Skip to site content
The Show

Fairy-Tale Foreclosure, How a Planner Works, and Dark Knight Review

Today’s show is a grab-bag of goodies. If you keep up with pop-culture, you’ve probably come across the show Extreme Makeover Home Edition. If you’re not familiar with this show, they select a family in need and makeover their home. One family they selected actually lived about fifteen minutes away from me, so when I read this story it really hit close to home (no pun intended).

As described in the July Atlanta Journal the largest home ever built on this show, which my wife can vouch for because she actually attended two of the construction days, is now in foreclosure. I find this so sad! This family fell victim to the same poor financial decision making that is one of the reasons for the current state of our economy. They were given a house worth anywhere from $550,000 – $650,000. They were even given enough cash to pay the taxes on the home for something like 20 years.

This couple then decided they wanted a piece of the American Dream. They wanted to start their own business. Don’t get me wrong, I am all for entrepreneurship, and I support small businesses, BUT a decision to go out on your own and start a business from the ground up takes planning! Even with planning, most first time small businesses fail. Knowing this, it would never make sense to leverage your home, the very shelter that keeps you protected from the elements at night, on such a risky endeavor ESPECIALLY when this home has been given to you free and clear.

As you listen to the show I’ll share my complete thoughts on this and even share some of my personal experience in starting successful businesses.

I also address a listener’s email that was curious as to how financial planners actually work. In the show I share two basic models that fee-only planners typically use as well as some of the specific procedures we use at our firm.
A few of you have asked me to provide my review of The Dark Knight movie. In short I loved it, but it is definitely not a movie for the kids. Also, if you like Aaron Eckhart, I highly suggest you check out the satirical comedy, Thank you for Smoking.

Enjoy the Show?

Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

8 Questions to Ask Your Financial Advisor

These 8 questions will help you know for sure! Whether you’re looking for a new advisor or you’re already working…

View Resource

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Wealth Multiplier By Age

How much to save every month to become a millionaire.

View Resource

Articles

Exclusive Sneak Peek of Millionaire Mission by Brian Preston

, ,

Read More

How To Become a Financial Advisor

, ,

Read More

Do Married People Build Wealth Quickly?

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Millionaire Mission (Brian’s Book)

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-math.png

Know Your Number Course

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-pencil.png

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

FULL 3BucketStrategy2024 A

Build Wealth With the 3 Bucket Strategy! (By Age) 2024 Edition

Watch Now
BudgetingAppQA

Best 4 Budgeting Apps! (Ranked by The Money Guy Team)

Watch Now
FULL WinFinanciallyByIncome A 1

How to Win Financially Based on Your Income! ($30k, $50k, $100k, $150k)

Watch Now