes you drool for the money. also, MAD PROPS TO YOUR VIDEO EDITOR! 🌟
3:48 this guy's basically describing the business model of a thrift store
I love the 'Stripper' girl, not bad advice if you ask me. Just thought I'd toss in a bit of reality when it comes to being a millionaire. My wife and I are millionaires, about times six. That means that our home, our income, our savings, our investments and even dogs and vehicles all add up to about six million dollars. Great. We still have to work, still have to shop smart, still have to NOT give in to impulse buying. We still have to sit down at the end of every month and decide what to do with the current money coming in...in other words: budget! These Money Guys are pretty well on-spot. I'll add one item, just because. That is we've always (read: always) been giving people. Church, relief funds, individual or personal giving here and there. Not sure that we could sleep well at night if we were stingy people. We believe in a judgement, and that judgement will be based on our reaction to human needs. Other than that, it's all good. This was a good vid and much needed b/c there's just way too many frauditers out there when it comes to money advice.
Your humble bragging is a bit nauseating.
Also, the "stripper girl" was just regurgitating the steps of Dave Ramsey, nothing impressive. My guess is that you were influenced by her pretty face. Make sure your wife knows that.
@@johnnastrom9400 wow, dude, sorry for you.
@@r.f.pennington746 Thanks for the non response.
@@johnnastrom9400 anything to help
When I was in high school one of my teacher (either math or science, I forget who it was) taught us about compounding interest and saving for retirement. But then I got older and started working I didn’t apply it well. It was always in the back of my mind but it started late. I didn’t have a plan. Just kind of winging it. Plus had issues with cash flows
I mean, technically, the Federal Reserve makes money (currency) out of thin air. That's all you have to do. Become a central bank!
If people would just listen to this comment, everyone would be rich!
I know you're joking but that's not how central banks work at all. Banks of any kind can create money for their borrowers by way of fractional reserves. The Federal Reserve can't create monetary base at all. That's the Treasury which acts in accordance with Congressional legislation.
@@spacetoast7783 Trump removed the concept of fractional reserves in 2020. Your dollars are backed by 100% of thin air.
that is a great idea and can confirm it works. been making money since 14. best not be central when spending it though.
I think you guys should interview Alex Hormozi (the guy in the first video) and his wife Leila, they've started a couple businesses, without debt, and have grown/sold them enough to the point where they started their own acquisition company.
Would love to see this. Alex and Leila are quite legitimate and smart, albeit that clip out of context is pretty comical. I bet the money guys and the hormozis would have a lot more common ground then they expect.
This was an awesome video all around - from content to editing!!
Your Rich BFF is pretty good she actually worked on wall street
i used to flip stuff at uni; pure university town which mean end of school year everyone was selling stuff super cheap because they didnt wanna take it home over the break. Early school year everyone was buying stuff because they need it again.
Used to buy all sorts of stuff (mostly technology), hold onto it during the summer and then sell again for more. Got me an extra 1-2k each year or so. Just a little fun
"Banks don't like to give you money." I'm not convinced... back in 2014 we were buying our first house. They approved us for WAY more house than we could every actually afford. It was insane. We were looking to buy at no more than $150k. We had the 20% for that. The monthly payment and utilities for that sort of house in our area was actually kind of pushing what we could afford at the time but we both knew we'd be making more soon. Tell me why tf we got approved for a $325k loan?!?! Insanity. I was also in the middle of changing jobs to one in a totally different field.
That was his point, that the people who get rich are the ones who either have the capital or are willing to use leverage to make money. The rest of us are lucky if we are able to carefully save and invest enough for 40 years to have a safe retirement.
What is it about paying yourself first that you think requires being lucky?
Sometimes using leverage works. When it doesn't you lose it all
How you can make money is follow these Tik-Tok'ers and when they go bankrupt, buy their real estate properties at rock bottom prices.
😅
😂
I've been trying to explain time and compounding to our 21,21 and 18 year old sons!! One of them grasped it, the other twin loves his Starbucks, and the youngest doesn't have any income coming in yet so we shall see. I wish I knew then what I know now. I would be retiring with my wife in 7 years. As it is, I added 10 more years onto my work life - and it sucks.
