Your 401(k) Might Be Costing You Thousands

Introduction – Your 401k Is Costing You Thousands (0:00)

Brian: Your 401k is likely costing you thousands of dollars.

Bo: Brian, I am so excited to talk about this because we know that the 401k is an unbelievable tool available to most working individuals out there. And yet, it can be, even though it’s an amazing tool, someone that’s potentially costing you. And you likely have the ability to change that. And that’s what we want to talk about today.

Brian: Well, I mean, let’s talk about why are these so powerful. First of all, we know even from our own millionaire studies that we’ve done, this is the first account that most millionaires cross into seven figures with, and there’s a lot going for it. If you think about there’s lots of tax incentives, you think about free money from your employer, the fact that you’re getting profit sharing, there’s a lot of things to get really excited about a 401k. So, we want to make sure that you’re doing it right.

Bo: But not all 401ks and 401k plans are created equal. There’s actually a study done by the Department of Labor that found that of a thousand of the largest 401k plans out there, over half of those plans had funds that shared revenue with the plan’s administrator. Meaning that there was some sort of kickback, some sort of payment for the funds and the other investment options that were found in the plan. And so you may be wondering, well, is that for sure a bad thing? Well, not necessarily in every circumstance, but can it be a bad thing? And can it be an expensive thing? And can it be a costly thing? Absolutely.

Hidden Fees and Revenue Sharing (1:36)

Brian: Well, I mean, let’s talk about what does this mean? When we find out that there’s extra fees in there, we’ve seen this in several different ways. I remember when we’ve gone and reviewed 401k plans, you see sub account fees. Even what’s amazing, usually this is an active account. You know, if you find out somebody there’s a money manager or there’s something, but I’ve even been surprised that they have realized that a lot of investors want index funds. That’s right. So, you even have to pay attention to the way the index fund of your 401k is structured to make sure you’re truly getting the low-cost variety because we even found there was a plan, I’m not going to say too many names, but there was a plan that was labeled as a Vanguard S&P 500. And then when we looked at the internal expenses, we looked at all the fine print. We found out that this thing had an internal expense ratio that was over half a percent. That’s right. When we know that the traditional Vanguard S&P 500 is less than 10 basis points. So, you’ve got to pay attention to this because it could cost you a lot of money in the long term.

Bo: Yeah. So, you may see an expense ratio inside of a fund and that expense ratio may be paid as a kickback back to the plan provider. So, it’s something that you want to make aware of because even though this is a hidden fee, it can really affect how many dollars stay in your back pocket. And there were some other really interesting findings in this study that was done by the Department of Labor. The average 401k of these thousand largest plans they looked at offered about 22 different investment options. So, it’s a lot. It’s not insane though. It’s not hundreds, but about 40% of those available investments were affiliated with a 401k provider. Again, this is not inherently a bad thing. You’re probably thinking, “Oh, I’ve got a Fidelity 401k. I’ve got Fidelity funds. I’ve got a Vanguard 401k. I’ve got Vanguard funds.” But oftentimes when it’s associated with the provider, when you see the same fund family there, there’s a really good chance that those are not the best funds available, those are not the lowest cost funds available, and oftentimes those are not the best performing funds available either.

Brian: I think it just requires an extra step when I see proprietary funds and like I said you said a good one like if you think about the S&P 500 at Fidelity that’s going to be low cost, the lowest cost and that would probably fall into this 40% and that doesn’t necessarily mean it’s bad but it does mean you at least need to go follow all the asterisks, all whatever markings they put next to the internal expenses so that you can figure out what are the fees and what are you paying because we just want to make sure you’re not paying those proprietary fees on funds that are just it’s not necessarily in your best interest. And be careful of the active managers that are essentially closeted index funds, but they’re just way more expensive.

The Cost of Revenue Sharing: An Example (4:23)

Bo: Yeah, let’s look at an example. And that’s the closet index fund is a great example. A fund that is doing the same thing as indexes, but charging a whole lot different. Let’s think about two investors or two funds available inside of your plan. Let’s say that one has a revenue share and the other’s non-revenue sharing, just a low-cost index. And let’s say that both of these funds aim or goal is to track the S&P 500 and the S&P 500 return is 10%. Well, when you actually look at the underlying internal expense ratio, the fund that has a revenue share arrangement in place might have an expense ratio of like 0.67% where the actual indexed non-revenue sharing version could be as low as 0.015%. So a fraction of a percentage point is what you’re paying in a fee. Well, when you think about it, if the broad index itself is returning 10%, the actual return that you receive via the non-revenue sharing index could be something like 9.985% versus the revenue sharing fund, which is like 9.33%. And even though these are the exact same funds tracking the exact same index with the exact same type of exposure, the results that you get as an investor are not the same. And when you think about how meaningful could that difference be over the course of an entire working career, it could be substantial. It could be in the hundreds of thousands of dollars category.

Brian: Wow. I mean, that’s why, look, pay attention to what you’re paying. And make sure you’re getting value out of it. That’s the thing. We don’t like it when there’s fees that don’t technically add any value to what you’re getting. If there’s a much better index fund, get the lowest cost version of itself. I do, you know, price is what you pay, value is what you receive. And we just want to make sure that those things are connected.

How to Advocate for a Better 401k Plan (6:09)

Bo: So, what are some things that you can do? What are some key takeaways? And a lot of people don’t realize this, that you actually have the power to be an advocate for your plan. So, make sure you’re asking the right questions. A lot of times we’ve actually had this happen where a big fan of the show reached out and said, “Guys, my 401k is just not great. It’s a provider and I won’t say the name of the company, but it’s account sub account fees and it’s very expensive and the employer match is not great and it’s just it’s real old school.” And so we said, “Hey, why don’t you ask your HR department these questions? Hey, why don’t we have any low-cost indices? Hey, why don’t we think about a safe harbor plan?” And we gave them basically this list of questions to ask. Well, they took it to the HR department and they said, “Yeah, sorry. Honestly, we set this up 10 years ago and we haven’t looked at it. It’s been on someone’s desk. Where did you get this information? How do we improve?” And we were actually able to come in and improve the plan. Actually put in a low-cost safe harbor type plan. So, if you can ask the right questions, even if you can’t change the provider, even if you can’t change a custodian, you might be able to say, “Hey, can we just make some low-cost index funds available rather than just having all these active funds? Can we get an S&P 500? Can we get an international index? Can we get a small cap index?” And you might be amazed that having those changes take place in your plan is not as difficult as you might think.

