I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I had around 30k net Worth in 2012 at age 28 when i bought my first home in LA. Then got a second home in 2017 and rent my first one. Now today at 40 years old with a family of 7 i have around 1.1M net worth. And making under 100k in the past 10 years. Hope i am on track to having over 5M by the time i retire. Finances are exponential. Live above your means, borrow, and your debt can spiral exponentially. Live below your means, invest, and your net worth can grow exponentially.
Somebody once said, You can never save enough for retirement but that doesn't mean you shouldn't try anyway. Take your health seriously now to reduce the financial burden of failing/ill health and ACTIVELY plan your retirement so you can still make money even then. Goodluck to us all.
That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode
Don't worry too much. The easiest approach is to save more money and invest those savings in profitable opportunities. It's crucial to either understand your investments thoroughly or consult with a financial expert to avoid losing your money. Over the past three years, I’ve earned a few thousand dollars annually and almost doubled my retirement savings through stocks and ETFs. If I continue this strategy, I should be well-prepared for retirement, even with less than six years to go.
By professional, do you mean an FA? Did you use one? What are the steps for getting one? Like a really good one? I could definitely use that now. Thanks
Yes, I use one. Don't know if I am permitted to go into details here, but you should start by looking out for those from credible firms and good track records. You should also make sure the person is licensed. Mine is Becky lou Gordon and you could also look him up though I'm not so sure she's taking on new people atm.
One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $30k of my savings in stocks this year, and I hope I make profits.
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Vivian Jean Wilhelm” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Most times, it’s usually all about perspectives. Investing has been rather rewarding to me and I've learned that getting a good return is very much attainable if you know your way around it.
I invested in some stocks myself using pure speculation. Long story short, I blew my account and lost it all. Jonas Herman, a licensed fiduciary is the brain behind my success. I've gotten into a plethora of assets with $13k spread across stocks (options and futures) for the short term and Roth IRA, index funds, and ETFs, for the long term. Now with over 81k in roi, I sit back and just reinvest at intervals while I handle my other career and family.
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or real estate to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.
bravo! i'm 66, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?
I work with Jessica Lee Horst as my licensed advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thank you for sharing, I must say, Jessica appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call
Above average but still broke. Side gigs, Caleb, and your channel have inspired us. 39k in debt paid off in 6 months. About time to plug away at the car and camper. Never again is all I have to say
Haha I have known two people who got campers, and those two people were/are drowning in debt. What is the mystical allure of campers that cause people to make horrible financial decisions?
@TheZakR I am in a camping family. I have spent over 30 days this season camping. The allure is really that it's easier to go when you Have a bed and refrigerator. We were drowning but with us focusing hard on debt we are under 50% of our household going to necessities and minimum monthly. I've been throwing the other 50% at credit cards and other. Starting next month I'll be throwing around $4k a month at the camper and paying it off around February then 4 months to pay off the car and all bad debt will be paid off.
I’m 55 from Sri Lanka but worked overseas in USA all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management??
I would get money management just in case. You’re only 55. I think the average life expectancy in the US is 77.5 years, but many people live well into their 80s so that $1 million has to last you all of that and the unforeseen. $1m is a great start though. Good for you!!
I’m quite lucky exposed to personal finance at early age, started job 19, purchased first home 28. Going forward, got laid-off at 36 just after covid-outbreak, and at once hired an advisor with grit to help stay afloat. I've been fortunate enough to achieve a 10x return compared to my previous efforts as a DIY investor, summing up nearly 85% ROI as of today.. My best so far!!
Bravo! i'm 46, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Elise Robinson” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
10:54 never carried a credit card debt. * This means they payed off their CC every month instead of carrying it over. They still have Credit Cards. It was never "carried" over to the next month which collects interest.
I definitely agree, but I have noticed that even though I haven’t paid any interest in years, I am sometimes more likely to spend more on credit vs debit or cash because I justify it to myself that I’ll get more points. 🤦🏻♀️
Not a crazy spender here, there’s nothing I really need anymore. My credit card splurges are Starbucks….so bad I went ahead and bought the stock 😂😂😂 So, this only works if you stick to necessities…food/gas…what you buy anyway. Do I go crazy in the grocery store? No, I’m a meal prepper….cant get to excited there especially with celiac 😅 Stay AWAY from the mall & Amazon!
Some millionaires use credit cards but the benefits are really so minimal it really isn't worth it. Just because someone is a millionaire doesn't necessarily mean they are prepared to invest a lot of time or effort to playing around the edges of their finances. Which is what credit cards are. Once you have a certain amount of money as long as you are doing the big things right like investing in growth assets and diversifying your assets the fiddly things like credit card cash flowing really don't matter to your overall wealth or prosperity.
No matter who you are, get off of social media. It will save you money, relationships, and your emotional well-being. You will be amazed at how much more you live in the moment (after your dopamine withdrawal), inside your budget, and in your life appropriately if you don’t have that constant subconscious influence in your life. Targeted advertising works and social media is the best delivery system. It’s not even just the actual ads, but also your “peers” that inadvertently advertise behaviors, lifestyles, and purchases.
@@timmytimmy17 I would consider UA-cam a bit of a grey area for social media classification. It depends how you use it. I am sure some people have theirs functioning not unlike a TikTok feed. Eventually it probably will become more and more like the iconic social media apps over time. I know they are focusing on shorts more. For me, my UA-cam is extremely different from how I remember my social media accounts working. I haven’t used one in at least 5 years. A lot of information, no silly dances or political proclamations, no family or friends, just how I like my media haha Edit: also, I pay for no ads too.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
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.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
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 Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
This video introduced me to your channel; case studies are really helpful, and I hope to see more in the future! Establishing routines is essential to building wealth, such as regularly setting aside money for wise investments at regular periods.
You're right. I believe that spreading out your investments is the best course of action. You can reduce your risk in the event that a segment of the market declines by spreading your investment over a variety of asset types, such as foreign stocks, bonds, and real estate.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
I have a 2006 honda accord similar to the one in the thumbnail. Paid cash, its super reliable and fairly fuel efficient. Is it cool and flashy? Does it have all the latest features? Does it impress the neighbors? Nope. But it's extremely reliable and insurance is cheap. I'll take that all day every day!
I’m not saying financing a new car is a good idea… but I just don’t trust someone else to have taken care of a vehicle… I’ll buy a new vehicle and run it till the wheels fall off…
That’s what I did. As long as you are careful to study the make and model longevity, it’s a good bet. I still have and drive my 2010 2D Jeep Wrangler and I expect to have it for many more years.
