7 Scorching Money Hot Takes That Will Make Your Financial Advisor Cringe

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 26 November 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is frugality overrated? Is hustle culture a waste of time? Do we over-save for retirement? You don’t have to look very far to find a hot take online, but is there some truth to these opinions? Today, we’ll wade through bad financial advice, bust common money myths, and (hopefully) find some personal finance tips we agree with! Welcome back to the BiggerPockets Money podcast! Personal finance is personal for a reason. Spending, saving, and investing vary from one person to the next based on their habits, risk tolerance, and season of life. But how much advice is just flat-out wrong? In this episode, Mindy and Amanda Wolfe are breaking down some of the internet’s wildest views on money. First, we’ll share some of the biggest lies we were told about money when we started our financial independence journeys—like “the stock market is too risky” and “you should work until age sixty-five.” Then, we’ll dive into seven controversial opinions and whether there’s any validity to them. Should FIRE-focused folks ever take work sabbaticals? Is a one or two-month emergency fund enough in 2024? Is being a lifelong renter ever a savvy move? Which takes do we oppose, and which advice is actually worth following? Stay tuned to find out! In This Episode We Cover The biggest lies about money Mindy and Amanda used to believe Whether work sabbaticals are a smart use of money on the journey to FIRE The case against budgets and why you probably have one (even if you think you don’t) Whether Americans save TOO much money for retirement (and why!) Why it’s not overkill to keep a six-to-twelve-month emergency fund in 2024 The costs of buying a house and whether renting is ever the better retirement play And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life Amanda’s Website Reach FIRE Faster with the Book “Set for Life” Find an Investor-Friendly Agent in Your Area Do You Need Debt to Reach FIRE? How to Use Leverage to Build Wealth (00:00) Intro (00:58) Money Lies We Used to Believe (03:25) Sabbaticals Are “Irresponsible” (07:33) I Don’t Budget! (11:47) We Save TOO Much (19:54) Frugality Is Overrated (25:45) Hustling Is a Waste of Time (32:23) I’d Rather Rent Than Buy (34:57) Your Emergency Fund’s Too Big (41:42) Connect with Amanda! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-584 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Personal finance is personal for a reason. Everyone is going to approach spending and saving and
0:04.7	investing differently. So how are you supposed to navigate through the millions of different opinions
0:09.7	online and in books and even on podcasts? Hello. To know what the actual right answer is
0:17.1	when it comes to your finances. Well, today, we're going to be taking out the guesswork
0:21.8	and sharing some of the most controversial financial opinions out there and what hot takes
0:27.9	are right, wrong, and how they could be impacting you as you're working towards your financial
0:33.6	future. Hello, hello, hello, and welcome to the Bigger Pockets Money podcast. My name is Mindy Jensen,
0:38.3	and with me today is the She Wolf of Wall Street, Amanda Wolfe. Hello, hello. I'm excited to be here,
0:44.6	Mindy. Amanda is a personal finance educator, and I'm always excited to have her on. I am so thrilled
0:51.4	to have her join me today to help debunk some of these seemingly
0:55.8	absurd financial hot takes. Okay, Amanda, to start it off, before we get into these controversial
1:01.5	financial opinions, I want to hear from you. Did you ever believe something about finances
1:06.7	that ended up being completely wrong? I feel like I could probably have a whole show dedicated to
1:11.8	just all of the wrong things that I thought about money growing up. But I would say one for me that
1:18.7	sticks out like really at the forefront of my mind was that investing is only for rich people.
1:25.6	Like I when I was younger and especially, you know,
1:28.0	right after college, I always thought, don't invest in the stock market. It's very, very risky.
1:32.9	You could lose all of your money. And of course, now I know and hopefully most people out there know,
1:38.9	but if not, you can lose all of your money if you buy the wrong things. But once you have a
1:43.0	little bit of like basic financial literacy education under your belt, you realize, no, the way people get wealthy is by investing in the stock market.
1:50.8	So I think for me, that was like one of the big aha moments as it relates to money lessons in my life.
1:57.5	What about you, Mindy?
	...

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