It reminds me of the show Andi Mack the episode where Jonah dumps Amber and he asks for the bracelet back and she says "but you gave it to me" and he says "actually, you took it."
I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Margaret Johnson Arndt for the last five years or so, and her returns have been pretty much amazing.
George, love your shows. Your sense of humor, entertaining approach is great to relate to a large group of ppl. What an asset you are to all of us and to the Ramsey team.
Dave’s team rocks! Thanks Dave! George is one of funniest/wittiest guys on the internet! I will continue to follow their teachings they have changed my life!!!… BUT they do rarely touch on brokerage accounts and the ins n outs of them. They will change your life if used properly! Please make video on one! Thank you George!
Currently in the middle of your book Breaking free from Broke audio version and the credit score chapter is absolutely ludicrous and so funny, still working on it at chapter 12 now, loving it
I would love to understand investing terms like 401k, Roth IRA, traditional IRA, high yields savings accounts, etc. I know what the accounts are in the U.S., and putting the money in the accounts with those names is easy enough, but since moving to Canada I don't know what the Canadian equivalent to the strategy (match beats Roth beats traditional) means. I know we have RRSP which is a retirement account comprised of mutual funds, and we also have TFSA (tax free savings account). I'm sure there are other options out there, I just have no idea what is comparable to the U.S. investment options. Maybe if I understand the concepts behind each of them better, instead of just knowing what they are called, I will have an easier time finding an equivalent here. Also, since there aren't smart vestor pros in Canada (are there?) I'm not sure exactly what to be looking for. A financial advisor? And how do I know if they are good and not a scammer?
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
You’re right! The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation
I work with "Natalie Ann Brinkman" as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Damn. I'm 43 and still "un-learning", and "re-learning" some of the basics. It is so frustrating to realize just how many different rabbit holes there are in the world of personal finance. On the one hand, I'm grateful for people like Dave Ramsey and George Kamel. On the other hand, I still want to go full Fight Club and nuke Wall Street.
Thank you for this video. I am doing financial research and trying my best to understand terms I should understand despite my disorder. However, I am trying and the more I know, the better I can make proper financial decisions.
I live in the UK and came across The Ramsey Shownby chance. I really enjoy your videos in particular and have started adopting the ideas to my options. Putting more into my pension (our 401k) and opening a stocks and shares ISA investing in a mutual fund. As with most people, I wish I'd started pushing things earlier...happy I have at least learned the lesson. Cleared all debts also. Thanks for the content!
I thought zero based budgeting is something different. Zero based budgeting is where you start the budgeting with each category starting at zero. Then as you start the budgeting budget, you review the need in each category, scrutinizing the need, irregardless of what you may have listed it in previous budgets. It is intended to not accept previous budgets as accurate. It is intended to scrutinize each need in the present and not in the past.
GEORGE. You somehow got me with the Buy Now Pay Later Hot Cheetos. I’ve done this before and yes, it was a low point hahaha. Oddly specific….. hahahaha
Can you make a part 2 where you make a more complicated financial term guide since I’m 14 and I knew pretty much all of them. It would also be cool to learn about different types of funds and explications on stuff like 401k, Roth ira and s&p 500. Last thing, what’s a good ROY to end up with a good amount of money once you retire. If you do end up making a video on this, please reply to my comment so I can see the vid. Thanks
This video brilliantly demystifies the complex world of finance, breaking down essential terms with clarity and precision. It's a must-watch for anyone looking to navigate their financial journey with confidence. Great job!!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to take risks. Saving is great but taking risks puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to Chris Haun my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Chris Haun. I now make huge profits by weekly through his services while still learning to stand on my own.
I think he trades for everyone I meet. I met him twice at a meeting in Germany and after his lectures I had to personally ask her to be my financial advisor. He is definitely good
I was wondering if you could shed some light and help me understand the "umbrella insurance" that is needed when I pay off my house at the end of 2024 and if I can bundle my car insurance too? I love love your insight and look forward to your podcasts.