Brian: Yeah. And I mean, you just hit on all the reasons on why you need to know your investment options in the plan. And look, it’s on the responsibility list of being a fiduciary provider of a retirement plan for many employees that they should be paying attention to how good these investment options are. So, empower yourself, empower your fellow employees. Do it in a tactful way because nobody the employer doesn’t want an employee that’s out there just causing trouble for the sake of trouble. But if you truly can make things better for your co-workers and for yourself, let’s go advocate for this.

Bo: Well, what you’re doing there is you’re creating a win-win. If you can create the scenario where you say, “Hey, not only will this plan be better for me and I’ll get lower cost options, but man, it’s going to save you as the employer in terms of administration costs and it’s going to be better for the co-workers if we have a safe harbor plan. Then maybe the ownership is going to be able to put more money in without having to worry about failing testing.” There are ways that you can structure the conversation. Again, to be an advocate for yourself because the 401k is an incredible account. It’s an incredible tool. And if you’re going to work for an employer, you want to make sure you have the best 401k possible, the best 401k available.

Brian: And look, we already said majority of plans have 22 funds. They add a lot of complexity. The win is typically keep it simple. If you know what you can control, get out there and maximize those things and then set it, forget it, make it automatic for the people. That’s how you win the 401k game.

Bo: I love it, Brian. I love that we get to talk about this. I love that we can educate folks on things that they might not know. They might know, hey, I need to save and I want to save, but man, there’s little nuances to the 401k and the investment options I didn’t know about. I love that we get to sit in the spot where we can talk about those things. And I also love that we can talk about the things that you guys care about. It’s why we show up here every Tuesday morning at 10:00 a.m. Central to load you guys up. So if you have a question, if you want to get our take, if you want us to weigh in on something in your life, we have the team out in the wings collecting your questions right now. So make sure you get them in the chat. With that, creative director Rebie, I’m going to throw it over to you.

New Segment Alert: “It Doesn’t Depend” Rapid Fire (9:49)

Rebie: Yep. I’ve got a few questions queued up, but first I need your help with something. I want to try a new segment called It Doesn’t Depend. It’s a rapid-fire segment where Brian and Bo answer questions rapid fire style. And the one rule is they have to do it in under a minute and they can’t use the words it depends. Oh wow. So look at you. What I need you to do if you are watching live and are active in our chat right now. If you have a rapid fire question, just put the initials RF in front of your question and then write out your question. I will be choosing.

Brian: So here’s what I think is funny. What y’all don’t know, I love kind of sharing behind the scenes because by the way, I’m back in town. If y’all didn’t catch on, I’m actually here. Bo, right before we went live said, “Rebie, we should do rapid fire.” And I love that Rebie is so fast acting. She’s like, “Okay, if he’s going to make this and push me to do this rapid fire, I’m going to at least make it hard.” So, I was like on these guys. So, let’s take out It Depends.

Rebie: Yeah. I said, “I’ll make you a rapid fire segment, Bo. Let’s go.” I love it. Let’s go. So, we are going to do some normal tried-and-true money guy questions, but then we are going to do our It Does Not Depend rapid fire segment between the 30 and 40 minute mark of today’s show. So, get those questions in the chat because yeah, I’m excited about it. We’ll see what Brian and Bo say.

Live Q&A: Lump Sum vs Dollar Cost Averaging (11:14)

Rebie: But to kick off our Ask the Money Guy, let’s go to Ryan J’s question up first. It says, “Hi, Money Guy team. I love your content and Millionaire Mission.” That’s awesome. My question is, I recently did a rollover conversion from an old IRA to a Roth. It’s about $45K. Should I dollar cost average over time or just throw it in all at once? What do you think?

Bo: It depends. I want to get them all out before we get to the rapid fire. I want to get them all out. We get this question a lot of times. Now, yours is specific to the fact that you did a conversion, but a lot of times people will come into a large lump sum of money. Maybe they sell a business, they have a pension that pays out a lump sum, they sell a piece of land, they have a capital transaction, whatever the thing may be, and they come into a large sum of money, they want to think, man, I really want to put this money to work, but I’m so nervous because what if I put it in and then fourth quarter of 2018 happens or 2022 happens or 2008 happens, how do I decide when is the right time to put it in? Or is the answer I should always dollar cost average? For those of you who don’t know, dollar cost average means I’m going to buy a specific chunk on a specific timeline every single month or every single week or whatever your cadence is. And so the question that people often ask is, okay, which one is better? And how do I know when and which one?

Brian: Well, this is why I love at least our it depends. We give you some rules, man, because without a doubt, lump sum investing historically is the best choice. But markets are up more often than not. Markets make money eight out of 10 years. So, you know, right there, you know, hey, the edge is in my favor if I get this money working ASAP. It’s the one-off stuff that really throws you off. So I hate it when people go all of a sudden binary where it’s either on or off, either we’re going to be lump sum or we’re going to be dollar cost averaging. We’re like, well, that’s not the way real money management and good decision-making works. What’s the risk of this transaction to my entire financial life? Because look, if you got $45,000, but you have a million dollars working in the background, throw it in there. Just get it to work ASAP. But what if this is you’ve only got $50,000 of investments and this $45,000 is now, you know, 90% of your holdings. We need to understand that there is some variation to what you need to do. And that’s why it’s called it depends. But we give you rules. And that’s why I’m going to put the content team on. Let’s see if they can do it. But we have a Goldilocks rule that works on trying to figure out whether you want to do lump sum versus dollar cost averaging. It’s all tied to what is this as a percentage of your total investable assets.

Brian: I was hoping that they were scrambling. Oh, give them a couple extra seconds. They got it. I just need a little but look, we give you the rules right here. So our it depends actually has an answer because we say look if this is less than 10% of your total investable assets put that money to work ASAP. Obviously if this starts to be between 10 and 20%, spread it out over four months. That way it’s not really pausing the gain process too much but at least is protecting you from that quick hit of losing 20, 30% in a small period of time. If this is over 50%, just like we talked about, if this was 90% of your holdings, let’s spread that DCA over 12 months just so you get this. You’re setting up the automatic behavior that gets the money working, but it’s now protecting you from the risk of the transaction.

Rebie: That’s great. Ryan J, appreciate your question.

Brian: By the way, is the Goldilocks I know now that we have made the site so much more searchable. You probably can go to moneyguy.com and just search Goldilocks, but Is this a resource?