I'm on that journey with my 18 and 16 year old "kids"
Lol. They obviously didn't listen in middle school math that taught interest and graphed it over time on a ti-93 calculator.
@@soccerguy2433 most people need to hear a concept several times before they know how it applies to them.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market
"Margaret Johnson Arndt" serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market
YOLO! You guys rock! Thank you for the great content.
Your right. Banks don't want to lend money to newbie landlords so best to buy a duplex and live in it for 3 years. Banks will be more receptive with your equity and experience and 2 Years tax returns with the rental income and expenditures
Let me just go dig my hidden down payment for real estate out from under the $200 in my bank account 🙄
i know this isnt for everyone but if you pay off your debts first (unless its 0 percent interest) there is a guaranteed return on investment. then just stay out of debt. that solves like 90 percent of money problems right there. after that then you can play fun games on trying to min max your money.
My nephew did the thing with sofa he made decent money but it wasn’t a side hustle he also did man with a van type removals he’d do things like charge delivery fees then charge maybe £20 to take the old sofa away then clean them up, he also hooked up with a guy that shipped them to foreign countries who would buy them in bulk
It helped him buy a bigger van but it was not a side hustle it was a full time thing
Yeah. It's hard to find a way to make money that isn't actually work.
@@joecope9935 exactly even the property game that everyone talks about
The stress of having no tenants and having to pay the mortgage or tenants trashing your house and not paying rent etc it’s not a walk in the park
One of my older siblings had a few properties and once she had decent equity in them she sold all of them because the headache just got too much for her - she did ok because she bought most i. Late 90’s early 2000’s but she’s nearly 60 now and just wants to enjoy life
Oh come on, you’re supposed to work full time killing it giving 110%, then ignore your kids during their developmental years in the evenings and on the weekends to haul couches and clean them up for a bit of cash. Anything less is why we’re not wealthy!
Favorite Wall Street Girlie or BFF 💖I love her content!
Money guy been watching your content for a while! Quick question what are your advisory fees? 1% AUM?
@14:24, the "My leg!" will always be hilarious.
My parents taught me to save, but they warned me not to invest in the stock market. They had seen crashes and had seen friends loose everything, so even though my finance teacher in high school advised that we invest, I wouldn't. It wasn't until 2 years ago that I started looking into investing and realized that I likely wouldn't loose my money unless I invested in risky ventures or pulled my money out while the market was down. Even though my investments are down about $2,000 right now, I plan to keep investing in the S&P 500. I am pretty confident I will make my money back and then some. My mom still thinks I'm an idiot though.
Sometimes makin ur patents mad its a validation signal. Specially if you are not a teenager anymore. It means you are going beyond what they know
If you're really starting- play with small amount of REAL money. that's what I did.
This gave me an appetite to hold positions in a state of profit or loss.
Yeah I grew up hearing the same thing so pretty much right around the same time as you, I got into investing too. I only played around on cashapp with a small amount that really let me see how it all works and then once I started learning personal finance, I was able to be level headed concerning investing in the index funds and etfs. Yes I'm down on my portfolios but I'm not panicking and trying to panic sell. Instead I just view the stock market as an online store that when the market is down, everything is on sale.
Your mom is wrong, God bless her, invest for the long term.
That's why you're supposed to rebalance as you get closer to retirement to make sure you don't lose a lot in a downturn right when you lose your work income. You should also have like 3 years worth of expenses in cash when you retire that you can draw from in case of a down market. I'm not there yet but I'm 39 so
Couch guy is underestimating if free couch has bed bugs, mold (there’s a reason a couch is free!) and the time and gas to go out and get couch, labor of carrying it to vehicle and transporting back…all the space taken up in your house from couches
I love these reactions vids
Love these
Whether real estate appreciates long term or not can also depend on where you live. If you are in a state whose population is increasing, like Texas, Arizona or Florida, it's very likely real estate will increase in value over the next few years. But that may not be the case for places like Michigan, New York or Pennsylvania.
I love when these real estate "guru's" conflate business assets with personal assets
Real estate inflation with inflation. Plus you have taxes on it every year. The rentals one can buy with minimal money will have tenants that will destroy it.
We get stuff of Facebook marketplace all the time and flip it for profit. It is never as easy as just "cleaning it up and selling it for $200". We've made some money here and there but never more than like $300 a month. It isn't a sustainable income stream, just a fun way to get little bit of extra gas money.
