TikToks That INFURIATE Financial Advisors (Financial Advisors React)
ฝัง
- เผยแพร่เมื่อ 19 ม.ค. 2023
- 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.
Show me the mownee.
😂
Take that mownee
😂
I’d like to see how much actual mownee he has. 😂
I actually love that guy’s voice, I wish he wasn’t so wrong.
I love when these "entrepreneurs" use Warren Buffet as an example, when he's one of the biggest proponents of 401ks
🤣🤣🤣
exactly! he says it often!
" If it is so good why are you telling me " should be the first question you should ask yourself.
Yep
Exactly, what can this person gain from making me think this way? It's a good question to combat a lot of things.
Warren Buffett - “Because nobody wants to get rich slow.”
That's probably why so few are rich. Also, this is why patience is a virtue.
The first guy was already in one of these bits. About 7 months ago. His scam was something like "Just keep borrowing from the bank and dont' tell them its for rental houses."
These TikTok videos are primarily made to attract viewers. They care more about viewer count than content. The sad truth is, real finance is boring for majority of the crowd. Brian and Bo, you guys are doing great! Ignorance spreads like wildfire, truth stays like a candle
That first guy was also the guy who suggested to lie on federal documents to dodge taxes and get fraudulent loans in a previous tiktock episode lol
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
"take that Moeneey and invest in rental properties" lolol
I wonder why they want people to invest in real estate properties so badly? Maybe because it increases demand and therefore they can increase the price to either sell their own home with a huge profit or justify charging exorbitant amounts of rent. They want you to buy so they can make more profit on their own.
So glad y’all are putting this content out there. I don’t use TikTok but I know alot of people who do, and it’s a shame how much fake stuff on there is being perceived as true. If adults are falling for this stuff, imagine the kid’s minds being brainwashed. 😕 Again, great stuff from you guys 👍🏼👍🏼
Yo y’all. How are things up yonder?
@@abrahams.lincoln6749 thanks for noticing! Bless your heart.
Even worse is that so much content like this is being put out,, which people began to normalize it in their heads over time.
If you know a lot of people who use TikTok, then you associate yourself with losers of society. Not a good impression on you.
My GF will not let her 5 yo watch it. She found out his daycare was using to show a dance - with topless men in a um def not for a kid dance (for her yes 😉). She lost it and told them to stop. It’s owned by 🇨🇳 and so sketchy. People don’t think that if they put a video of their child anyone from anywhere in the world with access can watch and copy or share. See? Read btw the lines. She agreed and won’t allow images of him shared other then private FB pages. ✌️
I'm a millennial with 6 figures in my 401k. I can attest that it's totally possible to retire as a millennial. I'm on track to live a great retired life and maybe even retire early.
Same situation here man, it’s completely possible!
Especially with good funds in your 401k. My current Fidelity 401k has FXAIX and FSSNX. My previous job had VFIAX, VSMAX, and VIGAX. During the bull run of the 2010s, it has turned many accounts into 6 figures if nor millionaire if they kept a steady job.
Same! People are attracted to these flashy, aggressive, risky investments (if not outright gambling) meanwhile the ol' boring 9-5 with healthcare and benefits gets made fun of. I work 8 hours a day, save about 30-40% of my salary in tax-advantaged accounts, and I'll have 7-figures by the time I retire (and it's not in my 30s or 40s, but I like my job and I can always negotiate for more benefits precisely because I have a nest egg to fall back on which I can leverage in negotiation).
Same here. You have channels like How Money Works putting out videos called "Why you'll never retire", but the truth is, anyone who makes broad claims like that about the finances of people they don;t know the specifics of, is full of shit. Not much different than guys telling you they know exactly what you should invest in without knowing what your current portfolio looks like.
Same- work hard, be disciplined in saving and it will happen.