You are correct. A new car cost a lot less in maintenance in the short term. But the idea is the excess maintenance costs won’t even compare to the dollar amount of depreciation a new car faces. If you buy a 15K car that is worth 30 brand new then you can pour 15!!!!! Thousand in repairs into it before you break even That’s where the value of a used car is. New cars never make sense to me. Everyone has their preferences and I can see someone not wanting to deal with the immediate hassle of a used car so I get it.
@@samwebster2441 I have a 2003 ford focus. Almost 160k miles, I have always been right on top of the oil changes and other maintenance. I don’t run her really hard, and she still runs like a champ. That car is worth far more than KBB would say. But that’s what I generally expect is the exact opposite with most other people.
I was told by a statistician in college that they always buy one - but only one - lottery ticket. The reason being that you are absolutely guaranteed not to win if you do not have a single ticket, whereas there’s a chance, however small, of winning if you do. But that chance only increases by a microscopic amount getting two, three, four, etc tickets.
Correct. The probability of winning without purchasing a ticket is 0%. The probability if you by 1 ticket is asymptotically 0% (but not quite; a non-zero, but infinitesimal probability). Whether you buy 1 or 100 tickets, the probability is essentially the same. I do not purchase lottery tickets.
This is my take as well. If you don't buy a single ticket, you didn't put your name in the pot for God to potentially bless you with it. Any more than 1 ticket on the rare occasion when the jackpot is high is foolhardy and a waste, but it's fun to think about winning
My spouse would always kick in the required fiver at his office lottery pool. On the off chance they won big, he didn't want to be the only one not to be able to quit. They only had a pool when the mega millions was huge - a few times a year.
Well, I am wealthy, and I am collecting credit cards points. I just charge things like groceries, gas, medical co-pays, car repairs - stuff that you have to buy no matter what. If they're giving them out, you might as well take them. I pay in full every month - my budget is 30% of my income.
Eh my mortgage interest rate is 2.2%. My HYSA (emergency fund) earns over double that. My IRA is up 22% this year (not sustainable but still). Putting extra money on my mortgage is financially idiotic. And I use credit cards, never carry a balance and have gone to several events with the rewards. My wife booked us a trip to Boston with her miles. But you can’t ever carry a balance.
I have used by now pay later. Usually at 18 months. 1 time for a tv, 1 time for a washer and dryer when mine died, 1 time for a car repair. All 3 times they were paid off 6 months before the term ended. Clearly better than a credit card but if it would have went past the term a credit card would have been better.
The only person Ive seen master the credit card points system is my dad. He has basically flown the entire family around the world for nothing over the last decade. He's also a retired stock broker and has a massive spreadsheet organizing the 20-40 cards he uses. I also disagree with paying off your home as fast as you can. Pay it off if you have a bad interest rate. My wife and I have dumped all of our extra income into buying more rentals. We are 37 and own 40 units. Sure it would be nice to have our home paid off but 15-20k per month is far more valuable long-term.
Excellent points. I generate enough cash back every year to either buy all my Christmas presents if I’m in a saving more mood or go to Europe every 24 months with hotel and flight completely paid. Food is so much cheaper & better in Europe as an added bonus. My parents haven’t paid for plane tickets in decades,they are always free.
Own our home free and clear (downsized and have a small but new house) 800k in bank and zero debt... but we SHARE one 2014 Subaru Crosstrek and have 2 bikes and a golf cart. We moved to a walkable community 6 years ago and I work from home, and we live in a great climate.
The lottery isnt in low income areas, they have scrachers and lotto tickets in almost all gas stations, and stores, in high income and low income areas, it doesn't matter
I am in the 1% financial club in the USA (verified by my financial advisor and corroborated by my CPA). I buy new cars but keep them for 10+ years; I currently drive a 2011 Prius bought new in 2011. Although the Prius runs quite well, I will be buying a new Prius in 2025 because of my concern the traction battery on my 2011 Prius will die in the near future. I don’t like the idea of buying used cars because I may be inheriting someone else’s problem with the car plus the technology is old.
I bought a used 2011 Honda in 2018 and I’m still driving it. I keep up maintenance and keep it in my garage. I’m planning on driving it as long as it will go and I’m going to keep saving/investing until that car dies
To the 2011 prius person. You just so happen to have bought one of the best years. Gen3 Prius specifically 2010-2014 are probably the best Prius design to date, in my humble opinion. Recommend New Corolla Hatchbacks over current Priuses. But I would straight fail any vehicle with a non-key ignition. Emphasize getting keyed ignition, no push to start. If the vehicle that you like does not have an actual key as opposed to a "Smart Key" tell the dealership you will keep your old car. It might sound unreasonable but laziness and convenience are NOT more important than durability and sustainability in adverse situations. Forget the insurance companies who want to put OBD trackers in your vehicle and give policy discounts for auto-locking doors. Time and place for everything. keyless might be better if you are always getting in and out of your vehicle but it should not be the de-facto base option for new vehicles.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
You mentioning at 4:55 that 23% of credit card users didn’t redeem their rewards in the last 12 months reminded me to activate my 5% cash back on my discover card so thanks for that!
I’ll say I had to get a vehicle in early 2022 when prices were nuts. Paid too much because of the need and was auto loan free for six years and having one now sucks.
Same here. I went from no payments for 8 years to almost $500 a month for a $26k used car with a 6% interest rate but I am paying it off as quickly as possible. No vacations until debt free again.
Only debt is a mortgage, all vehicles paid off, great salary, great 401k, pension locked in as long as the government doesn’t collapse, I’m broke. I’m broke until I don’t need the salary.
Leasing is more expensive that buying. I absolutely disagree with this statement. Depends on the lease. Any lease can be put into an excel and count the scenario of buying vs. Leasing. Sometimes leasing is the better financial option.
This is the best overview ever! I have been drilling the same advice into my kids… and they hate me for it. Today. One thing I’d love to see at the end is a graphic showing the range of performance between the two extremes: The Poor losing 100%+ yearly vs the Average losing 30% on cc financing vs the Rich gaining 20%+. Two different directions.