Bo: It’s going to pull up an episode, but it’s not a resource. It’s not a resource. We have talked We’ve talked about the rule book, right? The Money Guy rule book is on the docket team.

Rebie: They don’t know it’s on the docket.

Brian: But now, the good news, the searchability of the website is so good now that you can go find this stuff just by us talking about it. That’s right. You can.

Lowering Savings Rate for Car Purchase (16:16)

Bo: Are you seeing all these rapid fire questions, man? If we just took a minute.

Brian: Are they all money based or any of these like you know Bo’s bicep curl?

Rebie: You’ll have to wait and see.

Bo: Of all the lists, that’s the weirdest one to come up with, but I like it. I don’t know. I like it.

Brian: By the way, we have a new thumbnail that’s working its way around the ranks. And I don’t even know if Bo knows this because when Rebie sent me the draft of it, and I was like, why is Bo flexing?

Rebie: It’s our new podcast thumbnail. It’s our new podcast. If you’re an audio listener, you may be seeing it today.

Brian: And I know I hope I don’t start a fight. But Rebie goes, “If you think that one looks flexing, you should have seen the other ones that we looked at.” Yeah. He said, “Why is Bo flexing?” I was like, “That’s all the photos. I’m not so swole. So swole that you just can’t help but hide those muscles anymore.” I don’t know what to tell you. Tell those guns to stay covered. Wealth building.

Rebie: Let’s go on to JacobtheCcpa’s question. It says, “Is it okay to lower savings rate to 10% for one year? I’m 26 with one times income saved, which is $81k. I’m guessing that’s one times income. In FOO step six. With baby number two, we need a new van and my wife’s car won’t fit two car seats and isn’t reliable. We will do 20/3/8.”

Bo: Yeah, Jacob, this is a great question because so many people, so many financial mutants out there, they think, guys, I’m going to put you on the spot, content team, if y’all pull this up. So many people think the FOO is a straight line. You go from step one to step two and step two to step three. And over the course of your career, it just goes straight from bottom left up to top right. But in reality, that’s not how it often works. Life happens. We have things where we get married and we buy a home and we start a family and we have to replace a car and we have a job change and we have a fill in the blank on all the things. And so a lot of people get so wound up thinking, man, I can never go back. I can never not be exactly where I am. And you have to remember that money is nothing more than a tool that allows us to achieve and accomplish our goals. Money is not the goal in and of itself. And so the FOO is supposed to be a guideline that helps move you towards your goals. The FOO itself is not a goal. So Jacob, if you find yourself in a situation where you’re about to have baby number two, congratulations. That’s amazing. Your wife’s car won’t fit two car seats. You have to upgrade. And the way that you’re going to be able to save for that 20% down to go buy that automobile to follow 20/3/8 is you have to back down your savings to be able to do that. That’s okay. That’s part of life. That’s part of the financial journey. Can you do it? Absolutely. Now, what I love is at $81,000 saved up at age 26, you’re already well ahead of the curve. Like you’re doing awesome already.

Brian: Yeah. You know the rules we talk about by 30 you want to have one times. You’re already well above that. What I would do to keep yourself motivated, just a little facet that will help you keep yourself on track. I have no problem with you bringing it down to 10%, but at least try to get the employer matches and all the things that get you free. You know, they level you up in a lot of really cool ways like 50%, 100% guaranteed rates of return. It’s hard to walk away from those things, but then also put the pressure on yourself to get back on track ASAP. Feel like there is a ticking time clock of compounding growth, your army of dollar bills that are not growing through the wealth multiplier formula because you’ve made this decision and I think that will keep you motivated. But being a CPA, 26, crushing it, I think this will just be a hiccup in your long successful life and congrats on baby number two.

Rebie: Congratulations. Great answer. Thank you for the question, Jacobthecpa.

Rolling Traditional IRA into 401k for Backdoor Roth (19:11)

Rebie: We’ve got a question from Jeff P next. It says, “Question for the team. Does it make sense to move my traditional IRAs back into my 401k to free up the backdoor Roth opportunity without triggering the pro rata rules? I’m male 50, retiring at 65.”

Brian: I mean, we don’t know the details of the 401k that you’re rolling it back into, but this is definitely a very viable strategy to open up the opportunity to do backdoor Roth conversion strategies.

Bo: So, what I’ll do is I’ll explain what the backdoor is, what the strategy is doing. I’d love you to think, Brian, times that it would make sense or would not make sense. Like, what would you look for it to or to not make sense? So, for those of you that aren’t familiar with what Jeff is saying is that if you make too much money to be able to contribute directly to a Roth IRA, there is currently an opportunity where you can put money into a traditional IRA, not take the tax deduction that makes it a non-deductible contribution and then you can convert that to Roth. Well, if you do that and you don’t have any other outside IRA assets, so no IRA rollover, traditional IRA, SEP IRA, SIMPLE IRA, you don’t have any of those hanging out when you do that conversion, if all you’re converting is after tax dollars, and after tax dollars are all you have in your IRAs, then it is a completely tax-free backdoor conversion. And so what Jeff is saying is, hey, I have these traditional IRAs that have pre-tax money. Rather than having them sit there, I’m going to roll them into my 401k into my employer sponsored plan, thereby reducing my IRA balances to zero and opening up my ability to do backdoor Roths. It’s a wonderful strategy. A lot of people do it. A lot of people make that movement so they can do backdoors. But his question, I think, was does this make sense? So, I’m trying to think about Brian times when it would not make sense to do that and implement that strategy.

Brian: Yeah. Let me give the two that just immediately and I’m sure if just in case my brain is not working as fast as yours if you come up with additional on top of this. Easy low-hanging fruit is you have a horrible 401k with really expensive funds, really high fees and other things that way outweighs the putting the money in there. That’s the first thing. But if you work for a big company and you have a great 401k with low-cost index funds, lots of options, yeah, I think it makes a lot of sense at that point. There’s also what if your income is not high enough to where you even need to do a backdoor Roth conversion contribution. You know, a lot of people if your income and that’s why I was scrambling because we’re in a brand new tax year, so I don’t want to give out bad numbers, but on the spot, I should have already flipped over to this. You know, you can make contributions up to a Roth IRA. This is back in 2025. So, I’m sure this has gone up. For incomes where Oh, here we are. Here we are. For 2025, $236,000 to $246,000 for a married couple. For single, it’s $150,000 to $165,000. So, if your income is under those thresholds, you don’t have to worry about the structure. You can just contribute directly to the Roth accounts. But if you’re in a higher income situation and you have a really clean 401k with lots of opportunities, I kind of like it. I mean, this is why I resemble this in some ways is that I love the Roth conversion strategies.