Umbrella insurance is extra insurance to cover any costs past what regular insurance would cover, including civil litigation judgments against you, costs after your insurance tops out, overly high co-pays, etc.
George- Love your videos. They are all very helpful and informative... and always seem to put a smile on my face. A financial term I'd like to here is about dividend growth and dividend investing. I don't know if that is a philosophy you guys use, but as long as you get to your financial goals... YOU DO YOU, HONEY BOO BOO
Ideally you should have brought up sinking funds again at "high yield savings account ". Your sinking funds should be kept in that account to generate something while it grows. Withdraw that sinking fund when it has accumulated it's goal to your checking account to spend, leaving the interest as wealth.
I use several sinking funds in the app, groceries, gas. It just make it easier rolling over unused funds for that budget item. It is a fund that can sink below the monthly budget?
I've been quite familiar with the terminology defined in the video, but a term I didn't know until after I got a mortgage was "escrow". I thought my payments would stay the same throughout the life of the loan because of a fixed interest rate. When I recieved a higher mortgage payment, I looked into the details and realized that the insurance and property taxes in the escrow went up. 😒
Yep. The portion you pay on the loan stays the same, but the costs of insurance and taxes go up over time. People do only look at the total monthly payment and expect it to never go up.
This might be a stupid question, but because I am relatively new to managing my money: you talk about parking your emergency fund in a High Yield Savings account. My bank offers a money market account. Are these different? If so, what is each? What are the differences and similarities? Thanks.
Would love to see you do an episode on drop down budgeting, for those that have wildly varying incomes. Not all of us are in secure full time 9-5 jobs.
As I’m watching this, I am cross-stitching. Not a Nicolas Cage pattern though. 🤣 Love your videos. You break it down so easily and with some humor. Everyone needs to call debt what it is! So many people say “I only have student loans” “I only have 2 credit cards” etc etc. Doesn’t matter- you still owe! Thank you! FYI-we did see Taylor’s concert-paid REGULAR price and had a blast! Use that sinking fund for her farewell tour!
Hi 👋 P/E (price to earnings ratio) is just how much the share price is divided by how much the company makes in operating its business. Most professional investors look at this only to see if it is very out of whack, very high normally indicates great risk, and low can indicate an assumption of low risk you will find some old blue chip companies here. You can google the statistics on each area of the market for the average. But as a whole it’s 20 - 25 times.
Newly weds here whose boomer generation never understood or explained what: a HELOC is, how credit scores work, if a double mortgage or refinancing was a beneficial& Godly decision, or why PMIs seem to be mandatory for any mortgage under 20% downpayment.
So if cars are a depreciating asset and that's bad, does this mean you recommend buying a classic car that appreciates? Omw to buy a Ferarri 250GTO I guess
CPA here about to flip a table on George Kamel. The whole car is an Asset George, not just the part you own outright! The part you own outright is your EQUITY in that asset.
George, I was having a conversation with one our our adult children and the topic of housing came up. The Ramsey guideline is no more than 25% of your take home pay or net pay. Can you clarify what net pay is? My understanding is net pay is Gross less taxes but not other deductions like health insurance, retirement, garnishment etc.
I feel like I'm not the best with financial literacy, but keeping up with your videos make me feel like I am. I realized that while i have debt, I do have enough in my 401K and various stocks to have a positive net worth. Neat.
@@josephlabranche4889 I'd rather not curtail my established savings. My debts are manageable enough to justify paying them down and continuously investing.