When I started my first job, it didn’t make sense to me to take money from the bank and then pay interest on it. So, I created a savings account and, if I needed money, I would borrow from myself and pay high interest back to myself. This is how I built my first savings account, which eventually helped me cover the costs of my first emergency surgery. It’s worth mentioning that I was only 20 years old. 😂
Invite her to watch it with you and discuss. If you're going to get married, it's okay to have these conversations. In fact, if you aren't aligned on how to handle money, you might want to reconsider a marriage. Financial struggles will cause a lifetime of sadness and resentment
I am 44 yo. I have a little short of 3m net worth including a paid for house. I have a porsche and a ferrari. I commute with a bmw. Not every millionaire is driving around in eco tincans. Money is just a tool. It isn't about having the most number of zeros in the brokerage account when you die.
3 million is ok, but you still celebrated a little too early. i'm from 3rd generation wealth , so i know first hand, lifestyle creep prevents you from taking on bigger financial risk / entrepreneurial risk. most expensive zip codes making $500k p/a don't spend more than $55k on a single car vs compared to those making $150k-$250k, and already buying Porsches / Teslas. celebrated too early
I think this is a good point. Some people are not meant to walk the path of frugality. Some are meant to live a little. Ramsey listeners for the most part haven’t been focusing on net worth & lack self control.
According to your assessment I am wealthy, as my only average was student loans, and those are paid off! I got a slow start, though, thanks to the 2008 recession, which required me to go back to school and take on those loans to give myself a fighting chance. I am hoping that I can ultimately be wealthy through having the right mindset and taking the right actions. At 36 I have a net worth of about $35k and a fairly solid 401k. I'm still learning every day and becoming more mindful about my money. I know I still have a long way to go, but I feel like I've also come a very long way and I'm very positive about my financial outlook. 😌
Income is a key factor people often take on debt not because they want to its because they have to. Having a strong foundation helps as well, not necessarily living off your parents but already having the knowledge not to dig yourself is a hole.
I would disagree about the new car. If you can pay cash and avoid the money and time-consuming headache of maintaining a used vehicle, it is totally worth it.
No it isnt. From a financial perspective that is a horrible decision. So you pay 50,000 cash for a new car in what was it 5 years you have lost 60%? If you have $50k and spend 20k on a used car five years old set aside 10k for the extra maintainence you may have you still have $20,000 to invest in growth assets. So you take that $20k and invest it in a eft returning 10% p.a. put your 10k maintainence fund in a high yield account returning 5% your return p.a. is 22000, 24200, 26420, 29282, 32210 + whatever you make in interest from your contingency in interest. Or if you just paid any additional maintainence out of normal cashflow the 30,000 invested would be $48315 which would almost finance your next used car out of the growth. You are sacrificing a lot of growth and investing a lot of asset allocation in a depreciating asset that could be in a growth asset.
@toddyoung913 From my perspective, just like the stock market, you would lose or gain money only at the moment of selling. If you keep the vehicle for a decade or more, it starts to make a lot of sense. Remember to not only pay attention to depreciation but also inflation. I might have had bad luck with used vehicles, but I don't think that $10 000 is enough to cover the maintenance of an old vehicle for that period of time. The mayor issue is that average people don't know how to own a car. How to break-in the engine. How to follow preventive maintenance. Even how to drive the car. I think a used vehicle is always a coin in the air. For me peace of mind and *TIME* are top value products.
I need at least $2m today to be considered 'wealthy' 20 years ago, the definition of wealth was nowhere near $2m, and in 20 years time, this amount may not be enough, however I do agree that one has to start somewhere, hence I now look to the stock market to fuel my goal.
wise observation, for many years equities and some fixed-income assets have produced yields needed to provide solid income for financial needs, the importance of mitigating risks could be why investors are turning towards advisors for guidance
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
bravo! mind sharing info of your invt- advisor please? tried learning few strategies to profit in this current market, but all of that flew right over my head
thanks for putting this out, curiously inputted Katherine Nance Dietz on the web, spotted her consulting page and was able to schedule a call session, she actually shows a great deal of expertise.
Nothing wrong with credit card rewards if you are disciplined. Student loans are too easily available to young people, predatory tactics used by banks and schools. Want to save money, limit the amount you eat out.
The point is most people are not disciplined. Even people who are are still susceptible to the psychology effecting the human brain. You need to know yourself I am good at understanding investing, leverage and long term growth I am bad at managing day to day payments so I stay away from credit cards. If you are good at day to day management use credit cards.
George, Term insurance will protect your children until they are independent. When you reach 75, even in perfect health, the insurance usually ends with the option to pay many times the former cost. This was fine with me because my children were protected through their thirties.
A big part of financial success is managing expectations. Financial peace is WAY more important than having lots of stuff. Being debt free is one of the key pathways to financial peace. I’m happy for people that manage their finances well and are fortunate to have a great source of income. However, I associate with many high income earners who have to deal with the stresses of managing all of their material possessions AND debt. The most impressive people are the disciplined ones that you don’t even know are monetarily wealthy.
As someone who used to buy scratch tickets daily and lived in an impoverished area, the explanation I give is that you do this because the hamster wheel is tiring and you are looking for some luck to improve your situation. Mathematically, it doesn't make sense, but working long hours every day and barely moving the needle is terrible for your health. So, taking a risk is justified. Breaking the poverty cycle is hard to do and most never do it. Hence, I give poor people grace about the bad financial decisions they make. Education is part of it and a lack of resources in their community is a bigger part.
I give poorer people who buy lottery tickets a break...but I don't necessarily give the government-run institutions who typically run the lotteries a break. Most of these lotteries are advertised as paying for worthy causes (e.g. education) but using lotteries to raise public funds is an extremally regressive and counter-productive way of going about it. It's basically a voluntary tax targeted at poor people. Which makes them poorer (especially people who spend a _lot_ on lottery tickets). Which makes them more likely to need more public funds.
Breaking the cycle is difficult, and education is definitely key. Graduate highschool, get a full time job, wait to have children till you’re married… those are the 3 best indicators for getting out of poverty.
So $2 a draw for a single lotto ticket is entrainment. $50-100/draw is just dumb. Based on buying one ticket you have 0 chance if you don’t buy and just a little better than zero if you do BUT that slimmest of chances is still better than ZERO chance of getting out of a terrible situation. Now I see it coming, “but if they invested that $16-20 every month!” Well let’s explore that, assuming someone bought a $2 ticket twice a week, that’s a whopping $208/year at 10% compound interest over the next 30 years that’s about $36K. $36K with 3-4% inflation over 30 years from now won’t be S**t! So buying a single ticket per draw isn’t keeping them poor!!! But yes I’ll concede if they invest that $4 a week in an investment fund instead of the Lotto they might be able to buy themselves a better casket when they die of diabetes, heart disease or chemical poisoning at an earlier age due to the environment they are trapped in. So yeah they buy the dream, and if you were trapped there (I was) you would too.