Bo: I’m going to give you one from experience where you just want to think through this. You know, oftentimes traditional IRAs are just sort of this kind of weird account that it used to have your attention and then it loses your attention and it comes back. And so we’ve seen this with clients where they had a traditional IRA that at some point in time they recognized, man, I want to do tax deferred savings, but I make too much to do a deductible contribution or I make too much or I already have a 401k, so I can’t deduct, but I’m just going to put money in my traditional IRA. And I do that for a few years and not really thinking about it, I end up having some after tax dollars in my traditional IRA. Well, fast forward in my career and I change jobs and I roll a 401k in and so now my traditional IRA has this big pot of money in there. It’s not uncommon if you have a traditional IRA that there might be some what we call basis in that. Good call there. I’m literally thinking about two clients we were going to do this strategy where we were going to roll their traditionals back into their 401ks and we just asked them the question hey where’d the traditional money come from? Like oh well it was a smattering. You used to contribute and I was like well you guys have always worked for large companies when you contributed were you doing deductible contribution. Like no we were just looking for we actually forensically went back I want to say it was like 11 or 12 years on their tax returns and found every single year where they had made a contribution we were able to unload or to uncover for each of them like it was something like $60 or $70,000 of basis in those traditionals and so what we were able to do is we were able to roll all the pre-tax money into their 401k, leaving behind just the basis, so like $60, $70,000 of basis, and immediately convert that basis that was already after tax to Roth. Had they not recognized that, had they not caught that, what they would have done is they would have rolled after tax dollars into a pre-tax account, thereby putting it back inside the tax shelter, causing it to be taxed two times and missing out on tons tons of Roth opportunity, Roth planning. So, you want to make sure, Jeff, before you just willy-nilly blanket roll money into your 401k from a traditional, you know where those traditional dollars came from because you don’t want to mix up after tax dollars and pre-tax dollars because there’s a big planning opportunity otherwise.

Brian: Well done. Wow. So smart. That was awesome. I mean, because I knew he was going to I was like, there’s something I’m probably not coming up with and the basis is a big determination that’s going to help somebody and somebody’s going to be like, thank goodness I listened to that third point that Bo just shared. It was literally hundreds of thousands. That’s a big one. It was a big one.

Rebie: That’s good stuff. Jeff P, I hope that really helps you think through your question.

Brian: No, but that’s exactly what that’s what you want out of your financial advisor. And this is why we say your financial life starts off so simple because building wealth is not necessarily hard or even complicated in the beginning. It’s just a matter of making the things as simple and automatic as possible. But then as you have more and more success, things like that happen where all of a sudden your life gets complicated even though you are trying to keep things structured as simply as possible. And that’s where we’ll leave the porch light on. And you can tell we got the chops to make sure you navigate this well.

Bo: Love it.

Can You Have Too Many Sinking Funds? (26:10)

Rebie: It’s good stuff. All right. Your chance to get rapid fire questions in is coming to a close. If you’re watching live right now, be sure to put an RF in front of your question. It will be part of our rapid fire segment in just a few minutes. But first, we have Leahfeld4397 and her question. It says, “Can you have too many sinking funds?” We have a six-month emergency fund plus funds for a new car, repairs, travel, etc. Combined, this puts us at $140K plus in cash. Household income is $225K. They’re 32 years old, $400K saved in retirement. They are crushing it. They are crushing it. So, what do you think about?

Brian: Hang on before y’all take that off, let me just get because there’s some lots of data here. That’s income. I know you’re faster, but go ahead and talk.

Bo: Well, the answer to the question is, can you have too many? Absolutely. We’ve actually we did a Making a Millionaire episode. If you’ve not checked it out, make sure you subscribe right now to the channel so you can get updates every other Monday when we do one of these. Because a lot of people do this. They say, “All right, I’ve got my emergency fund and I know that I need my three to six months of living expenses, but in addition to that, I might need to replace my car. So, I’m going to have an additional sinking fund, but then I might have some home repairs and I have that. Then I’ve got this and then I’ve got and all of a sudden you have these 8, 10, 12 different sinking funds and you get yourself into the situation like Leah where your household income is $225,000 and you have well over half of that amount in cash which is likely way bigger of a cash cushion than you need because odds are not all of those things are going to hit at once. I’m going to buy a new car and I’m going to get the repairs and I’m going to have to travel and I’m going to need to tap into my emergency fund. You’re not recognizing that dollars inside of sinking funds can be used for multiple purposes at different times. But I think financial mutants, we like to compartmentalize. We like to have our little nice little chunks, but it does get you in the situation where even though you guys are absolutely crushing it, you’re probably in way more conservative of a posture than you actually need to be in.

Brian: Well, I think you’re focusing on the minutiae of it instead really you’re focusing on with a fine you need to pull the microscope back like you’re looking at 10 times magnification where maybe you just need one times and just look at it as a whole so you can get the overview that hey what do I really need for the next three years and then let’s look at our emergency fund slash sinking funds in that scope of three years and then yes, let’s keep that money. But if this is now this thing is starting to get where we have a full year’s salary and we don’t need that much, especially six figures, multiple six figures the way it’s headed, yeah, we’ve probably turned a good behavior into a hyperfocus and like all things in life, too much of a good thing can all of a sudden turn into a weird obsession or bad thing. And that’s why we got to have perspective. Got to have the why. Understand what is the purpose because what I don’t want you to do especially did we get the age here? I think 32 is how old they are. If you’re in your early 30s. Yeah, there it is. 32. I mean your wealth multiplier at age 32 is still 18 times. So you can imagine if you’re misjudging this by $20,000, $40,000, $50,000, all of a sudden I mean you’re walking away from your future self having hundreds of thousands of dollars working out there in your army of dollar bills. So, and especially if you’re not at step eight, you know, because sometimes if you read Millionaire Mission, I share that cash can be a kind of a contrarian wealth builder, but that’s well beyond the steps one through seven. That’s when you are you’re stacking it up in the background and now you’re looking at how do I use cash as a magnifier of wealth by having money when nobody else does during the any upcoming downturns. But if that’s not and you’re young, let’s make sure we’re not leaving those army of dollar bills sitting on the sidelines.

Bo: 32 with $400,000.