I did this a few years ago in high school my main issue is that you want to sell products that move relatively fast. The only issue is those niches are always very competitive and the person selling it to you is most likely educated on the product. So you aren’t getting it for cheap, most I made was 600 a month. I agree with you though the flow of products that you can buy with a profit margin isn’t consistent enough to quit your job.
The girl from
Wallstreet is very good
'Share with your neighbors and friends without blushing..' Yeah great advice but she may need to get back to the white board because I wont be teaching my kids that acronym!
Dont worry, when they turn 12 im sure they will find it through a google search for something not financial related, lol.
love this series. please say ‘common Money Guy W’ next episode.
I love that they are dissing alex hormozi without realizing who he is.
Pretty sure, the 2 guys talking about losses are day traders
Guy who said he lost 60k has the channel called daily trader
Alex Hormozi, in my opinion, is the best entrepreneurial mind on TH-cam.
Imma be stripping for the rest of my life now.
5:08 Charge a fee to dispose of the furniture and then donate it to Goodwill for a tax write-off.
Great video!
Remember the classic Steve Martin advice on how to have $1 million and not pay taxes on it: First, get a million dollars...
The easiest way to make a million dollars in the stock market …
First, you start with two million dollars …
You can lead a young horse to compounding, but you can't make it stop sowing its wild oats.
I don’t gamble much with investing but I’ve seen some big swings even using dividends as foothold and over 85% of it paying lately but over time it’s been a good day
Wait hold up, did i just hear a guy suggest hes gonna make 3-4k per month from each rental house 🤣 yeah screw expenses or actual rent cost. Jesus thats optimisitc even for a landlord
Alex Ahormozi, guy in the first video is worth over $200 million. His story is pretty badass look him up. Watch his video with Graham Stephan.
People act like real estate is so easy to get into 🤦🏾♂️ it’s not for the faint of heart.
I saw that 10 Mil guy and I was like what the hell lol
"There's no way this is entertaining"
LOL 😆
Your logo looks like a medical logo 🤣🤣🤣🤣 I can’t get over it. And when you put it on your banner or cover it looks like an ad haha
S.T.R.I.P. is solid!
Actual finance bros to underage TikToker videos: "there's no way this is entertaining" ahahsgahha
Anyway I could maybe pitch my business proposal to you guys just for advice? First time trying to start a business but it's alot bigger potential then I expected. 3.2 to 6.6m a year average and untapped aspects of the market, so it could get big, and I'm probably gonna end up borrowing like 100k to start.
"Buy stock. When it goes up, sell it. If it doesn't go up, don't buy it." -- Will Rogers
Turns out no one wants that commercial building still
Love Vivian, my rich BFF and favorite Wallstreet girlie!
Generally speaking, TikTok is where sanity goes to die.
Alex hermosi has some of the most valuable info on the interwebs.
Kinda funny to see circles collide.
Great video but dang that striped shirt was hurting my eyes lol.
Bo's shirt is hurting my eyes.
Money Tip: Buy a house from a high crime neighborhood. Sell when the neighborhood becomes gentrified.
No lie!!!!
I used to sell people's trash in college. You locate all the nice neighborhoods and then research when their "big trash" days are & grab whatever they are throwing away. this is especially fun right after christmas, when people are throwing away the old stuff to make room for the new christmas stuff!
6:46 Strip was close the the Baby Steps.
the free couches thing isnt great, but there are peeople who have businesses buying and selling furniture returns from maybe stores like costco or walmart
Love the show and these are hilarious videos. However, Alex Hormozi is the real thing. You took his clip out of context in a major way. He is all about building businesses or buying businesses and improving them. He is not an idiot and he wasn't espousing the greater-fool theory either. I encourage you to actually watch some of his videos. He gives really good advice about building businesses and creating value.
Realestate goes up. Doesn’t mean the house you bought will. The value and interest in your property may never recover.
