00:00:00
Renting versus owning a home is the biggest financial decision most people make in their life. So, we're going to
00:00:04
talk about all of the unreoverable costs of owning a home, including property taxes, maintenance costs, which is the
00:00:09
one that I think people underestimate the most. And then there's also emergency costs. I've got a whole stack
00:00:14
of them, as well as a 5% rule to figure out if renting is a better financial decision. We'll go through that. What
00:00:18
else have we got? >> So, this is something that people just don't think enough about, which is the
00:00:22
top 10 financial mistakes that I think people make. For example, tax planning opportunities. Like there are simple
00:00:28
things that people can do to minimize the amount of tax they're paying. We'll
00:00:31
go through those. >> Ben Felix's firm manages the money of more than 3,000 people, ranging from
00:00:36
people with huge amounts of money and not so much money. His whole thesis is giving people money advice that is based
00:00:43
on academic research. >> Our brains, our psychology absolutely gets in the way of making good long-term
00:00:48
financial decisions. >> And today we're going to answer the big money questions like what should I
00:00:54
invest in? A lot of people believe they need to have a lot of background information before they can start
00:00:58
investing, but I would argue that people who know just a little bit, they will be
00:01:01
better long-term investors. There's a ton of evidence supporting that this will outperform most other investment
00:01:06
strategies. >> And also, what is the mentality, the mindset of people that end up making
00:01:12
money over the long term? >> Psychology is important for determining what your financial goals are. So, this
00:01:16
is a framework that we developed to elicit higher quality goals. >> What would you say to young people that
00:01:21
are thinking about their financial strategy? A lot of young people feel a lot of pressure to save, but there is
00:01:26
research suggesting that it's probably suboptimal for young people to save, which we'll talk more about later.
00:01:31
>> And then in a world of AI where everything is changing so quickly, what
00:01:34
should I be doing with my money right now? Ben Felix has the