Brian: Oh yeah, working with us is definitely in your future, Leah. I mean, because that’s incredible, y’all. Well done. Golf clap. I mean, that’s just really good stuff.

Rebie: A golf clap. I like that.

Brian: It is true. I don’t have the handshake, you know, because Paul Hollywood has the handshake. We got to figure out what we can do. I mean, I guess Bo high fives everybody. So, but maybe maybe he’s a high five too much, you know, around here. I think we got to figure out what our Money Guy thing is when somebody’s done something so well that we Golf Clap doesn’t sound right either, but we’ll we’ll figure it out. We’ll work it. We’ll keep smart creative people around us. I don’t know.

Rebie: We’ll think about it. But I, as I was saying, it is true that if you ever are at that level of complexity where you just don’t know what you don’t know and you want to make sure you get it right, go to moneyguy.com and click on become a client and you can just explore what it looks like to become a client of Abound Wealth. We’re always here for you when you need us.

It Doesn’t Depend – Rapid Fire Segment (31:26)

Rebie: All right, we have reached that time in the show. Oh boy. When it is time for our It Does Not Depend rapid fire segment where Brian and Bo will answer a series of questions submitted by our live chat today in under a minute and they are not allowed to use the words it depends.

Bo: All right. And so I want to make sure our production team you’re going to get that timer going for us. Yes, they are. It’s a minute combined, right? Like both of us have to answer inside of 60 seconds. So I can’t hog it because we know I’m the one that’s going to hog the time if we’re not careful.

Brian: Okay. I say yes. And here’s what I will throw you a bone here. At the end of our questions, we will have a maybe it does depend segment where you can say all the things that you were just dying to say that you couldn’t for the sake of time. Love it. Okay. Be careful. We’ll ping pong back and forth who starts. So do it. You want to go first? I’ll let you go first.

Rebie: Be short. I want to see you do rapid fire. All right. Okay. Here we go. First question from Marius Rants says, “Best strategy if employer does not offer a 401k.”

Bo: No 401k. Best strategy would be save into a traditional IRA assuming that you could deduct it. If not, then Roth IRA, traditional IRA, then after tax brokerage account.

Brian: I loved it. I mean, you crushed it because that’s exactly the order I would do that as well.

Rebie: It’s already eased up all this time. He just took so long to say I loved it.

Brian: Well, we didn’t even hit a minute because I mean it’s totally the Roth IRA. I mean, and by the way, let me show you. Let me shake it like it’s hot like it’s supposed to be because Andy Hill did a great job, but he didn’t shake that thing like it was supposed to. When you get the FOO, you shake this thing and then that’s what So, you got to hit that Roth just like Bo said, and then when you get out to retirement, since you don’t have an employer match, you go to go hit the traditional IRA and if you don’t have that, you go down here to step seven and you go start doing the after tax account. So, said it perfectly. That’s wrong. No, we still have 50 seconds.

Rebie: You give Brian the minute, he will use it. Next up, BP6685 says 529 or TRUMP account.

Brian: Well, I mean, I think you take the free money from the TRUMP account for sure because free money is good. But we’re finding out because these things are going to be treated just like normal IRA accounts. So, there might be a Roth conversion opportunity in the future. We still think that 529s, go get the free money because we love free money, but then we still love 529s as long as there’s a why that education’s going to be in the future.

Rebie: Yeah. Fred D asks, DCA Roth IRA contributions or lump sum them in January?

Bo: Lump sum in January assuming your portfolio’s reached the size to where the Roth contribution is immaterial relative to your total portfolio.

Brian: Yeah. If you’ve got and I’ll put numbers to it. If you’ve got over $60,000 of investable assets, then you probably should just have the strategy of just lump summing it in there. Unless, now know thyself, if you’re one of these people because it’s an annual thing. I love setting up dollar cost averaging. If your income is nowhere near the tippity top of the exclusion of you make too much, then I like setting up automatic behaviors to just buy every month when you get paid.

Rebie: Zach P says, “Would you rather an $88 beer or 88 $1 beers?”

Bo: First of all, I have to know what $88 beer tastes like. I would need honestly I like a fancy beer. Honestly, that’s like a That’s like top tier. One $88 beer.

Brian: I could do 88 beers at this age. Now, college age would have been different. That would have been my beer. I could do. I could last me an entire year. So, it would be option two. 88 $1 beers would probably be all of my 2026 beer needs. I would have not drank. I would truthfully that could have probably been 2026 and 2027. Now, college that might have made it, you know, two weeks. Maybe I shouldn’t say it out loud. I’m just not going to ask anymore. I did go to I did go to Sippers and Club Leva back when I was in high school. So things were a little different. I grew up feral.

Rebie: Amber62654 asks, “Is it okay to pull $2,000 from the emergency fund to max out my Roth IRA for 2025?”

Bo: Yes, because one of the little-known secrets about Roths is you can get to your basis penalty-free, tax-free if you have to, assuming that you have more in your emergency fund than just $2,000.

Brian: But don’t turn it into a crutch behavior. This needs to be a one-off thing that yeah, when you’re running it so close in the beginning of behaviors and setting up good habits that yeah, I want you to maximize this by April, but then make sure in the next year your emergency fund is big enough that these things don’t cross paths as easily.

Rebie: Love it. All right, for these last five, we’re going to shorten the time to 20 seconds. Wow, look at y’all. We’re doing too good with one minute. Let’s see what’ll happen. So, you have 20 seconds. You can’t say it depends. And then I will give you a follow-up at the end. You have to say what you need to say. Maxim B. Ken Cam 3342, that was a serious username, says, “Why do you say that Roth 401k depends on your marginal tax rate, but still encourage backdoor and mega backdoor Roths?”

Bo: Backdoor and mega backdoor come at different times. We encourage mega backdoor because whenever you can do Roth tax-free, you should do it. Doing Roth 401k is not tax-free.

Brian: Well, because look, if you’re in a high tax bracket, I need more time on that.

Bo: It costs you money to put money in the Roth salary deferral if you have options to do pre-tax. Every dollar you put in saves you 30 cents in taxes. Backdoor Roths is not. You can do pre-tax contributions and still do backdoor Roth.

Brian: Steve Harvey is making fun of me right now because I couldn’t get that one right.

Rebie: See, I did stress you out there. Sorry, Brian. Next is from an 11. What’s Brian’s favorite movie?