Good summary George, I just want to push back on the bad debt part, a mortgage is on a whole other level compared to all other debt and is for a vast majority of first time home buyers an absolute necessity to take and then pay off as fast as possible
Calling a credit score an "I love debt score" is incredibly misleading. I don't love debt. I love using credit for purchases, paying balances in full, and accumulating rewards including high welcome bonuses, travel benefits, and 2-5% back for purchases I'd make anyway. I can leverage lines of credit to profit rather than using cash or debit getting next to no benefit in most cases. I'm responsible with my spending and have been winning with credit for years. Just because some people use credit poorly does not mean EVERYONE 'loves debt' or that EVERYONE pays interest. This would be like saying everyone who drinks alcohol is an alcoholic and noone should ever drink alcohol.
Interesting. I haven't had any debt at all in over a decade, 70% of my income gets deposited directly into my brokerage account every month, and my "I love debt" score is still 825 somehow. I must be a magician, LOL
to say theres no good debt is a lie. Just because not taking out debt is the safest way to gain wealth long term. there are other ways to gain wealth quicker, and debt is one of those. if thats the case no one should get a 15year mortgage like you all recommend
'Being debt free is better than having a high score on a bad scoreboard.' This is a false dilemma. It's not either be in debt with credit cards or use cash and debit for everything have zero or N/A scores. One can have high credit scores without paying interest and spending responsibly.
Individual stocks are risky compared to ETF and mutual funda the whole Ramsey platform is as close to zero risk as possible so it makes sense why they don’t include it often.
Nobody's called in about them recently. Single stocks are inherently riskier but they tolerate it if you're out of debt and have less than 10% of your portfolio tied into them. If you're in debt and have single stocks in a non retirement brokerage sell them. If You're debt free including the mortgage you can start investing in a brokerage fund. Mutual funds or index funds at that stage. Dave uses one to hold money while waiting on real estate to buy.
I think George is confusing "dad jokes" with "jokes that don't land in any audience", which is my own corner of the comedy market. Stay off my turf, George! (If you don't think I'm funny, you're just proving my point! Thank you!)
Repent Repent the day of the Lord is at hand! If you have not received salvation from Jesus Christ you will spend all eternity (trillions and trillions) of years in hell...There will be everlasting torment for you and everyone you know who doesn’t know the Lord. There will be whaling and gnashing teeth. Where the fire is never quenched and the worm never dies. Repent today cry out for mercy! A man must be born again to enter the Kingdom of Heaven. Jesus said unless a man is born again he cannot see the Kingdom of God. Have you sought out scriptures to know what this means? Do you know the gospel of your salvation? Do you know where you will spend your next life?
A house isn't automatically an asset - the equity could be considered an asset if there is rental income as a result of the house. An asset is usually something that provides positive cash flow: a house you live in (even paid off) doesn't meet that stress test until it is sold and you can assign an actual number. Until then, it is just a luxury you enjoy.
I dont think things have to generate cash flow to be considered an asset. Are non dividend yielding stocks assets if you are just holding them? What if you have a safe full of gold, is the gold an asset? If I buy a house, fix it up, and sell it when does it become an asset? Does the amount of time between purchase and sale matter? If so, what amount of time between purchase and sale makes something go from asset to non asset? I think you’re making a point about not including your primary residence in your net worth because in order to access its value you have to sell it, and when you sell it you’ll no longer have a home. I think this is a valid point, but I would say it can be useful to know the ratio of your home value to total net worth.
@@BP_PE90 In your second paragraph you hit the nail on the head of my point. I just feel a primary house shouldn't be used in personal budget planning (official documents and banks, etc. are a different story, they want net worth as big as possible, even if just paper worth, so they can loan and extend more credit). Your other questions: those are liquid. A house can take months (really undetermined time) and expensive transaction fees to liquidate, then one would lose their primary residence, like you pointed out. My point is to recognize it on a cash basis (as opposed to accrual) since A. the actual net proceeds may be vastly different from the assumed amount created months or years earlier and B. the liquidity issue from earlier.
