Financial Advisors React to UNBELIEVABLE Money Clips
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What is the main topic discussed in this episode?
I've been told we have unbelievable clips to react to. I don't know if this means mythical urban legend or just straight up faults, but more to come.
Everyone, I am so excited because I don't know if unbelievable means like unbelievably good or unbelievably bad. Oh. Let's dive right in. Let's dive right in.
If the next 30 years look like the last, by 2055, you will see prices like this. What are they gonna look like? How much do you think an average home will cost in 2055? I think we're gonna creep into the millions. Millions. Yeah, I'm gonna say like $1.4 million. So the average price now is what? Around $500,000? Yeah, because you're talking all across the country.
How will home prices and inflation look in 2055 according to the clip?
The price of an average home in 2055 would be $1.6 million. That was a phenomenal guy. How much is a new car gonna be in 2055 if the next 30 years look like the past? So I think now, I think the average one's like 25,000, 30,000. Let's just triple it. Why not? Let's go like 80,000. Okay. It would be $128,000. I don't know. So that that's that's more than the six-digit salary. How much would average rent be in 2055? It's gonna be up there, Brian. It's definitely gonna be up there. Oh, he's a bronze. Okay, let's just start. Out of gas put like $6,500. Exactly. Whoa. On the money. How much would gasoline be per gallon in 2055? Gas right now is already skyrocketing. Yeah. Yeah, what is it? Like $4? Okay, $3? $4.50 today for gas.
I forgot. Yeah, it's high. I think it's gonna be $9. It would be $16 per gallon. You can't, you can't do it. You can't charge someone that I agree. It's gotta slow down.
So, this is the math I would love to see. Cause they took some specific industries to specific products and they looked at the last 30 years. And it'd be interesting to see what the rate of growth over those things was in the last 30 years. Cause what they're saying is accurate. Inflation is real. It is a thing that causes the price of goods to increase in time. So hearing that the average cost of a home would be about $420,000, $450,000 now, but $1.6 million. In 2055. That's not insane. That doesn't blow my mind. I do think though, realistically, there are some things that have grown at a pace over the last 30 years that will not increase. One of the ones that like comes to my mind immediately is like the price of higher education.
That is something that I would argue has outpaced the rate of inflation that will likely have to revert to the mean. But some of these other things like homes and automobiles. It didn't surprise me too much.
Look, this is more of a perception or brain exercise. I mean, even in my lifetime, I remember my grand grandmother bought an Oldsmobile and it was less than $3,000. Fast forward to the car that I got used many years after it was new, a 1984 Chevy Cavalier. The sticker price on it was less than $10,000, I believe. So you you can now now with cars being $30,000, $40,000. You can see the exact same thing is going to happen. My parents' first house that when I was five years old, we moved into was $60,000. What year was that? What year was that? That was 1978. Okay. Okay. So here's the secret to all this: own stuff. That's right. That's right.
What are the risks of buying a house you can’t afford and how to avoid them?
Go out there and use your time, your labor to create income that then you can live on less than you make, that creates the margin that you actually put to work by buying assets that appreciate you'll keep pace you won't have to worry don't let this stuff scare
Just act accordingly. My dad died with about 800 or 900 grand to his name, and he should have spent more of it. My dad was so terminally cheap that I don't think he ever really had a chance to enjoy his money. At some point, assume you're gonna get a four percent return on your money, assume that at some stage that four percent is more than your burn. Could we spend a little bit more money on travel, on maybe fixing up our house, on maybe giving a little bit of money away to I think we're passionate about or people who could use some help. The whole point of being as responsible as you've been and working as hard as you've likely worked is that at some point, money means nothing from zero to eighteen.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:34
2
How will home prices and inflation look in 2055 according to the clip?
0:34–2:55
3
What are the risks of buying a house you can’t afford and how to avoid them?
2:55–7:28
4
Why does sequence‑of‑returns risk matter for new retirees?
7:28–11:40
5
Should I take a vacation while carrying $23,000 in debt?
11:40–15:05
6
Can extreme frugality (e.g., living on cereal) actually build wealth?
15:05–17:49
7
What is the Financial Order of Operations and why does it beat flashy shortcuts?
17:49–19:11
8
How does Abound Wealth help listeners apply these money principles?
19:11–20:47