I've got the European equivalent of the 401k maxed, and I live very comfortably below my means. But I leased my car, which I knew was a bad choice financially. At least it only costs me about 7% of my income so not the worst. Next car is probably going to be a second-hand one that's a year or 2 old, avoid the biggest hit of depreciation. If I then apply all my income maximally to paying off the mortgage I should be able to get there before the end of the decade. Which means within 10 years of starting it. But the house I bought also needs work, of the value adding kind, and the interest rate on the mortgage is low. Like 1.7% kind of low. So I'm not sure what to do here. And finally, I should really get on investing part of my income. Overall I give myself a 7/10. Doing pretty well, some things could be better.
Love the videos, I think they all really speak to the American about financial fundamentals. What's your take on inclining towards the "Live for the Now" and the "Tomorrow is not garunteed" pull at lifestyle fulfillment.
Where do you think your money is going when you pay the statement balance? You’re not getting to keep it are you? I just decided to stop using credit cards altogether (cut mine up and threw it away almost 2 months ago). I’m currently paying off my credit card debt, but once that’s done, I’m just not going to bother with credit card companies anymore.
Just biased off of the title: I live with my mom (middle class) My dad owns a business/self employed (upper middle class) I myself did 2 years of collage in Highschool to get ahead and will thus graduate with a bachelors in mathematics and will just barely get out with no debt. Looking for a job is hard I’m probably going to try and either live with some friends or at home for a bit to save up some money to move out. I think with my current spending habits, which is literally like food and living expenses, I should be able to climb up to a middle class lifestyle.
We got a HELOC to buy a fixer upper lake house. What was an $85,000 HELOC, loan was paid off in two years and the house is worth $350,000 now. Getting a loan for an investment can pay off.
So if you have a 2.5% interest rate on your mortgage and you can earn 5% in a high yield savings or CD - you’re saying it’s still better to pay off the mortgage?
The only thing I've done in the average category is get a heloc. I've only ever used it to get access to quick cash and pay it off immediately before it even accrues a single month of interest. Example, I had a large emergency (had a tree fall on my house and it cost me around 30k in roof and tree removal repairs). I used my heloc to get it paid off immediately and then spent 10-20 days getting money out of my investments to pay it off. Never paid a penny in interest.
If you buy new car in cash or Keep 3 year loan, >20% down payment and less than 8% payments annually compared to salary…you are fine, and wealthy if investments exceed your car payment and your mortgage paid off in fair time 15-30 years
Paying off your mortgage? I keep seeing people saying not to do that if your loan is low, and to take the extra cash you have and to put that into stocks. Which is better?
For me, it made more sense to pay off our mortgage. I’m in my late 30s with no debt. My main goal has always been to need less, not to make more. I want the peace of mind and flexibility that comes with having almost no liabilities, even if that may cost me a little on my net worth in the long run.
Having a mortgage does have an amount of risk if you lose your income which does happen. I’d rather own my house outright than rent it from the bank but that’s just me.
Hi George, asking if you could add some clarity to a debate - when you say buy a car with cash, do you mean make the payments with cash? Or flat out pay the full price of the vehicle in cash ?
Quick note: the company that agreed to lend a 17-year-old $80k is scummy? How about the University that CHARGED a 17-year-old $80k to get a Bachelor's in Ancient Egyptian Basket Weaving?
our federal student loan program is decently good here in canada. Depending on your circumstances as well as your demographic (disabled, indigenous etc.) you get a large sum of Money that you dont need to pay back, which typically ranges from 20-70% of your expenses. The rest is funded by a loan they give you, however it is completely interest free. Additionally, everyone gets a 6 month period post graduation with no expected payments. If you are still struggling financially after that period, they do repayment assistance where they either lower your payment, freeze your payments, or even pay off some of the loan for you. Also our tuition here is significantly cheaper so the loan amounts you need to take out are a lot lower. I know a lot of American international students who come to Canada to study because its cheaper than paying domestic tuition back home.
This is true of course. I use credit cards, get the points etc. You just have to use constraint. People who are used to being broke n overspending probably didn't have a card though.
Dont agree about paying off mortgage if your interest rate is sub 3.0. I could use the extra time and money to invest and grow my portfolio rather than spend it on paying off home loan. Do the simple math and you will understand this.
Yes and it just might be critical for MANY people to put their money in investments in order to have enough time in the market to have sufficient retirement funds. This pay of your mortgage advice is not one size fits most!
Im sorry, i dont know where to ask, but i wanted to just ask how i am doing compared to my peers. Im 27, i have about 90k in total assets. Mostly invested, although i need to move it more into etfs, right now 30% of my portfolio is in rcl. I currently make 56k teaching kindergarten in beijing china. Im able to save about 70% of my income every month. I just wanted another perspective. How am i doing?
Your income is USA tax free. Be sure to open a Roth IRA. Then all the interest that accumulates will be tax free. You will have to pay USA tax on the money you put into a Roth but that will be overall much lower than the amount you would have paid when you took it out. Also do NOT leave money in banks in your current location just what you will use for the month.
@@happycook6737 I'm mostly making big transfers. My money in the bank here gets 3% so it's not horrible. But I am ready to move money back and open a Roth IRA and put 7k into it
I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow for retirement?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
You don't need to find the next NVDA to succeed in investing. Just choose top-notch ETFs and partner with a financial advisor like I did. I turned $90k into $53,000 in annual dividends-a significant milestone for me today.
Impressive! I admit I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Give it up with the credit card discussion. Ramsey is wrong about them. Just look at the comment section of any video discussing the topic. Wealthy people other than those associated with Ramsey all use them.
Sure and people should drink reasonably as well but when you are talking to a lot of AA meetings at some point it's easy to say "I would rather people just stop drinking all together, the nuance leaves a lot of room for people to think they are in control when really it's controlling them" I use a card to get the % back and I have liquor in the basement. I know myself well enough to know those aren't problems for me, but I would never presume those are a good choice for others especially if they have histories showing potential short comings in those areas. Credit cards offer those because they work on enough people to make it profitable and they have the data to back it up. So Ramsey's advice is good general advice.