@@Jawrathful The official definition, yes, but that benefits banks not you since banks, etc. want net worth as big as possible, even if just paper worth, so they can loan and extend more credit at your expense. My point is to recognize a primary non rental home a cash basis (as opposed to accrual) since A. it is more realistic, B. the actual net proceeds may be vastly different from the assumed amount created months or even years earlier C. the liquidity issue. I like to think of it how much cash someone can realistically come up with in liquid funds within the limitations of this world in at most 30 days.
@@stevenporter863 I would agree with that regarding a primary residence. I there’s some exceptions, like if you plan to downsize maybe you can include the delta in your net worth before the transition occurs. But for other illiquid items like investment real estate, I would say those are still assets you should include in your net worth even if the value is speculative. We can be conservative in valuing these things like using our cost basis as the value.
ya'll make minimum wage pay checks and then act like taking classes for trades or college degrees is poison ; every sense I was in high school a lot of you refuse to take classes!!! ya'll sound super lazy but you would work less hours and make more money if you take classes[ I work 3 days and 4 hours a day!] okay bye!!!!
George, your confusing people. A car or a house is only an asset, not and asset and a mortgage. The house may have a mortgage attached, but they are not combined. Make things as simple, don't mix concepts.
Tylor swift this Tylor swift that jeez enough of her so annoying u do the same on Ramsey and its freaking annoying i don't click to hear Tylor swift this and that 🙄
Technically yes, but the only people that say it's a good idea to buy gold are the people selling gold or getting sponsored by gold companies to sell gold. It is not a good investment in the long run
@@b.m.4066 well gold is good for keeping your purchase power. If you have 100k and you dont want to invest it and you dont want to lose it just get gold and in future the value of gold will be the same as todays 100k but the number will be different.
I thought it was called gross income, because it is disgusting to see how much they take away from you
Yep
DADJOKE
It reminds me of the show Andi Mack the episode where Jonah dumps Amber and he asks for the bracelet back and she says "but you gave it to me" and he says "actually, you took it."
That'd be gross taxes
I thought the same thing.
I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Margaret Johnson Arndt for the last five years or so, and her returns have been pretty much amazing.
George, love your shows. Your sense of humor, entertaining approach is great to relate to a large group of ppl. What an asset you are to all of us and to the Ramsey team.
We don’t own him, so he isn’t an asset :/
Awesome break down thank you for clarifying these terms. Being a dad who loves dad jokes. That was icing on the cake. Keep the content coming.
Dave’s team rocks! Thanks Dave! George is one of funniest/wittiest guys on the internet! I will continue to follow their teachings they have changed my life!!!… BUT they do rarely touch on brokerage accounts and the ins n outs of them. They will change your life if used properly! Please make video on one! Thank you George!
Debt = someone else's money, and they want it back!
Nice Nick Cage impression. Mutual funds/ETF's would be a great topic.
Currently in the middle of your book Breaking free from Broke audio version and the credit score chapter is absolutely ludicrous and so funny, still working on it at chapter 12 now, loving it
Thank you!
I would love to understand investing terms like 401k, Roth IRA, traditional IRA, high yields savings accounts, etc. I know what the accounts are in the U.S., and putting the money in the accounts with those names is easy enough, but since moving to Canada I don't know what the Canadian equivalent to the strategy (match beats Roth beats traditional) means. I know we have RRSP which is a retirement account comprised of mutual funds, and we also have TFSA (tax free savings account). I'm sure there are other options out there, I just have no idea what is comparable to the U.S. investment options. Maybe if I understand the concepts behind each of them better, instead of just knowing what they are called, I will have an easier time finding an equivalent here. Also, since there aren't smart vestor pros in Canada (are there?) I'm not sure exactly what to be looking for. A financial advisor? And how do I know if they are good and not a scammer?
if you find Beavis Investing on UA-cam Brandon has done a lot of videos on Canadian topics such as the ones you have mentioned.
@@suebee1540 haven't heard of that, thank you!