That second guy, Kris, actually has a video on his YT about stock picking. This man made an entire video, with a straight face, that the best way to invest in the stock market is to pick 10 ultra-small cap companies and invest equally in them. That way all you need to do is hit on 1 of them to 10, 20, 50x your money..... Yep, that was his recommendation for stock investing, so when he talks about hitting big on "private equity", I'm not at all surprised. That was his stock advice too. He's a real estate guy that made his money through rent-to-own sales of small single family homes and decided to start giving financial advice... He's a guilty pleasure watch of mine, I can't look away even when I want to.
I despise him so much. I can't help it 😅
It's because of your channel and other few, I started thinking critically when it comes to money and life in general. I think everyone in the world should know what's the avg yearly returns, this way, if someone comes to them with a "Double your money" or "500% ROI, no knowledge needed" strategy, they should at least be able to tell if this is possible at first place
What people need to realize is that Renaissance technologies, the hedge fund run by literally the world's smartest people (as in they only hire top tier mathematicians, physicists, computer programmers), has a yearly return rate of 66% which is absurdly high. Someone claiming that they can beat 66% a year is claiming that they have somehow outsmarted a hedge fund group that has the world's smartest people in it.
What stops me from investing in potentially scammy things is that I always think about how does the company plan to make money off me. If I can’t understand how they plan to make money off me, I’m out.
Always love these videos from you guys. Can’t believe some of the stuff that people actually believe and fall for. Thanks for helping to fight it!
The passive puzzle book idea 😂😂 😂
11:22 with that sip Brian said “I’m about to end this man’s whole career”
The worst part about these videos on tiktok and instagramis that there are people commenting like "teach me more!" or "preach!" or "listen to this man, he knows what he's talking about!".
You were actually off on explaining price differences in term vs whole life (permanent insurance).
The reason why term is cheaper is because for say a 20 year term, the actuaries need to, to put it extremely simply, calculate the probability youll die within 20 years, and price it accordingly. However with whole life, everybody dies no matter what. So thats why its higher, not because you overpay, but because you will eventually die, and they price it accordingly.
Great video. Lots of bad advice on Tik Tok. A good 401k or Roth IRA are statistically proven to build wealth slowly, yet these people make baseless claims against it.
If you want to get rich quickly or quicker than retirement investing, it has to be done in certain industries or job roles. Star athletes, hit musicians, business owners with a cult customer following, or real estate owners with a good setup. Even in those situations, a person needs 5 to 10 years grinding it out and building skills with a savvy 6th sense.
If you want to get rich quickly you have the wrong attitude towards money/moaney/whatever the kids are calling it now
Big fan of you guys, been following you for many years. Really love this video. Thanks for everything you do
“I have permanent life insurance. The stock market going up? I will not participate in that.”
Got me to laugh out loud with the sham-wow guy pop-in.
Another piece of gold! Keep them coming gentlemen.
Is this a good time to buy stocks? I know everyone is saying stocks are at a discount and all, but just how long will It take for us to recover, obviously there are strategies to maneuver in this present market but these strategies doesn't come common to the average folk, or am I better off putting my money elsewhere?
If there's one thing about the market, it's that it always recovers, but I can't seem to focus on the long-run, major factors at play like my retirement and my reserve laying waste to inflation. I need a solid data trajectory and solution asap
@@daviemanuel688 The uncertainties accompanying this present market is more reasons I have my daily investment decisions guided by a portfolio-coach seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to outperform. Netted over $1.5m in return on investment, since using a coach for about 2years.
@@MajorCockbern I see no other way to maneuver, profit and steer off losses in this present market except with the aid of a pro-investor.
@@daviemanuel688 I've shuffled through investment-advisers in the past and so far Christy Vallen D'souza has proved to be the most effective and well grounded, she has quite an audience so you can easily just reach her on the web to gain access to her, just look-the name up
As an advisor myself, y’all should invite other professionals on your show. I always enjoy these videos
Should invite those pro athletes thinking they are filthy rich and can spend their money like no tomorrow. I am dying to see how they get trolled.