@@link10909 I’m not 40 yet & have a 7fig net worth. The 2% cash back on Fidelity works great for myself & others. People complain about inflation then willingly overpay by 2% unnecessarily on everything just because Dave hates credit card companies due to his personal vendetta against them, and people blindly follow him. Laughable.
This is where I’m stuck. I want to go to school to get a degree and earn more money but I don’t want student loans. I am debt free beside paying my mortgage and want to pay it off asap. I have a family and don’t want to get myself back into debt again. Feel like I’m stuck in my blue collar job. Not to mention hearing about fake job listings and being damn near middle age going into a entry level job smh
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
@@roxdietren With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach. It appears that your investment advisor is highly skilled. Could you please let me know if you are still in contact with this advisor and, if so, how?
@@BrandonRichards21 Claire Robert’s Durand is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment
Ummm didn't Chris Hogan say that the people from that millionaire study who were paying off their house in < 20 years were paying off their SECOND or even third house? So doesn't that mean this is more accurate: millionaires pay off their houses quickly because they're millionaires. Paying your house off early doesn't make you a millionaire. Investing early, even if you still have a mortgage, does though.
I'm doing ok, worth a couple million, but I don't think I'm more happy or more satisfied than when my net worth was $30k. It is nice to have all your needs met and not owe anybody for them, but once you make more than that it's just extra. Like a billionaire once told me, "my life is pretty much the same as yours, it just has more zeros on the end". That pretty much sums it up, he has a lot more stuff than me, but it's just stuff. I'm still making money where I can, but at the end of the day I'm satisfied with what I have.
When finishing the video, instead of saying “If you want to become wealthy, watch the next video” You should’ve said “if you wanna get wealthy, DONT buy my course, and use free education like the next video to improve your knowledge and skills”. Calls out all the “gurus” that feel off their audience
Not sure if you've looked into the Ramsey business model but the majority of it os upsell and multi leve marketing. Not in a bad sense but it is a business that has produced nine figures of wealth for dave for a reason.
George is right regarding many things. I wouldn’t take any advice regarding cars though from someone who purchased a second hand Tesla that was involved in a car accident (I also think that it had a lot of miles. Our car is actually a Tesla so I am not hating on it). Also, we are net worth millionaires (not wealthy like millionaires that have millions in the bank). Have mortgages and a Tesla. That doesn’t take away from the fact that we are investing, save for retirement, have a rental, etc. You can still do that..
He's not wrong on the car aspect, though. New cars are an absolute waste. The depreciation vs buying one that's just a few years older is huge. If you were to put the difference between the two in a index /mutual fund, you'd have tons of extra money. Leasing a car is literally just renting a car if you calculate the cost of it. The "interest" is around 15%. Buying a used car is almost always the way to go. The only exception to this is if you are buying an extremely rare model that you can't find used.
@@crashtestdummy1972 He purchased a second hand electric vehicle. I wouldn't so it as I wouldn't know how it was treated by the previous owners and we are never going back to gas cars so that's not an option (like a Honda, for example). Also, not everyone cares about depreciation. The car has depreciated but we are not planning on selling it. Also, we purchased our second property (even though with a mortgage) on one salary a year after we purchased the car so it didn't hold us back..
I’ve only owned 1 new car in my life and I’m in my late 40s… I always buy used, that way I’m not paying for the depreciation that is the highest in the first 3-4 years of a car’s life. I buy 3-4 year old Hondas or Toyotas (most reliable cars on any list) with around 50k miles, usually saves me around 50% off the original sticker price! I keep them for around 7-10 years. Over the years, I’ve saved tens of thousands of dollars just by doing this!
@@crashtestdummy1972 When you buy a used car you’re buying someone else’s problems. Buying new or off-lease helps you avoid all the headaches. I laugh at anyone who buys a used car and says “Look at the amazing deal I got!”
@IrisP989 that argument of secondhand electric isn't sound, though. It's the same as buying a used gas vehicle. You should do your due diligence. Have a mechanic check the car, and I believe with electric cars, you can have the battery tested to check its health. Also having a car fax gives an good idea of the cars previous history. Depreciation should absolutely be a concern if you are focused on growthing net worth. I can agree that if you buy new and keep it for an extended amount of time the curve from a used car and a new car Depreciation won't matter but alot of people don't do that. They buy new and trade it in every few years.
Title loans and payday loans aren't predatory or bottom feeders and you should apologize for such slanders. There's a reason people go to them, because no one else will give them money. So don't hate on them for helping those no one else will help. And I just checked, they don't force people to take their loans.
I am broke but the only broke person thing I do is buy lottery tickets however only when I am on vacation and I buy with my "fun" money that I saved for my trip to pay for things that I don't normally buy like cocktails, restaurant meals, junk food at convenience stores, Starbucks, etc.
The only one of these I'm guilty of is the new car payments. Lesson learned. But I didn't get stupid on the car. Honda with a good down payment. Not a huge monthly payment, I'm able to make double payments trying to get rid of that debt faster.
I don't understand payday loans because its not difficult to open up a new credit card or increase your limit and while that's not ideal, it is a lot lower interest than payday loans
George is not wrong. BUT what is often presented as hard and fast rules are neither. The following description, which violates several of George's recommendations, fits both a struggling couple and a wealthy couple in year 10 of retirement: They are turning 55 and 58 this year, together had $65k of income last year and expect the same this year, They each bought their 100% gasoline burning cars new. They weren't able to contribute to any 401ks or IRAs this year nor did they make any other kinds of investments. They have a 30 year mortgage on their home with 25 years left before it is paid off and were approved for a new HELOC 2 months ago. Their credit card balance hasn't been below $3000 for several years. Simple rules are never universal and universal rules are never simple. Sorry, I meant to say Simple rules are seldom universal and universal rules are seldom simple....
Winning the lottery is a 1:302 million chance. So if we use basic financial math, if the cash payout (not the "pot") is 700 million after taxes, then that means expected return of winning the lotter is over 1, which means you have a positive expected value, and the odds are in your favor. You still have a 1/302 million chance of winning, but hey, at least the "odds" are in your favor. Better than gambling.
I buy the occasional lotto ticket. I still view that more favorably than the money stolen from me for 'social security'. I also bought a new car 8 months ago (first one). After dealing with garbage used cars for 15 yrs and $9k on repairs for my last one, I'm just done with used cars. Though, i plan on having my new car for 10-15 years. Worth it for me.