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
You’re right! The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation
Please can you leave the info of your lnvestment advisor here? I’m in dire need for one
I work with "Natalie Ann Brinkman" as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Damn. I'm 43 and still "un-learning", and "re-learning" some of the basics. It is so frustrating to realize just how many different rabbit holes there are in the world of personal finance. On the one hand, I'm grateful for people like Dave Ramsey and George Kamel. On the other hand, I still want to go full Fight Club and nuke Wall Street.
Thank you for this video. I am doing financial research and trying my best to understand terms I should understand despite my disorder. However, I am trying and the more I know, the better I can make proper financial decisions.
I live in the UK and came across The Ramsey Shownby chance. I really enjoy your videos in particular and have started adopting the ideas to my options. Putting more into my pension (our 401k) and opening a stocks and shares ISA investing in a mutual fund. As with most people, I wish I'd started pushing things earlier...happy I have at least learned the lesson. Cleared all debts also. Thanks for the content!
George you get better and better each and every time thanks for the talking money the straight up way!
I thought zero based budgeting is something different.
Zero based budgeting is where you start the budgeting with each category starting at zero. Then as you start the budgeting budget, you review the need in each category, scrutinizing the need, irregardless of what you may have listed it in previous budgets.
It is intended to not accept previous budgets as accurate. It is intended to scrutinize each need in the present and not in the past.
GEORGE. You somehow got me with the Buy Now Pay Later Hot Cheetos. I’ve done this before and yes, it was a low point hahaha. Oddly specific….. hahahaha
I love that: Stay away from debt, at all “costs”
Just what I needed to know. You Sir, are a Godsent! The 'pity party' joke was flaming though.
Can you make a part 2 where you make a more complicated financial term guide since I’m 14 and I knew pretty much all of them. It would also be cool to learn about different types of funds and explications on stuff like 401k, Roth ira and s&p 500. Last thing, what’s a good ROY to end up with a good amount of money once you retire. If you do end up making a video on this, please reply to my comment so I can see the vid. Thanks
This video brilliantly demystifies the complex world of finance, breaking down essential terms with clarity and precision. It's a must-watch for anyone looking to navigate their financial journey with confidence. Great job!!
My advice to everyone is this : if you want to grow big this year especially in your finances.
Be willing to take risks. Saving is great but taking risks puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to Chris Haun my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Chris Haun. I now make huge profits by weekly through his services while still learning to stand on my own.
I think he trades for everyone I meet. I met him twice at a meeting in Germany and after his lectures I had to personally ask her to be my financial advisor. He is definitely good
I was wondering if you could shed some light and help me understand the "umbrella insurance" that is needed when I pay off my house at the end of 2024 and if I can bundle my car insurance too? I love love your insight and look forward to your podcasts.
Umbrella insurance is extra insurance to cover any costs past what regular insurance would cover, including civil litigation judgments against you, costs after your insurance tops out, overly high co-pays, etc.
Thanks for the Avril mention! Going to see her in concert with friends!
Always look forward to your videos! New to your channel. Interested in your new book 📕
George- Love your videos. They are all very helpful and informative... and always seem to put a smile on my face. A financial term I'd like to here is about dividend growth and dividend investing. I don't know if that is a philosophy you guys use, but as long as you get to your financial goals... YOU DO YOU, HONEY BOO BOO
Compound Interest ( for investing, but also its reverse equivelant with debt)
Ideally you should have brought up sinking funds again at "high yield savings account ". Your sinking funds should be kept in that account to generate something while it grows. Withdraw that sinking fund when it has accumulated it's goal to your checking account to spend, leaving the interest as wealth.
I use several sinking funds in the app, groceries, gas. It just make it easier rolling over unused funds for that budget item. It is a fund that can sink below the monthly budget?
I've been quite familiar with the terminology defined in the video, but a term I didn't know until after I got a mortgage was "escrow". I thought my payments would stay the same throughout the life of the loan because of a fixed interest rate. When I recieved a higher mortgage payment, I looked into the details and realized that the insurance and property taxes in the escrow went up. 😒
Yep. The portion you pay on the loan stays the same, but the costs of insurance and taxes go up over time. People do only look at the total monthly payment and expect it to never go up.