The first Money Guy video I’ve seen where BO doesn’t start off with “I’m SO excited…”
Love you guys!! Let's have an abundant year 2023!!! Love those LOW COST BORING INDEX FUND.
Warren Buffett doesn't have a 401k because it's bad nor is the same for most millionaires. 401ks are for employees, not for employers.
Started watching these for the humor, but its great to see what's getting claimed on social media and how to refute it
Yeah, FTX crashing I believe is partially why housing prices just won't fall. Real estate investing is just too safe relatively speaking. I'm kindof screwed because I had a bad couple years and didn't buy a house earlier. Oh well, live and learn. Might have to grab something smaller than I wanted and up my 401k to 15-20% of my income for a couple years to try to catch up.
No they WILL fall eventually. Even if it takes several years home prices will inevitably fall. That's how markets ALWAYS work.
I love these kind of videos.
I genuinely love these videos so much, not just dispensing financial facts, but also dispelling financial myths does double duty as a service to everyone!
Awesome content as always.
As soon as I saw Kris Krohn I knew it was gonna produce some angry reactions. 😂 To be honest, years ago I watched his videos and it got me into researching investing. None of my money went to him though.
Love you guys !
On the flipping the house stuff, I realized the BS with it early on... However, I have realized it's a good addition to the portfolio if you think it's worth the effort.
My first/current house was bought cheap and in good enough condition for me to be happy for 5-10 years, with the intention of updating over that time then selling it to get my next house which would be much better with a low/lower mortgage than the current one.... Then 2 years into living here they started building up warehouses and manufacturing which bring in a lot of people that have steady work and great pay needing housing close to work. So this house might end up being a rental instead, given my mortgage rate I'd need to be occupied about 4 months a year at the going rent to be making a nice profit.
I've seen it in another of your videos where you mention it's great if you've got a boatload of money to back it up, which is why I think if you're capable of getting to a point of buying a house responsibly you're capable of doing the "slow flip". The way I see it, the worst case scenario of this is you've made a super basic house something cozy if you have to stay in it. If I were to fully rennovate, as is my intention, I could be comfortable here with my only concern being finding enough money for food... literally everything else is covered for me.
"This is far fom passive" at 14:42 🤣🤣🤣🤣. Quote of the week.
Ironically or perhaps unironically, this is one of my leading reasons of my desire to get into this space and become formally certified. I started my own journey two years ago and have much higher risk tolerance where conviction is more important than risk to me and my attitude towards debt has changed substantially. But I'm deeply tired of people being taken advantage of and/or being denied financial services and education because they don't have much (the latter is exactly what happened to me when I reached out for advice to get out of my massive debt with student loans and I was wanting to know if there's anything I could possibly be missing).
I love these
The heat 🔥🔥🥵 that guy was asking for trashing on a Roth IRA hahaha
Editor putting in work 👏
Hey! I literally grew up in the '70s and I got a full ride college scholar ship in 1982 by writing an essay in the first person about someone that was working from home, using his personal computer and its connection to his corporate network. This was pre-internet, but I'd already experienced dial-up teletype and PCs as well as networked mini and mainframe computers.
Love it! 😄💰
I’d invite you to read the EY study regarding incorporating Permanent Insurance into a Retirement plan.
EY study is interesting but has some real gaps to it. For one it focuses on qualified tax deferred and no Roth or non-qualified for most of the scenarios. The higher income couple uses a small savings to non-qualified. It also assumes the entire qualified portfolio is taxed at death- no mention of stretching that out over 10 years. It also has some mention of estate tax I wasn’t completely sure about if that was federal or state and if that applied to just the investments or the life insurance also. A little disappointing to be coming from a company as well known and respected as EY that they didn’t give more data or thought on more realistic investment scenarios but is interesting. I didn’t feel the differences in the outcomes were all that significant when you factor in the room for error in the methodology but seems somewhat favorable to insurance products
they don't infuriate us at all, we just know its very dangerous and as they have zero qualifications or recourse. the only thing I'm surprised about is how many people buy into influencers.