I normally buy new, try to find the best value and keep 10-12 years until dead (200-300K miles). I finally ran into two shitty Hyundai’s that we bought, both of which burned/ are burning oil. Got rid of the older Tucson at 8 years old/168K but now have a crappy 2020 Santa Fe that’s becoming the next problem. What I’m saying is that used to be a good strategy but now with these GDI engines it’s a crap shoot!!!!
@@asandrik3124 The problem is Hyundai. I just had my engine replaced at 123K miles in my 2015 Sonata. It was a hassle getting them to replace it, but it spared me from having to purchase a new car. It runs amazing. Hoping to at least get another 100K miles on this engine. If I do, then I will sell to the highest bidder...
3:31 the only way these would be fair odds would be if the jackpot was $302 million and a ticket only cost $1 the you're paying one three-hundred-and-two-millionth of the jackpot for one in three hundred and 2 million dollars. However, jackpots are a lot lower than that and tickets are a lot higher
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I had around 30k net Worth in 2012 at age 28 when i bought my first home in LA. Then got a second home in 2017 and rent my first one. Now today at 40 years old with a family of 7 i have around 1.1M net worth. And making under 100k in the past 10 years. Hope i am on track to having over 5M by the time i retire. Finances are exponential. Live above your means, borrow, and your debt can spiral exponentially. Live below your means, invest, and your net worth can grow exponentially.
Somebody once said, You can never save enough for retirement but that doesn't mean you shouldn't try anyway. Take your health seriously now to reduce the financial burden of failing/ill health and ACTIVELY plan your retirement so you can still make money even then. Goodluck to us all.
That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement?
Mine draws nearer by the day and I'm gradually going into panic mode
Don't worry too much. The easiest approach is to save more money and invest those savings in profitable opportunities. It's crucial to either understand your investments thoroughly or consult with a financial expert to avoid losing your money. Over the past three years, I’ve earned a few thousand dollars annually and almost doubled my retirement savings through stocks and ETFs. If I continue this strategy, I should be well-prepared for retirement, even with less than six years to go.
By professional, do you mean an FA? Did you use one? What are the steps for getting one? Like a really good one?
I could definitely use that now. Thanks
Yes, I use one. Don't know if I am permitted to go into details here, but you should start by looking out for those from credible firms and good track records. You should also make sure the person is licensed. Mine is Becky lou Gordon and you could also look him up though I'm not so sure she's taking on new people atm.
One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $30k of my savings in stocks this year, and I hope I make profits.
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Vivian Jean Wilhelm” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Most times, it’s usually all about perspectives. Investing has been rather rewarding to me and I've learned that getting a good return is very much attainable if you know your way around it.
What did you invest in? I can tell you that not everyone is as lucky as you are.
I invested in some stocks myself using pure speculation. Long story short, I blew my account and lost it all. Jonas Herman, a licensed fiduciary is the brain behind my success. I've gotten into a plethora of assets with $13k spread across stocks (options and futures) for the short term and Roth IRA, index funds, and ETFs, for the long term. Now with over 81k in roi, I sit back and just reinvest at intervals while I handle my other career and family.
To me, investing is not worth it and I know that's the same mindset holding me back from taking a step forward in my finance. It’s all gambling.
@@Pambegay Can he help me? I'll be turning 48 soon I just hope it's not too late for me.
Hermanw jonas that’s his gmail okay
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or real estate to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.
bravo! i'm 66, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?
I work with Jessica Lee Horst as my licensed advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thank you for sharing, I must say, Jessica appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call
Above average but still broke. Side gigs, Caleb, and your channel have inspired us. 39k in debt paid off in 6 months. About time to plug away at the car and camper. Never again is all I have to say
Haha I have known two people who got campers, and those two people were/are drowning in debt. What is the mystical allure of campers that cause people to make horrible financial decisions?
@TheZakR I am in a camping family. I have spent over 30 days this season camping. The allure is really that it's easier to go when you Have a bed and refrigerator. We were drowning but with us focusing hard on debt we are under 50% of our household going to necessities and minimum monthly. I've been throwing the other 50% at credit cards and other. Starting next month I'll be throwing around $4k a month at the camper and paying it off around February then 4 months to pay off the car and all bad debt will be paid off.
You will be so free, brother. You can do it. It’s so worth it!
There is an old bumper sticker that reads…
The Lottery is a tax on people who are bad at math.
My grandma won 85 mil after taxes
@@Whaddle31 I'm sure she did, but 99.9999% of people that play will ever win.
I’m 55 from Sri Lanka but worked overseas in USA all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management??
Glad to hear from another buckeye! comfortable retirement depends on your lifestyle..
I would get money management just in case. You’re only 55. I think the average life expectancy in the US is 77.5 years, but many people live well into their 80s so that $1 million has to last you all of that and the unforeseen. $1m is a great start though. Good for you!!
I’m quite lucky exposed to personal finance at early age, started job 19, purchased first home 28. Going forward, got laid-off at 36 just after covid-outbreak, and at once hired an advisor with grit to help stay afloat. I've been fortunate enough to achieve a 10x return compared to my previous efforts as a DIY investor, summing up nearly 85% ROI as of today.. My best so far!!
Bravo! i'm 46, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Elise Robinson” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
George is an excellent Ramsey personality. Smart and likable, genuine and fun.
Are you his mom??
I don't compare myself to others and neither should you!
10:54 never carried a credit card debt.
* This means they payed off their CC every month instead of carrying it over. They still have Credit Cards.
It was never "carried" over to the next month which collects interest.
Very important distinction
I definitely agree, but I have noticed that even though I haven’t paid any interest in years, I am sometimes more likely to spend more on credit vs debit or cash because I justify it to myself that I’ll get more points. 🤦🏻♀️
True😂
Not a crazy spender here, there’s nothing I really need anymore. My credit card splurges are Starbucks….so bad I went ahead and bought the stock 😂😂😂
So, this only works if you stick to necessities…food/gas…what you buy anyway. Do I go crazy in the grocery store? No, I’m a meal prepper….cant get to excited there especially with celiac 😅
Stay AWAY from the mall & Amazon!
Some millionaires use credit cards but the benefits are really so minimal it really isn't worth it. Just because someone is a millionaire doesn't necessarily mean they are prepared to invest a lot of time or effort to playing around the edges of their finances. Which is what credit cards are. Once you have a certain amount of money as long as you are doing the big things right like investing in growth assets and diversifying your assets the fiddly things like credit card cash flowing really don't matter to your overall wealth or prosperity.