This might be a stupid question, but because I am relatively new to managing my money: you talk about parking your emergency fund in a High Yield Savings account. My bank offers a money market account. Are these different? If so, what is each? What are the differences and similarities?
Thanks.
Thanks so much, George! Appreciate you, man :)
Would love to see you do an episode on drop down budgeting, for those that have wildly varying incomes. Not all of us are in secure full time 9-5 jobs.
APY, APR, ROI, LTM, LTV etc
As I’m watching this, I am cross-stitching. Not a Nicolas Cage pattern though. 🤣 Love your videos. You break it down so easily and with some humor. Everyone needs to call debt what it is! So many people say “I only have student loans” “I only have 2 credit cards” etc etc. Doesn’t matter- you still owe! Thank you! FYI-we did see Taylor’s concert-paid REGULAR price and had a blast! Use that sinking fund for her farewell tour!
A third of our monthly budget is sinking funds: car repair and tires, vacations, a future vehicle, a side of beef every six months . . .
George this video helped a lot!!!
Avril Lavigne's shout out made my day Kamel. Keep up the funny!
The difference between dividends and capital gains would be useful terms
Pawg collection? Don’t know what it is but it sounds fun!
I’ve been trying to learn about price earnings ratio. I’m still not grasping what it means to whether you should buy a stock or not.
Hi 👋 P/E (price to earnings ratio) is just how much the share price is divided by how much the company makes in operating its business. Most professional investors look at this only to see if it is very out of whack, very high normally indicates great risk, and low can indicate an assumption of low risk you will find some old blue chip companies here. You can google the statistics on each area of the market for the average. But as a whole it’s 20 - 25 times.
Newly weds here whose boomer generation never understood or explained what: a HELOC is, how credit scores work, if a double mortgage or refinancing was a beneficial& Godly decision, or why PMIs seem to be mandatory for any mortgage under 20% downpayment.
Today, I learned about peanuts
I like this guy👌👍
Subbed
I like you. Thanks!
So if cars are a depreciating asset and that's bad, does this mean you recommend buying a classic car that appreciates? Omw to buy a Ferarri 250GTO I guess
CPA here about to flip a table on George Kamel. The whole car is an Asset George, not just the part you own outright! The part you own outright is your EQUITY in that asset.
@GeorgeKamel
Which specific high yield savings account company do you recommend?
5:14 Peanuts legumes like peas. So peanuts are peas that taste like nuts, not nuts that look like peas.
I miss drinking Mountain Dew Code Red
7:38 nice lol
George, I was having a conversation with one our our adult children and the topic of housing came up. The Ramsey guideline is no more than 25% of your take home pay or net pay. Can you clarify what net pay is? My understanding is net pay is Gross less taxes but not other deductions like health insurance, retirement, garnishment etc.
You’re correct. When it comes to the 25% rule, it’s after taxes but before any other deductions. May require some manual math
“Sinking” is actually “Syncing” but obviously the former is apparently winning.
You are hilarious 😂
Mutual Funds and Compound Interest would be great to learn about as well.
compound interest is basically interest that pays you over time and grows instead of money that you have to pay and grows a.k.a credit card debt
I like to George!
A guide to Value Investing.
How is interest calculated
the 10 people who thumbed down this video lost their money buying crypto
How do you even see that ?
I feel like I'm not the best with financial literacy, but keeping up with your videos make me feel like I am. I realized that while i have debt, I do have enough in my 401K and various stocks to have a positive net worth. Neat.
If thats so Why not sell some stocks and pay the debt so you are debt free and still have a positive net worth
@@josephlabranche4889it depends on the interest rate of the debt relative to the expected return of the stocks
@@josephlabranche4889 I'd rather not curtail my established savings. My debts are manageable enough to justify paying them down and continuously investing.