As an insurance advisor, that guy is full of crap. Only about 1% of term policies pay out. That’s why they are more affordable. But that doesn’t mean they don’t have a wonderful job. When we are young, we don’t have enough assets. Can get a cheap term policy while you are building your assets. Whole life can also be used to build assets, but they should never be your only investment. We recommend most people to be fully funding a Roth, matching their 401k etc before then putting extra money into permanent life insurance. The bottom line is most people should have some type of life insurance, but understand the death benefit is the main reason.
The whole life insurance guy was annoying. I have a mutual whole life policy. It’s a great tool for those who can afford it. A really great tool with fantastic tax advantages. You get cash value, 4%-5% interest on your money, and an annual dividend that can be added to the cash value or taken as income.
That said, Roth accounts are solid tools as well. Not sure why people can’t hold two ideas at once and see the benefits and the costs for every strategy. We’re on the wrong side of paradise, so everything comes with a risk and an asterisk.
Gotta love that smooth saxophone in the background
I completely forgot about the sham-wow guy until this video 😂
I started last month and I am currently 19 and I plan to keep building up and DCA into index funds and blue chip stocks and build my wealth overtime
1973: Kids hides under their desks in a nuclear war drill, 2023: Kids hides under their desks in an active shooter drill. Nothing of substance have changed in 50 years.
I like how Larry was like "Nah. FTX is a bad idea." Just more proof that Larry is always right.
Your guys’ analysis was not enough. I liquidated my 401K and sold my house and put it all into SPY calls expiring tomorrow. Sure this is how wealth is created
I love these😂
I can't stand people who say that people can't retire with a 401k. I would believe them if people were maxing out their retirement vehicles each year, but the overwhelming majority of Americans are terrible at saving for the future
Brian Preston is so much like Tony Hadly from Spandau Ballet, both in looks and voice. 😎
I don’t want to get rich quickly. But what if I seriously want to have the option open to soft retire early? The 401k benefit doesn’t outweigh the freedom of being able to use my money for cash flow and projects in my 30s 40s and 50s. I contribute some to 401k because I know I’ll still need money in my 65+ years, but only to get the full match from my company: after that I’m investing in stocks in taxable account for the freedom.
Fist guy rented a car on Turo to make a video lol
I facepalmed so hard from the intro part of the video that what he said made sense 😉 but all seriousness if people think 401k 401k Roth IRA IRA roth are failures that scares me… 😳
That first guy can't even figure out his seatbelt 😅
Retired at 55, net worth over 2 Meg with my pathetic Roth IRA and 401K.
The sad thing is people keep buying whole life insurance, what a scam, one of the biggest scams behind social security
I want one of those beer coozies!
"A faithful man shall bound with blessings. But he that maketh haste to be rich shall not be unpunished."
I am a strong proponent of permanent insurance (the experts' commentary about how it affects other parts of a plan is ignorant of how integrated planning actually works), but that guy's claims were absolutely outrageous. Permanent life insurance is a part of a financial plan that complements investments -- it does not replace them. It is not appropriate to direct retirement dollars towards permanent insurance at the expense of a retirement account, because while tax-advantaged accounts can "cross-pollenate" -- retirement accounts can become part of legacy planning, medical accounts can be used for retirement funds, and life insurance can be tapped into for any financial need -- none of these accounts is better at doing the job that another is designated for. A retirement account is, first and foremost, to fund retirement; likewise, life insurance is, first and foremost, an insurance product that provides a death benefit.
11:11 - Coffeezilla referred to this guy as 'the human wet wipe' in one of his videos.
I love these TikTok videos. They’re so fun seeing myself start to moan and groan like Bryan and Bo as they explain their financial “success” lol love the content y’all!!