Interest and competition for housing driving value on the macro level might be in another neighbourhood/city/state/ location
I hope someone might be able to help me. I'm 21 and 100% disabled from military service. I was going to work and collect disability, however, my disabilities have progressed to the point I cannot even keep up with 20 hours of work. I've decided that I'm going to attempt to save 80% of my income in the hopes of buying a cash business, laundromats are what I am currently thinking of, and then moving into real estate once I build more liquidity. I think it is important to add, due to me no longer able to be employable, I get a pay raise, and go to school, so for the next two and a half years, I'm going to be rolling in it, but after words, I won't be able to work for gainful employment, but I can still own and manage properties. I feel like any words could help, any tips or tricks you learned or things you wish you knew, I have kids that I am trying to take care of and provide a successful and safe life and I don't want them to ever experience the things I had to when I grew up poor.
Hey guys, I have a company pension plan that takes 8.61% off every pay check. Am I still to save 25% on top of that? Not gonna lie, it's difficult. Or am I to save 25% - 8.61% = 16.39%?
The latter. If the 8.61 is pre tax it's actually more than 8.61 if you're comparing it to the 16.39. So you can technically get away with doing sightly less than 16.39 post tax
They've mentioned this in previous videos. If I remember correctly, if you make less than $200k/yr, you can count that % as part of your 20-25%. But, if you have a spouse who also earns money, you'll have to look at dollars, not %s, since that's a percentage of your income, not household income.
About that 1 dollar becoming 88: What's the purchasing power of that 88 forty years later? Maybe 10x more than the day you saved the buck? Still important, but I'd like to see inflation taken into account.
Modern furnature is either very high end or doesn't have significant resale value. What about older stuff? That's called antique.
TBF, the real estate "guru" does sound like he doesn't need the money. He could be the next Anna Delvey who simply Bavarian fire drills his way to wealth.
It is true that the easiest way to be a millionaire is to be the child of a millionaire. The second easiest way is to marry a millionaire.
Lol. The first guy's advice that you were trashing is Alex Hormozi. He's worth over $100 million 😅
You can check out his interview with Graham Stephan on The Iced Coffee Hour
I guess when you resort to short form videos, it's hard to make them viral and get in that nuance.
Alex Hormozi is just like other “self made millionaires” like Gary Vee, Grant Cardone etc. they made their money by starting with a leg up, over inflating their accomplishments to then sell how they did it.
@@memyselfi9576Yep he’s a douche bag
I wondered why all the girls from Bada-Bing are millionaires ?
Ok so how does the housing market work then? And what about stocks? WTF if they are money people they should explain prices in recessions then if it is not a market? WTF markets where people buy sell and exchange work exactly that way just on a more complex level.
Yes, I'm tired of the 401k haters too
You guys should take a look in the comment sections and see if people really are thinking this stuff is good.
Making money is easy. Take a $100 bill and then split it in 2 $50 bill. There you have it. You now have 2 bills. Twice as rich
Biceps = Bo's brother
It’s so hard to watch 17 year old boys whose voices keep cracking discuss how 18k is no big deal. The cringe is STRONG.
Roth isn't tax-free. It's just taxed when depositing, not when withdrawing.
The 401k guy of course forgets about the matching programs companies have. If you don't at least put in enough for the company match that is lost money. Especially since matches are 50-100% extra cash that will compound over time. Property isn't perfect either. Rent money helps but it does still get hit with capital gains if you need to sell. It also isn't readily accessible wealth if needed.
All depends on if and when ones sells because the price is market based.
12:00 How about you ask the people who owned homes in Detroit how much their homes grew in value, LMAO.
Financial winner
Brian and Bo promote the FOO and if you don’t listen you are a FOO FIGHTER
Never trust people who spit the words out faster than they can pronounce it.
P.S.T.R.I. is not as memorable as S.T.R.I.P.
Doh.
i love it when experts make fun of these people ... they deserve to be made fun of
wait... no wonder why I am poor!! I am the stupid guy that buys for $10 when it's worth $10, instead of when it's $8 and selling it to another idiot for $10.... my goodness gracious, I am about to be poor-free very soon, thanks tiktok :)
Take money out of your home equity / rental equity. Does that guy know what equity is.
Cash goes down.. equity goes up.
Rental income goes up.. equity goes up.
You are paying back principal.. it’s not out of thin air.
Assets(cash, building, etc)= Liabilities (loans) + Equity (FMV-Principal balance, aka gap)
-An accountant