The only good debt is the past tense of the word.
Good summary George, I just want to push back on the bad debt part, a mortgage is on a whole other level compared to all other debt and is for a vast majority of first time home buyers an absolute necessity to take and then pay off as fast as possible
Calling a credit score an "I love debt score" is incredibly misleading. I don't love debt. I love using credit for purchases, paying balances in full, and accumulating rewards including high welcome bonuses, travel benefits, and 2-5% back for purchases I'd make anyway. I can leverage lines of credit to profit rather than using cash or debit getting next to no benefit in most cases. I'm responsible with my spending and have been winning with credit for years.
Just because some people use credit poorly does not mean EVERYONE 'loves debt' or that EVERYONE pays interest. This would be like saying everyone who drinks alcohol is an alcoholic and noone should ever drink alcohol.
✝️
I have an excellent credit score and NO debt.
Interesting. I haven't had any debt at all in over a decade, 70% of my income gets deposited directly into my brokerage account every month, and my "I love debt" score is still 825 somehow. I must be a magician, LOL
I am heartbroken about the peanuts fact. 😔
George: Thanks government! Biden " heh heh heh heh I'm laughin' too" 😂
If you make $144, is that gross income?
(Dad joke!)
Guys, please stop laughing at the dad jokes. It only makes him more powerful
How about instead of sinking fund how about floating fund. Floating to keep you above water!
Wait how is spam made? *runs to google *
😂👍❤
Sinking fund. If you do not save for this, you will sink.
I love spam!😂😂😂
to say theres no good debt is a lie. Just because not taking out debt is the safest way to gain wealth long term. there are other ways to gain wealth quicker, and debt is one of those. if thats the case no one should get a 15year mortgage like you all recommend
Pogs!
I use credit cards and all millionaires do as well , even according to Dave’s survey but pay off monthly
'Being debt free is better than having a high score on a bad scoreboard.'
This is a false dilemma. It's not either be in debt with credit cards or use cash and debit for everything have zero or N/A scores. One can have high credit scores without paying interest and spending responsibly.
Ramsey team will never talk about a brokerage account I mean never
I have a feeling that they have before. But I do empathize with the point that it's been a long time since i've seen a video where they did.
I’ve heard Dave go on several rants about individual stocks but I’ve also been listening to him for a decade.
Individual stocks are risky compared to ETF and mutual funda the whole Ramsey platform is as close to zero risk as possible so it makes sense why they don’t include it often.
@@ignaciosantana6898 But a brokerage account doesn't have to be invested in individual stocks. In fact, most of them are not.
Nobody's called in about them recently.
Single stocks are inherently riskier but they tolerate it if you're out of debt and have less than 10% of your portfolio tied into them. If you're in debt and have single stocks in a non retirement brokerage sell them.
If You're debt free including the mortgage you can start investing in a brokerage fund. Mutual funds or index funds at that stage. Dave uses one to hold money while waiting on real estate to buy.
8:54 Did i spot a Marianne Williamson joke in there?😊
Credit report is like a school report card, while a credit score is like a grade in a class
Credit score is like the GPA calculation of all class grades and not a single class.
we almost got an episode where george doesn't remind everyone he's a millionaire
12% rule?🤣
I don’t agree that all debt is bad and unacceptable…
But for a common Bob it probably is 😆
I think George is confusing "dad jokes" with "jokes that don't land in any audience", which is my own corner of the comedy market. Stay off my turf, George!
(If you don't think I'm funny, you're just proving my point! Thank you!)
It's a FUND. There is absolutely no reason to say the word sinking. It's a FUND. You're welcome.
First?