No matter who you are, get off of social media. It will save you money, relationships, and your emotional well-being.
You will be amazed at how much more you live in the moment (after your dopamine withdrawal), inside your budget, and in your life appropriately if you don’t have that constant subconscious influence in your life.
Targeted advertising works and social media is the best delivery system. It’s not even just the actual ads, but also your “peers” that inadvertently advertise behaviors, lifestyles, and purchases.
Well said and will try it out
Besides having a higher quality of life and more positive mood, it's also amazing how much more time you find each day.
Amen! I couldn't agree more
Like UA-cam?
@@timmytimmy17 I would consider UA-cam a bit of a grey area for social media classification. It depends how you use it.
I am sure some people have theirs functioning not unlike a TikTok feed. Eventually it probably will become more and more like the iconic social media apps over time. I know they are focusing on shorts more.
For me, my UA-cam is extremely different from how I remember my social media accounts working. I haven’t used one in at least 5 years. A lot of information, no silly dances or political proclamations, no family or friends, just how I like my media haha
Edit: also, I pay for no ads too.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
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.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
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 Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
Thanks, I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.
This video introduced me to your channel; case studies are really helpful, and I hope to see more in the future! Establishing routines is essential to building wealth, such as regularly setting aside money for wise investments at regular periods.
You're right. I believe that spreading out your investments is the best course of action. You can reduce your risk in the event that a segment of the market declines by spreading your investment over a variety of asset types, such as foreign stocks, bonds, and real estate.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Interesting. I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call.
"Dont pay interest, MAKE interest! " Exactly!!!
I have a 2006 honda accord similar to the one in the thumbnail. Paid cash, its super reliable and fairly fuel efficient. Is it cool and flashy? Does it have all the latest features? Does it impress the neighbors? Nope. But it's extremely reliable and insurance is cheap. I'll take that all day every day!
I’m not saying financing a new car is a good idea… but I just don’t trust someone else to have taken care of a vehicle… I’ll buy a new vehicle and run it till the wheels fall off…
That’s what I did. As long as you are careful to study the make and model longevity, it’s a good bet. I still have and drive my 2010 2D Jeep Wrangler and I expect to have it for many more years.
Which is why you do preventative maintenance on day one
You are correct. A new car cost a lot less in maintenance in the short term. But the idea is the excess maintenance costs won’t even compare to the dollar amount of depreciation a new car faces. If you buy a 15K car that is worth 30 brand new then you can pour 15!!!!! Thousand in repairs into it before you break even That’s where the value of a used car is. New cars never make sense to me. Everyone has their preferences and I can see someone not wanting to deal with the immediate hassle of a used car so I get it.
100% agree!
@@samwebster2441 I have a 2003 ford focus. Almost 160k miles, I have always been right on top of the oil changes and other maintenance. I don’t run her really hard, and she still runs like a champ. That car is worth far more than KBB would say. But that’s what I generally expect is the exact opposite with most other people.
I was told by a statistician in college that they always buy one - but only one - lottery ticket. The reason being that you are absolutely guaranteed not to win if you do not have a single ticket, whereas there’s a chance, however small, of winning if you do. But that chance only increases by a microscopic amount getting two, three, four, etc tickets.
Correct. The probability of winning without purchasing a ticket is 0%. The probability if you by 1 ticket is asymptotically 0% (but not quite; a non-zero, but infinitesimal probability). Whether you buy 1 or 100 tickets, the probability is essentially the same. I do not purchase lottery tickets.
This is my take as well. If you don't buy a single ticket, you didn't put your name in the pot for God to potentially bless you with it. Any more than 1 ticket on the rare occasion when the jackpot is high is foolhardy and a waste, but it's fun to think about winning
@@danielb1877 Exactly correct. I don't buy them either lol
My spouse would always kick in the required fiver at his office lottery pool. On the off chance they won big, he didn't want to be the only one not to be able to quit. They only had a pool when the mega millions was huge - a few times a year.
My stats professor in college gave us that exact same speech
Don’t blame the banks for your student loans… You signed on the dotted line, you own it.
Well, I am wealthy, and I am collecting credit cards points. I just charge things like groceries, gas, medical co-pays, car repairs - stuff that you have to buy no matter what. If they're giving them out, you might as well take them. I pay in full every month - my budget is 30% of my income.
The credit card fear lingering is actually mind numbing at this point.
Eh my mortgage interest rate is 2.2%. My HYSA (emergency fund) earns over double that. My IRA is up 22% this year (not sustainable but still). Putting extra money on my mortgage is financially idiotic.
And I use credit cards, never carry a balance and have gone to several events with the rewards. My wife booked us a trip to Boston with her miles. But you can’t ever carry a balance.
Terrific video George, right to the points, humor, and from my experience all true. Thank you George, keep up the great work!
I have used by now pay later. Usually at 18 months. 1 time for a tv, 1 time for a washer and dryer when mine died, 1 time for a car repair. All 3 times they were paid off 6 months before the term ended. Clearly better than a credit card but if it would have went past the term a credit card would have been better.
The only person Ive seen master the credit card points system is my dad. He has basically flown the entire family around the world for nothing over the last decade. He's also a retired stock broker and has a massive spreadsheet organizing the 20-40 cards he uses.
I also disagree with paying off your home as fast as you can. Pay it off if you have a bad interest rate. My wife and I have dumped all of our extra income into buying more rentals. We are 37 and own 40 units. Sure it would be nice to have our home paid off but 15-20k per month is far more valuable long-term.
Excellent points. I generate enough cash back every year to either buy all my Christmas presents if I’m in a saving more mood or go to Europe every 24 months with hotel and flight completely paid. Food is so much cheaper & better in Europe as an added bonus. My parents haven’t paid for plane tickets in decades,they are always free.
Own our home free and clear (downsized and have a small but new house) 800k in bank and zero debt... but we SHARE one 2014 Subaru Crosstrek and have 2 bikes and a golf cart. We moved to a walkable community 6 years ago and I work from home, and we live in a great climate.
What area? I've been considering moving to a lower cost of living area
If you don't have the money for even a small apartment?
The Villages
The lottery isnt in low income areas, they have scrachers and lotto tickets in almost all gas stations, and stores, in high income and low income areas, it doesn't matter
I am in the 1% financial club in the USA (verified by my financial advisor and corroborated by my CPA). I buy new cars but keep them for 10+ years; I currently drive a 2011 Prius bought new in 2011. Although the Prius runs quite well, I will be buying a new Prius in 2025 because of my concern the traction battery on my 2011 Prius will die in the near future. I don’t like the idea of buying used cars because I may be inheriting someone else’s problem with the car plus the technology is old.