The funniest thing with these get rich quick guys is that they always disregard stability. I myself took a risky past at a young age at 18 I bought 2 houses with my hole years income. I enforce rental and one to live out of. That is risky and the chances of it working out is really rare
Whole Life Insurance can be very important, even critical for estate planning. For example, here in Canada, estate taxes are very high, and they are applied from the first dollar. If you leave your heirs illiquid assets (e.g. real estate or a small business) they can get hit with a MASSIVE tax bill and no way to pay it. For many people, whole life insurance is the only way (at least here in Canada) to leave illiquid assets to your heirs without the taxman seizing and liquidating them. That is its main advantage. It's an estate planning asset. Without whole life insurance to cover the eventual estate tax, you basically can't leave your heirs illiquid assets in your will.
In US there the first 11 million of an estate isn't taxed. and the lion share of estates are under that number. In the US if you are in a very high tax bracket cash value life insurance can be a great way to preserve the wealth you've already accumulated (that you didn't accumulate by using CVLI).
The gentlemen in the video doesn't just sell life insurance, Curtis Ray runs a company that has a program that after paying in or overfunding for a few years so there is cash value, immediately borrows against it and uses that money to open up MORE life insurance. so you are effectively building up tons of debt against your older policies to build new policies. he only found 1 underwriter to allow this. almost every other insurer thought it was likely illegal.
My nest egg 🥚 keeps getting bigger because eggs are $6 a dozen! 🤣😃
How many index funds do you recommend for a single person to hold?
As many as you can afford. Good to diversify over many investments.
I love how they just ignored the guy saying mohwney but you know they were laughing about it in their heads.
Wealth can certainly happen quickly but usually those people are broke a few years later. Save that stuff for decades before you become rich and you'll keep it a lot longer
I like the video but I think it can do without the background music when y’all are talking.
With 95% Roth I wouldn't worry about future taxes yet. Standard deduction could make your tax bill $0, even on pre-tax assets, if you spread them out over your retirement.
Lmao at the guy trying to lie about life insurance beating the market and that its better than a roth 😂😂
The first guy reminds me of Khan from King of the Hill.
Everything was great, but sadly, you've misunderstood and misrepresented what Curtis Ray was saying about insurance. He's not talking about Whole Life insurance, which is what you described here. He's talking about his MPI system (which I'm still not sure about tbh), which is a special kind of IUL (which is cheap term when you're young) that uses policy loans to buy more insurance/increase cash value much quicker (supposedly). Spot on with surrender periods though.
UIL is just a slightly modified version of whole life; whole life with an asterisk. Everything he said was still either misleading or flat out wrong though, what exactly were they misrepresenting?
@Alan it's not though, that's the problem. They function upon totally different mechanisms. WL and IUL are nothing alike except that they're permanent policies.
@Alan IUL can create more retirement income, it has matched or even beaten the S&P due to no market losses and annual lock in, and it *can* cost less than an actively managed fund and pay a much lower commission than a financial advisor.
@@DallinBunnell It is though. Yes, it is certainly more complicated than whole life (like it needed more complexity), but it functions basically the same way, the returns/growth are just calculated in different ways. And as to your claims that UIL can match or beat the SP500, that is simply false. It's hard to find concrete numbers on this because plans are obtuse, variable, and have lots of fees which often aren't included in calculations, which makes them hard to test, but that statement is literally mathematically impossible.
A UIL that invests in an SP500 index fund would have returns tied to the index. The ABSOLUTE best it could do, is match the index. Absolute best case scenario (which won't ever happen for multiple reasons), you make the average return of the SP500. Minor problem though. They didn't beat the index, yet, the company that sold you the plan is also making a profit on the plan. Where is that profit coming from?
@Alan It's actually pretty easy. Take 100,000 for example. If the S&P does -25% like this year, your IUL has $100,000 and your 401k has $750,000. Then it goes up by 25% the next year, now the IUL has $110,000 and the 401k has $937,000. The only way for the IUL to beat the market though is for there to be several big down years (kind of like 2000-2022). But, likely the market will have more in the end, but still provide less cash flow.
The insurance company doesn't make money in the indexing strategy/market, they make their money in fees and cost of insurance. What the market does is irrelevant to the insurance company.