Brian: I mean, the classic answer is Shawshank Redemption is one, but then there’s also we were talking yesterday, it came up in a Princess Bride, dude. Is a good one. I mean, so it depends on what your flavor of what you consider awesome. Thank You for Smoking. I mean, that was a good one. Do you remember that one from a few years ago? There’s I could give you a list of five. I know Bo’s going to say probably Dark Knight.

Bo: I’d like to say I’d like to say Star Wars is Brian’s favorite movie.

Brian: Well, I mean, that’s Well, which one, Bo? Come on. Well, what’s yours? The Star Wars. Yours is not Star Wars. Christopher Nolan Dark Knight for you.

Bo: The Dark Knight trilogy was fantastic. It was a good one.

Rebie: Manny G asks, “How to determine when enough money is enough money?”

Bo: When you know who you are what you value and what brings you purpose and your money allows you.

Bo: He works so good that’s the abundance definition right there on the levels of wealth you’re so smart.

Rebie: All right two more. What’s y’all’s general quote unquote rule for sudden extra money like an inheritance bonus or a raise. Spend versus saving versus investing.

Brian: Spend a portion of it if you have something that you felt like you’ve been deferring in life. We love you saving. Pay attention how much you need to save. We have resources for you. And then know if well I was going to say the Goldilocks rule, but I’m going to this is I’m not good at this.

Bo: Give, save, spend. And I think you should do all three of them when you have inflows of money. Where you are in your journey depends on how much you put in each.

Rebie: Last but not least, FeBreezeMeUp asks, “Who’s your favorite Star Wars character?”

Brian: Oh, that’s Boba Fett. I mean, I hate what they did with the show because if you went to my office and saw how I still have my original characters from the 1970s, the actual action figures, and I used to sleep with that little figurine. I mean, I had and I remember I lost him out in the backyard for like two weeks and it was like I was devastated and then when I found it, it was like reunited. It was an incredible thing. So, that’s an easy one. I hate what Disney I love Disney, but y’all know I hate what they did to that character through the series.

Bo: Luke Skywalker.

Rebie: Great pick.

Brian: I’m not good at this.

Maybe It Does Depend Follow-Up (40:00)

Rebie: That was so fun.

Brian: That’s so mean for me. You realize that I felt like we were all over back on the church softball field and Bo is playing pitcher, he’s playing shortstop, you know, he’s calling which side of the field he’s going to hit the ball and then they throw me out in right field and then when the tournament comes they say, “Brian, we brought some ringers in. We’re not going to let you play anymore.” So, I felt like I was just a fish out of water.

Rebie: My favorite part about the live streams is you being you and telling us all your stories and taking all the time.

Bo: So, that was just because you know too much. It’s really because you know too like you hear a question you have too much experience. You can’t unwind the thing.

Brian: I think we literally if the content team if my editors had chance to put it you could see where my brain broke on some of those questions. You could actually see where the blue screen came up and I did feel bad.

Rebie: I was like oh no I’ve broken him.

Brian: No the blue screen came up. You’re like oh heck. We’re going to have to control alt delete this thing.

Rebie: Okay. Well okay financial mutants watching and listening. Let us know what you thought.

Brian: I’m thinking 20 seconds might have been too short, but one minute. I do think 30 I think we could do 20 seconds felt I felt pressure, but I think I could do 30 seconds in the future. Yeah. So, let us know if you like doing this kind of thing to change. This might be like, you know, we’ve all had since I’ve already self-proclaimed that maybe in my younger years I drank too much. I used to have friends that I would drink one beer to their three beers. So, there was people even moving at faster speeds than me back in those days. So Bo could be the same way. We could restrict Bo to 10 seconds or 20 seconds and me 40 seconds because know thyself and know what we’re good at. It’s like handicapping, right? Yeah, exactly. Like a golf stroke. That’s probably that’s a healthier thing than drinking golf handicap.

Rebie: Oh no, that was fun. Okay, so now do we need to have our maybe it does depend segment. Is there anything else you need to say to wrap that up that you feel like either responses to the game or responses to the questions?

Bo: No, this is one I do want Brian to speak on. Because I get this all the time. It’s amazing. I’ll have a conversation with a potential client, someone who’s reaching out, thinking about working with us. And I’ll tell them, “Hey, what’s going on? What are your issues?” And I’m like, “Hey, tell me your story. Tell me about all the stuff you got going on.” And I’ll be amazed. I’ll be like, “Hey, I make a super big income and I got my 401k and I got my after tax account and you know, that’s pretty much it.” Or maybe I have an old rollover or something. I’m like, “Oh, you’re what? You’re not doing backdoor Roth IRAs.” Oh, no. I don’t and I’m like, “Why? Why not?” And I think it’s because people fall into that trap of, “Well, do I really need to?” Because that was the question. Why would I just do if I’m going to do Roth, why would I just do Roth 401k? I think it does matter. Explain why doing a backdoor Roth versus opting to do a Roth salary deferral are not the same thing.

Brian: You’ll see. And it’s also I mean one of the things I love mega backdoor Roth but I don’t do mega backdoor Roth because it doesn’t fit for my situation. And what I mean by that is if you’re in a really high income tax bracket, you know high marginal rate, say you know because the federal rate is 37% but then you also lose some other things in the background. So it’s just when I do my taxes I don’t it doesn’t say I’m paying 37%. The effective rate is actually closer to 40%. And then because of all the FICA charges and those type of things and then if you live in a state that has an income tax, I mean we can get over 50% really quick and so you understand very quickly that man taking a deduction right now is valuable. Cool. If I can save 50 cents on the dollar, essentially the government is funding half of your contribution. And then the thought that is down the road when you retire, especially if you retire before 75 years of age, you might have an opportunity where your income goes way lower, much lower tax bracket. Now, we can control the taxation and do a Roth conversion at that point. That’s why you’re going to want to do traditional 401k contributions, but you still would probably want to do backdoor if you could structure your accounts in the ideal way. You’d then want to consider doing backdoor Roth contributions, meaning doing traditional IRA contributions, then convert them if you have the right account structures. There’s a lot that we’re leaving unsaid there. And then the reason I don’t do for myself a mega backdoor Roth conversion because we could easily add after tax is it’s back to the same thing. I’m in such a high tax bracket and I have the ability to structure the way a lot of self-employed people can do cash balance plans and other things to where let’s get that money out of the 40% tax bracket. But if you’re an executive at a because we’ve seen it a lot of the car manufacturers that we’ve done 401k consulting for, they have really good 401ks. They’re in good tax situations to where a mega backdoor Roth makes a lot of sense for them because of the way their compensation is not so high and they don’t have any ability to control cash balance and all these other things that yeah they ought to get in there and get those huge Roth conversion opportunities.

