fbpx
U

Financial Decisions You Hope Your Friends Make

March 29, 2019

Should you buy a second home, RV, timeshare, or a boat? Chances are they could be horrible for your financial life, but, if your lucky, your friends may make these purchases. We all have friends, and as humans we are hardwired to stand out from our peers. Sometimes our peers make financial decisions that would not be great for our personal finances, but we can take advantage of those purchases that they have decided to make. We recorded a show back in 2016 where we discussed financial mistakes you hope your friends make. So, we are returning with a fresh take on that episode.

Join us for this week’s episode as we share the financial decisions you hope your friends make. Our goal here at the Money Guy Show is to always help you understand how to best use your army of dollar bills to achieve financial independence.

Here’s What You’ll Find Out in this Episode:

  1. Buying a second home: Many times people look at the benefits of owning a second home (appreciating asset, tax breaks, rental income, and unlimited vacations) but often overlook the overall cost of owning a second home.
  2. Owning a timeshare: Timeshares are often pitched as a great deal for you and your family. There are many parts to owning a timeshare. Many times they use high pressure sales tactics and huge giveaways to lure you to buy. Timeshare contracts can be difficult to understand, have high maintenance costs, and a very complex system on when you can use the property.
  3. Recreational Vehicles: RVs seem very good in theory. They can qualify as a second home tax deduction, but they depreciate in value. There are many hidden costs to maintain a recreational vehicles.
  4. Boats: We have all heard the joke that the best days to own a boat are the day you buy it and the day you sell it. Always make sure to consider the costs of maintenance, storage, and fuel. According to Dr. Stanley’s book, 93% of boat enthusiasts are not millionaires, and 70% of millionaires have never owned a boat.

  Honorable Mentions:

  • Country Club Membership: The average annual cost of a country club membership is $6,240. In addition to that there are initiation and capital fees as well.
  • Season Tickets: The problem with season tickets is sometimes the market value does not align with the overall costs of the tickets. Also, there can be other fees associated with the cost of the tickets.
  • Gambling: A gambling trip where no one is a gambler. If you take the trip with a risk taker you will be able to experience the highs and lows. If not, you may take a trip that will be not be exciting at all, or worse – you’re forced to be the risky one of the group.  

Resources Mentioned in This Episode and Related Episodes        

Enjoy the Show?

Tune In and Go Beyond Common Sense with the Money Guys

This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better and your feedback is an important part of that process.

If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: brian@moneyguy.com and bo@moneyguy.com. You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join our community! You’ll never miss special announcements and offers, plus you’ll get future podcasts and blog posts delivered straight to your inbox so you can get in on the action right away.

Most Recent Episodes

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

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...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...