You guys are my favorite financial podcast but I really don’t know that you have it right in the whole life conversation. Seemed like y’all were trying to explain it in the worst language possible to make it sound predatory when it’s really absolutely incredible as a long term savings vehicle. Obviously it shouldn’t be the majority of your saving plan but it’s an extremely potent part of it. Kinda disappointed to here you guys down it like that to be honest
the logan paul clip is funny bc his 5 figure nft is now worth $10
Where I work your 401k will make you a millionaire, if you max it out it happens in 8 years by its self, and 5 if you include a Roth Ira. I wouldn't buy a rental till I got the money to cover issues for a couple of years.
To good to be true claims on the regular side of the aisle doesn't help either.
Investing the max 22.5k, with a 100% match, for 8 years and 10% annual returns will be just over half a million.
Which is still amazing, but you have to assume an outlandish 23% in order to get to a million in 8 years.
@@jeffj7608 I checked, and the max an employer could contribute is $66,000, so if he made a huge salary and also maxed his individual contribution, I suppose it's possible. Definitely a stretch though! He would need to put in something like $7400 monthly with a 10-11% return. Possible, but maybe only the top 1% could command.
@@dgfreshx I guess if he has a 3 to 1 employer match. I've never heard of such a thing, but I guess it's possible.
Fair point.
@@jeffj7608 it just means if they contribute X% of your salary as contribution, they can do so, up to $66K annually, in addition to your individual limit of $22,500 (for 2023). So if they paid say, 8% match, you'd have to earn $825,000 a year for them to reach the cap. Like I said, super unlikely.
Bo going to be in the next creator clash confirmed??
Hey, all you gotta do is get a hip outfit, display confidence and appear super cool to gullible people who want to be rich on TikTok, stimulate discussion good or bad, and poop in the pool of terrible content creators.
16:40
>...the only way you can make money is to convince someone to pay more than you paid
You mean like fiat?
I do not believe in IRA's or 401K's either. If I can't spend it when I want to spend it, then it isn't mine. I also HATE FSA's because if you do not spend it at the end of the year then you lose it. Again, if it is my money, why can't I keep it, why can't I spend it whenever I see fit?
9:10 For perspective, inflation in the 1970's was how much?
"A nerdy person ponzie scheme" said the nerdiest guy on the internet
Simple math: 7% yield means 2x every 10 years. So yeah; market is better than get rich guru
First question to ask on a great deal is. Why are you telling me? Second Is profits based on new Invested money?
RecycLiCo is the future. You heard it here first. Recycles precious metals like lithium and cobalt at a 99.99% rate? Metal mining that have high environmental toxicity, use exploitative labor practices, and are trapped in hot bed areas. Solar panels, batteries, phone parts, etc.
I agree that a lot of these videos are infuriatingly misleading… but these guys totally ignored the facts in the video at 8:30 and used the videos delivery method and hand wavy “every generation must think this way” to discredit the message.
There are serious economic and financial headwinds facing millennials and gen z in healthcare, housing and social security that were not issues for gen x and boomers.
Mow-nay 😂
FTX seems like the financial world's Fyre Festival.
Well, I am in fact infuriated.
16:50 Sounds like you haven't really, actually looked into it
I know that a lot of financial information can be misleading, but I have to admit that the 401k is not my favorite mode of investing at all. The fact that you can't access that money until you're 65 without penalty is a huge letdown. Roth is so much better.
As a millennial, this is a great time to invest and build wealth. We have access to financial information for free and access to the market without going through 3rd party services.
I’m 55 yo semi retired OG and say 💯. So much innovation rolling out in next 10-20 yrs. Once in a lifetime. Take advantage! ✌️
I’ve created a Roth IRA to age 5 years so at 59 1/2 I roll the Roth 401 k into Roth IRA and access it
It's the one thing I dislike more than a TikTok chef It's a TikTok financial advisor... So many people scammed every day from these misinformation spreaders It's almost pathetic