Money-Guy Mashup

September 20, 2013

Everyone is in for a treat this week as we explore the way music relates to your finances. Brian dug through his iPod and iTunes to find a list of songs that solidify the advice we give on a daily basis. Another added bonus: The show notes this week are from Brian’s desk.

Brian put together this idea of how lyrics from songs relate to the financial advice that we give and it inspired him to do this podcast. So, the mad scientist went to work and came out of his office after a few hours ready to record this podcast. The show is based around the concepts that are found in one of our recommended readings: The Millionaire Next Door by Dr. Thomas Stanley and Dr. William Danko.

Money Guy Sidetrack: www.rapgenius.com – This site was like a black hole, there’s tons of artist and song information. There is also a bunch of information about record deals and behind the scenes workings of being an artist.

Millionaire Next Door Concept #1: “They live well below their means”
The concept of deferred gratification is the cornerstone to financial success. Dave Ramsey often says “If you will live like no one else, later you can live like no one else.” I found three songs that tie into this concept. Two are about living below your means and the other is about being broke all the time. Let’s start with the bad concept of living paycheck to paycheck.

Money, Money, Money by ABBA

The take away from this song is that you often have to live below your means and understand the difference between wants and needs.

You Can’t Always Get What You Want by The Rolling Stones

Lastly, when living below your means know that there will be decisions made to save money and buck the trends of what your peers are doing.

Thrift Shop by Macklemore & Ryan Lewis

Millionaire Next Door Concept #2: “They allocate their time, energy, and money efficiently, in ways conducive to building wealth”
To be successful you have to be a good investor and allocate your resources wisely. We always reference being “hyper-savers” when you can stash away 15-20% of your income.

The Gambler by Kenny Rogers                 

I believe another concept of success if the belief of independence and constantly being a student of life. A hunger to learn can lead to tremendous success. The next song lyric ties into this and reminds me of the Anne Ritchie proverb from 1885, “Give a man a fish, and you feed him for a day; show him how to catch fish, and you feed him for a lifetime.”

Feel This Moment by Pitbull feat. Christina Aguilera
Ask for money, and get advice
Ask for advice, get money twice

Toys Begot More Toys; Millionaire Next Door Concept #3, “They believe that financial independence is more important than displaying high social status”
Sometimes we prematurely celebrate our financial success by rewarding ourselves with bigger houses, cars, and lifestyle. This can make your life more complex and stretch you to the point that financial independence disappears because you spend all of your resources keeping up and taking care of your expensive lifestyle. There have been a number of songs that have discussed this issue.

Life’s Been Good by Joe Walsh

Mo Money Mo Problems by Notorious BIG

Luckenbach Texas – Waylon Texas

Millionaire Next Door Concept #4 & #5:
#4 – “Their parents did not provide economic outpatient care”
#5 – “Their adult children are economically self-sufficient”

Economic outpatient care refers to parents that are still providing for adult children who should be caring for themselves independently. I found two songs that tied into this:

Teach Your Children by Crosby Stills Nash Young

Cat’s in the Cradle by Harry Chapin

This song is depressing but details the importance of spending time with your children and helping them grow because life moves very quickly.

Millionaire Next Door Concept #6: “They are proficient in targeting market opportunities”
We are constantly talking about building your savings and investments to a point that you have created an army of dollar bills that work for you. That way you do not have to use your brain, hands, or back.

Money for Nothing by Dire Straits

Millionaire Next Door Concept #7 “They chose the right occupation”
Oh this is one of the most important concepts to grasp.

Mama Don’t Let Your Babies Grow Up to Be Cowboys by Willie and Waylon

Money Guy advice.  Make sure you marry the right partner. There are more songs than I can shake a stick at about the wrong type of relationships. I did list two songs that are good ones to help with this point of advice.

She got the gold mine, I got the shaft by Jerry Reed

Material Girl by Madonna


Most Recent Episodes

Financial Hacks and Habits of the Top 1% (By Age)

ho wouldn’t want to have a high enough income and net worth to be considered part of the top 1%? In this episode, we’ll tell you exactly how much you need to be considered part of the top 1% - and the habits and hacks those in the top 1% used to get there.   In this...

How to Win With Money in 2023!

Financial resolutions are always near the top of the list of Americans’ most popular New Year’s resolutions. Whether you want to save and invest more, pay off debt, or have other financial goals, we will give you the tools you need to win with money in 2023.   In this...

TikToks That INFURIATE Financial Advisors

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

5 Levels of Wealth AND How to Achieve Them! (2023 Edition)

We believe there are five distinct levels of wealth, but they aren’t solely dependent on income or net worth. We’ll walk you through each of the five levels - including how to know where you are at, how to advance to the next level, and signs you are doing it right.  ...

Average Net Worth By Age in 2023!

It’s time for one of our most anticipated shows of the year: our annual Net Worth By Age show! In this year’s edition, we’ll shared updated numbers and data for 2023 and discuss the most important things for you to focus on in each decade.   In this episode, you'll...

Win Financially During a Recession! (Everything You Need to Know)

The bear market we've experienced in 2022 has been longer than many in recent memory - and some are concerned that the economy may soon enter into a recession. Here's everything you need to know to stay on-track and win financially during a recession!   In this...

The Fed Just BROKE the Car Market! (What You Need to Know)

Car prices have been on a rollercoaster ride the last few years, and it looks like they might finally be coming down. In this episode, we’ll discuss what you need to know about the current car market, pitfalls of buying a car, and how to do it the right way.   In this...

Top 4 Money Mistakes People Make During the Holidays!

There’s a reason why financial resolutions are always near the top of the list in January - many Americans spend the holiday season making financial mistakes. In this episode, we’ll discuss the top money mistakes people make during the holidays and how to avoid them....

Financial Advisors Share What They WISH They Knew About Money Earlier!

Have you ever felt like if you just knew this one thing about money earlier your finances would be in a better spot? In this episode, we’ll share the five biggest things we wish we knew about money earlier!   In this episode, you'll learn: What we wish we knew earlier...