First 😎
Repent Repent the day of the Lord is at hand! If you have not received salvation from Jesus Christ you will spend all eternity (trillions and trillions) of years in hell...There will be everlasting torment for you and everyone you know who doesn’t know the Lord. There will be whaling and gnashing teeth. Where the fire is never quenched and the worm never dies. Repent today cry out for mercy! A man must be born again to enter the Kingdom of Heaven. Jesus said unless a man is born again he cannot see the Kingdom of God. Have you sought out scriptures to know what this means? Do you know the gospel of your salvation? Do you know where you will spend your next life?
A house isn't automatically an asset - the equity could be considered an asset if there is rental income as a result of the house. An asset is usually something that provides positive cash flow: a house you live in (even paid off) doesn't meet that stress test until it is sold and you can assign an actual number. Until then, it is just a luxury you enjoy.
I dont think things have to generate cash flow to be considered an asset. Are non dividend yielding stocks assets if you are just holding them? What if you have a safe full of gold, is the gold an asset? If I buy a house, fix it up, and sell it when does it become an asset? Does the amount of time between purchase and sale matter? If so, what amount of time between purchase and sale makes something go from asset to non asset?
I think you’re making a point about not including your primary residence in your net worth because in order to access its value you have to sell it, and when you sell it you’ll no longer have a home. I think this is a valid point, but I would say it can be useful to know the ratio of your home value to total net worth.
@stephenporter863 an asset is something that has value not something that earns cash flow.
@@BP_PE90 In your second paragraph you hit the nail on the head of my point. I just feel a primary house shouldn't be used in personal budget planning (official documents and banks, etc. are a different story, they want net worth as big as possible, even if just paper worth, so they can loan and extend more credit).
Your other questions: those are liquid. A house can take months (really undetermined time) and expensive transaction fees to liquidate, then one would lose their primary residence, like you pointed out. My point is to recognize it on a cash basis (as opposed to accrual) since A. the actual net proceeds may be vastly different from the assumed amount created months or years earlier and B. the liquidity issue from earlier.
@@Jawrathful The official definition, yes, but that benefits banks not you since banks, etc. want net worth as big as possible, even if just paper worth, so they can loan and extend more credit at your expense. My point is to recognize a primary non rental home a cash basis (as opposed to accrual) since A. it is more realistic, B. the actual net proceeds may be vastly different from the assumed amount created months or even years earlier C. the liquidity issue. I like to think of it how much cash someone can realistically come up with in liquid funds within the limitations of this world in at most 30 days.
@@stevenporter863 I would agree with that regarding a primary residence. I there’s some exceptions, like if you plan to downsize maybe you can include the delta in your net worth before the transition occurs. But for other illiquid items like investment real estate, I would say those are still assets you should include in your net worth even if the value is speculative. We can be conservative in valuing these things like using our cost basis as the value.
ya'll make minimum wage pay checks and then act like taking classes for trades or college degrees is poison ; every sense I was in high school a lot of you refuse to take classes!!! ya'll sound super lazy but you would work less hours and make more money if you take classes[ I work 3 days and 4 hours a day!] okay bye!!!!
George, your confusing people. A car or a house is only an asset, not and asset and a mortgage. The house may have a mortgage attached, but they are not combined. Make things as simple, don't mix concepts.
For some, a car or a house is only a liability, like when you owe more than the item is worth, due to interest rates or plain not paying.
Tylor swift this Tylor swift that jeez enough of her so annoying u do the same on Ramsey and its freaking annoying i don't click to hear Tylor swift this and that 🙄
Where is gold ?. Gold is liquid too, isnt it ?.
Technically yes, but the only people that say it's a good idea to buy gold are the people selling gold or getting sponsored by gold companies to sell gold. It is not a good investment in the long run
@@b.m.4066 well gold is good for keeping your purchase power.
If you have 100k and you dont want to invest it and you dont want to lose it just get gold and in future the value of gold will be the same as todays 100k but the number will be different.
It’s a solid. Unless it’s 1,948 degrees Fahrenheit or around 1,064 degrees Celsius. Then yes, it is a liquid.
homeschool mom joke 😂