Bo: Love that. Good stuff. Good follow-up.

Brian: I’m a good financial planner. I just my brain works at a different speed. I mean it’s just I can’t You’re good. I don’t know. It ties into my slow storytelling drawl. You know, you just you can’t make this stuff. You can’t bake a cake in five minutes. You just can’t do it. No matter how much you want that chocolate cake, it’s going to take a while for it to heat up in the oven and rise and do all the things it does.

Rebie: True words. Someone in the chat was like, you should have said country.

Brian: I should have said biscuits. Biscuits. There you go. Biscuits. Very on brand.

Brian’s Florida Caper During Nashville Ice Storm (45:41)

Rebie: All right. Want to do another just normal Ask Money Guy question.

Brian: It’s going to be hard to talk for more than 20 seconds. But can we talk about the caper that I pulled off last week?

Rebie: The caper. Oh, okay. Sure. Why not?

Brian: Y’all know Nashville was a hot mess. Cold. No, it was a freezing cold day. It was literally zero degrees. I took my daughter to school. Could not be a worse. The public school system was still closed yesterday. So, I went up the main road to take my daughter to school because I had no trouble. Today, the public school system’s back in. And so I tried to go my back roads to avoid all the traffic of the school traffic and halfway to work roads are still closed. There are trees literally everywhere. If you live in now Bo somehow he lives in a part of the county that all their utilities are buried under the ground and they had no trouble whatsoever. But in my neck of the woods, I mean it was catastrophic. I mean, my neighborhood was without power for three days. And the caper I pulled off is that I saw the storm and this is, by the way, this is part of my heritage. I’ve done this before because I remember when we lived in Atlanta. No, was that 2014? I can’t remember, but it was, you know, it’s the one when Saturday Night Live was making fun of us because it said we just go to the safest place and go on Interstate 75 because the whole city just was a hot mess in Atlanta for that because just in the South, we’re just not wired for ice and snow and all the other stuff. I know y’all everybody I was about to make fun of my Yankee friends, but I won’t say what they tell me. But back then in Atlanta, my wife woke me up at 5 in the morning and said, “I got a crazy idea. This snowstorm is going to probably take out school for the week. Why don’t we load up the kids and the pets and let’s go down to Florida, go to Orlando?” And we had such a great time doing it back in 2014, 2015 that this year when that storm came through, I said, “Why don’t we fly, do it again?” Because we’ve already got a history that we totally felt like we were getting away with something when we were down in Florida while everybody was struggling. Even called my college daughter and said, “Hey, you can’t come home and wash laundry this weekend because we’re shutting off the water to the house.” And she says, “Well, can I go?” And we’re like, “Yeah, come on.” And I think it’s because she had such warm memories of us doing this in 2014 and because we really did feel like we were getting away. And once again, we got down to Florida and I’m not saying this to rub it in because I mean, our neighbors were making fun of us. All of our neighbors in Tennessee were like, “You guys are nuts.” But on day two or three when the power was still struggling, they’re like, “Can we come?” And we did bring we had some neighbors come stay with us down in Florida, too. But it was I felt like we got away with something. And the memory making with family members. My kids will never forget what we got to do last week.

Bo: Well, we’re happy that worked well. We missed you here, though.

Brian: Well, I felt bad for Andy because I was planning I couldn’t. Kudos. Andy’s a trooper because all through I told Rebie when because everything went bad here in Nashville pretty quick and I called Rebie because I don’t trust Bo’s opinion because I knew he was going to tell me he was going to be here no matter because he’s got a monster truck. You know, Bo’s got this macho truck that can go anywhere. And I think he gets excited when the weather turns a certain way because he feels like he you don’t have to lock the hubs anymore, but he likes getting out there and getting with it. He told me he got brand new tires. He’s really excited to see what these things could do. So, I trusted Rebie and I called her and I was like, “Look, this is the situation.” I was like, “Surely Andy’s not coming in town still because you know, we’ve had all kind of” She’s like, “No, Andy’s getting on a plane.” And I was like, “God bless him.” But I was like, “I don’t think that with school being out for the rest of the week and us still not even having power at the house, you know, I’m not coming back with no power because I love Andy, but I like electricity more.” Seriously. I mean, because you can’t you can’t do anything without electricity. I like Andy, but I love electricity. No, it was a hot mess in my neighborhood. I mean, I didn’t hear you guys offering to let me and my crew come stay at y’all’s house.

Bo: You’re welcome at the Hansen household anytime. I didn’t think you wanted to. You were I was in a good place down there with the family. I still owe you one. Honestly, I owe you a few months rent-free stay. I didn’t want to truth.

Brian: Bo had his own You had your own issues, pool’s leaking and all kind of other stuff.

Bo: It was it was rough. It was really really water and cold temperatures is not great.

Brian: Fun times. Okay. I didn’t mean to take but it’s just that it feels crazy in a moment in time. So much crazy stuff happened last week in Nashville not to share it with the audience because I didn’t even really we hadn’t even talked about all that stuff with you guys either. Right. Well, there you go. Did y’all Did we not put any pictures on social media?

Rebie: I guess not. I guess No, we did. We actually put in our email list already.

Brian: Yeah, we did. My wife actually said, “Don’t post those pictures.” Why? She’s like, “That’s going to seem mean with everybody struggling through stuff.” And look, my neighbors were struggling, but it’s one of those things. Our little bit of happiness was not meant to be negative. It was just our caper.

Bo: You’re just on a caper. It’s all good. And we’ll probably do it again next year.

Brian: Next ice storm comes through in 15 years, we’ll probably be on a plane headed to Florida.

Rebie: Noted. We’ll plan ahead.

Final Questions: Mortgage as High Interest Debt (50:59)

Rebie: All right. Do you want to do one more question or maybe a couple? We’ll see. Yeah. We’ve got one from-

Brian: Is Andy from Detroit? Where did we decide Andy was from?

Bo: He’s from Michigan. Detroit. Michigan. Yeah.

Brian: You know, I’m forgetting. So, they’re wired differently. He’s just like, “Oh, ice storm.” Yeah. No big deal. It’s a big deal down here. Okay. I’m going to butcher this username, but we’re going to go for it. EduBricenor. Ed asks, “Hi you all. Thanks for what you do. I’m 28, married with one kid. Our mortgage is a 30-year at 6.625%. Does it count as high-interest debt or is it further down the FOO? No debt except the mortgage? Thank you.”

