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

How to Recover From 4 HORRIBLE Financial Mistakes!

In our nearly four decades of combined experience managing money, we’ve seen some horrible financial mistakes - here are the four worst we’ve seen first-hand and what you can do to avoid making a similar mistake. In this episode, you’ll learn: The worst financial...

Why Americans Are Actually Broke! (2023 Edition)

Americans might be bad with money, but you don’t have to be. In this episode, we discuss the underlying reason why Americans are so bad with money and how you can do it better. In this episode, you’ll learn: Common financial pitfalls you should avoid Practical steps...

Build Wealth With the 3 Bucket Strategy! (By Age) 2023 Edition

We believe there are three distinct taxable buckets you have the option of investing in for retirement. We’ll talk about how to balance those buckets by age and show a case study by age that shows what your buckets may look like! In this episode, you’ll learn: The...

Debt Ceiling Crisis: World’s Financial System at Risk?

Should you be worried about the debt ceiling crisis? Although political leaders have so far been unable to come to an agreement, we'll tell you what history says will happen and what it means for your finances. For more information, check out our free resources...

Financial Advisors React to INSANE Money Advice on TikTok!

Is financial advice on TikTok all bad or is there some good advice out there? Check out our brand new TikTok react show where Brian and Bo give their honest reactions to trending financial advice. Enjoy the Show? Sign up for the Financial Order of Operation (FOO)...

How to Save Thousands of Dollars in Taxes in 2024

Tax season is over for most of us, but that doesn’t mean it’s time to stop thinking about your taxes! Planning out your tax strategy in advance can save you time and money on your taxes. In this Q&A, we’ll discuss the line items on your return to pay attention to...

Average 401(k) Balance by Age (2023 Edition)

Are you doing better than the average American at saving in your 401(k)? We'll talk about basics of a 401(k), including new limits, employer matches, and vesting schedules, how many millionaires are created by 401(k)s, and of course the average 401(k) balance by age....

TikTok Products That Are Actually Worth the Money!

TikTok has become not only a popular social media platform, but a popular place to find trending new products. Are any of them actually worth it? Let’s find out!   For more information on how to make the most out of your financial life, check out our free...

The Dark Side of Being an American Millionaire! (2023 Edition)

Being a millionaire isn't always sunshine and rainbows in 2023. In this episode, we'll discuss some common pitfalls and traps millionaires fall into, shock-and-awe stats, and how you can handle your money even better than a millionaire. In this episode, you’ll learn:...