Bo: Edub, this is a pretty easy question in my mind because oftentimes with mortgages, I think mortgages are going to count as low-interest debt. I think they’re going to fall into step nine. I don’t think they’re going to be step three high interest. And even 6.625% isn’t even high relative to some new homeowners over the last two or three years. A lot of folks still have mortgage rates at like seven, seven and a half%. For a 28-year-old at that rate, I do not consider that to be high interest.

Brian: No, I agree. Mortgages are kind of a unique thing in the fact because you have the option to refinance and you even have the option. Now, we’re not quite there yet with 6.6%, but once we get below 1%. You can start refinancing with no cost, meaning that the lender, you take a little bit of a premium on the rate, and when you get in a falling interest rate environment, which some indicators are that we might be headed that way. You don’t refinance once, you might be able to refinance two or three times. So, that way if you feel like you missed it, you can do it again as long as the rates are still going down. With this exception though, I need everybody to understand. It’s a math thing is that just because you refinance to take advantage of a lower interest rate, do not reset the term of your loan. Meaning that you don’t go from a 30-year mortgage that you’ve been paying for four years, refinance into another 30-year and then pay the terms like it’s 30 years. No, you need to pay this at least like it’s a 26 year mortgage or 25 or even a 20, whatever fits into your financial situation. The resetting of the amortization is the biggest mistake people make and sometimes it even makes sense to pay the closing cost. You have to do the math. We probably have some resources on the website to where you can figure out the break even analysis of whether you should take a premium on the rate or if you should just pay the closing cost on the refinance. I think that over the coming year to 18 months, this is going to be a hot hot issue that we’re going to keep you front and center on is when should you take advantage of refinancing your mortgage?

Bo: Yeah, we do have a deliverable, a tool out there for you. If you go to moneyguy.com/resources or if you just go to moneyguy.com and you can search in our search bar refinance, you’ll find a lot of our content that we’ve released on that. Because you want to make sure you make that decision. Well, we should do a calculator for refinancing.

Rebie: You think so?

Bo: That’s another one. Yeah, I think that would be a powerful calculator.

Brian: Rebie’s like, you guys love coming up with the ideas. I’m actually the rubber meeting the road most.

Rebie: That’s what I’m here for. That’s what I’m here for.

Private RSUs and Income Risk (54:26)

Rebie: All right, let’s go to another question from Asorn. It says, “I’m starting a job at a large private tech company. A good percentage of my pay is in these private RSUs with yearly tenders. How should I hedge against this income risk that comes from RSUs?”

Bo: Save like a banshee outside of the private shares, right? So when you think about your comp package, right, I imagine you get some sort of salary. So I’m just going to use round numbers because it’s easy to think. Let’s say you get a $100,000 salary, but let’s say that another big chunk of your comp comes in these private shares. Let’s say it’s another $100,000. So on paper, on your tax return, you look like a $200,000 a year income earner or most likely it’s going to vest over a couple years and so it’s not going to be the full, but you get the idea. Realistically, when it comes to budgeting, when it comes to saving, when it comes to you thinking about how you structure your financial life, I don’t want you to behave and act like someone who makes $200,000 a year. I want you to behave and act like someone who makes $100,000 a year, assuming those private shares are not liquid and there’s nothing you can do with them. Even though you might be saving them and they might be going towards your future, with private companies, we never know exactly how that story is going to end. So, what I want you to be careful of is having all of your wealth tied up and all of your wealth built up in this private enterprise where also your human capital is because if things go bad, you could lose your job. You could lose the value of your portfolio and be in a really really rough spot. So, what I want to see you doing is following the financial order of operations, building your assets and your accounts outside of the private shares. And then if you hit a liquidation event or if the company goes IPO, well, that’s all going to be gravy and that’s then going to become part of your financial life that’s actually tangible that you can use.

Brian: Yeah. I mean, the biggest takeaway because I’m thinking of all of our clients that we’ve dealt with, you know, RSUs are grants. So, you made the decision to probably take less pay so that you could because you were building in that these RSUs were going to hopefully have some value for you. What but we’ve had clients that had stock option choices too where they could defer up to a very high percentage and some of these really paid off. The big takeaway I always share with people is don’t have all of your human capital tied into the exact same place where you’re trying to build investment capital. The concentration can create huge wealth over term. So it’s a balancing act and that’s why I would at least make sure that you had 15%. I’d prefer 25%, but you might have taken a lower pay structure because of the RSUs, but that’s why I have to give you a bottom threshold there, a minimum of at least 15% that you’re saving and investing outside of the company. And then try to get that to 25% as fast as possible. Because you have the win-win or the best of both worlds is where the company hits, you turn into a huge windfall wealth opportunity with the RSUs but then also you’re protected over here with your other savings that you get both. Now if it goes bad and sideways at least if you’re doing the 15 to 25% outside of your employer when it went bad if it went bad you wouldn’t be just left holding the bag and feel like you lost everything. It’s a balancing act. It really is. And we’ve helped clients with those type of situations because we try to take into account the math of the moment because some of these employers really give you incredible opportunities with how you structure these things. So, we try to maximize that, but also not just put ourselves out there completely naked.

See You Next Week (58:17)

Rebie: Asorn, thanks for the question. We’re glad that you’re here asking it and helping you think through your personal financial situation because personal finance is personal and that’s why we love answering your questions live every Tuesday at 10:00 a.m. Central. And we will be back next Tuesday. But until then, be sure to go to moneyguy.com/resources. Take advantage of all of our free stuff, our calculators, our downloads, plus our articles, episode archives, and ultimate guides that will deep dive on a lot of the topics that we touched on today. So, be sure to check out moneyguy.com. We tried to make it really searchable and useful just for you so you can continue these conversations in your own life.

Brian: Guys, glad to be back in the saddle here. We have a blast doing this live content. Thank you for being a part of it. We don’t take it for granted. We just had a big planning session, offsite planning session yesterday. Can’t wait to share some of the great stuff. You have no idea how excited I am to share some of the things that we’ve come up with for 2026. You guys make it all possible. I’m your host Brian, joined by Mr. Bo, joined by Rebie and the rest of the content crew that you can’t even see that’s sitting all around here. And we have a blast making this type of content. Money Guy team out.