I do the same with my cars, I’m just an electrician but I think the same way on vehicles
I bought a used 2011 Honda in 2018 and I’m still driving it. I keep up maintenance and keep it in my garage. I’m planning on driving it as long as it will go and I’m going to keep saving/investing until that car dies
To the 2011 prius person. You just so happen to have bought one of the best years.
Gen3 Prius specifically 2010-2014 are probably the best Prius design to date, in my humble opinion.
Recommend New Corolla Hatchbacks over current Priuses. But I would straight fail any vehicle with a non-key ignition.
Emphasize getting keyed ignition, no push to start. If the vehicle that you like does not have an actual key as opposed to a "Smart Key" tell the dealership you will keep your old car.
It might sound unreasonable but laziness and convenience are NOT more important than durability and sustainability in adverse situations. Forget the insurance companies who want to put OBD trackers in your vehicle and give policy discounts for auto-locking doors.
Time and place for everything. keyless might be better if you are always getting in and out of your vehicle but it should not be the de-facto base option for new vehicles.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Ha! While I am poor, I do none of these things.
I feel wealthy but I know I’m not. Easy to feel wealthy if you live within your means.
You mentioning at 4:55 that 23% of credit card users didn’t redeem their rewards in the last 12 months reminded me to activate my 5% cash back on my discover card so thanks for that!
I’ll say I had to get a vehicle in early 2022 when prices were nuts. Paid too much because of the need and was auto loan free for six years and having one now sucks.
Same here. I went from no payments for 8 years to almost $500 a month for a $26k used car with a 6% interest rate but I am paying it off as quickly as possible. No vacations until debt free again.
Only debt is a mortgage, all vehicles paid off, great salary, great 401k, pension locked in as long as the government doesn’t collapse, I’m broke.
I’m broke until I don’t need the salary.
Leasing is more expensive that buying. I absolutely disagree with this statement. Depends on the lease. Any lease can be put into an excel and count the scenario of buying vs. Leasing. Sometimes leasing is the better financial option.
This is the best overview ever! I have been drilling the same advice into my kids… and they hate me for it. Today. One thing I’d love to see at the end is a graphic showing the range of performance between the two extremes: The Poor losing 100%+ yearly vs the Average losing 30% on cc financing vs the Rich gaining 20%+. Two different directions.
Those predatory loans need to banned
When I started my first job, it didn’t make sense to me to take money from the bank and then pay interest on it. So, I created a savings account and, if I needed money, I would borrow from myself and pay high interest back to myself. This is how I built my first savings account, which eventually helped me cover the costs of my first emergency surgery. It’s worth mentioning that I was only 20 years old.
😂
Need to figure out how to get this in my fiance's feed
Good luck it takes a lot to get to this mindset one video can’t save her we just look at this video for more information
Good luck brother, I'm lucky my wife is more frugal them me.
Invite her to watch it with you and discuss. If you're going to get married, it's okay to have these conversations. In fact, if you aren't aligned on how to handle money, you might want to reconsider a marriage. Financial struggles will cause a lifetime of sadness and resentment
Money is the biggest fight in marriage.
Think long and hard if that's the life you want to live
Send it to her
I am 44 yo. I have a little short of 3m net worth including a paid for house. I have a porsche and a ferrari. I commute with a bmw. Not every millionaire is driving around in eco tincans. Money is just a tool. It isn't about having the most number of zeros in the brokerage account when you die.
3 million is ok, but you still celebrated a little too early.
i'm from 3rd generation wealth , so i know first hand, lifestyle creep prevents you from taking on bigger financial risk / entrepreneurial risk.
most expensive zip codes making $500k p/a don't spend more than $55k on a single car
vs
compared to those making $150k-$250k, and already buying Porsches / Teslas. celebrated too early
I think this is a good point. Some people are not meant to walk the path of frugality. Some are meant to live a little. Ramsey listeners for the most part haven’t been focusing on net worth & lack self control.
According to your assessment I am wealthy, as my only average was student loans, and those are paid off!
I got a slow start, though, thanks to the 2008 recession, which required me to go back to school and take on those loans to give myself a fighting chance. I am hoping that I can ultimately be wealthy through having the right mindset and taking the right actions. At 36 I have a net worth of about $35k and a fairly solid 401k. I'm still learning every day and becoming more mindful about my money. I know I still have a long way to go, but I feel like I've also come a very long way and I'm very positive about my financial outlook. 😌
Income is a key factor people often take on debt not because they want to its because they have to. Having a strong foundation helps as well, not necessarily living off your parents but already having the knowledge not to dig yourself is a hole.
You're right on the money George!!!
I would disagree about the new car.
If you can pay cash and avoid the money and time-consuming headache of maintaining a used vehicle, it is totally worth it.
No it isnt. From a financial perspective that is a horrible decision. So you pay 50,000 cash for a new car in what was it 5 years you have lost 60%? If you have $50k and spend 20k on a used car five years old set aside 10k for the extra maintainence you may have you still have $20,000 to invest in growth assets. So you take that $20k and invest it in a eft returning 10% p.a. put your 10k maintainence fund in a high yield account returning 5% your return p.a. is 22000, 24200, 26420, 29282, 32210 + whatever you make in interest from your contingency in interest. Or if you just paid any additional maintainence out of normal cashflow the 30,000 invested would be $48315 which would almost finance your next used car out of the growth. You are sacrificing a lot of growth and investing a lot of asset allocation in a depreciating asset that could be in a growth asset.
@toddyoung913 From my perspective, just like the stock market, you would lose or gain money only at the moment of selling. If you keep the vehicle for a decade or more, it starts to make a lot of sense. Remember to not only pay attention to depreciation but also inflation.
I might have had bad luck with used vehicles, but I don't think that $10 000 is enough to cover the maintenance of an old vehicle for that period of time.
The mayor issue is that average people don't know how to own a car. How to break-in the engine. How to follow preventive maintenance. Even how to drive the car. I think a used vehicle is always a coin in the air.
For me peace of mind and *TIME* are top value products.
I need at least $2m today to be considered 'wealthy' 20 years ago, the definition of wealth was nowhere near $2m, and in 20 years time, this amount may not be enough, however I do agree that one has to start somewhere, hence I now look to the stock market to fuel my goal.
wise observation, for many years equities and some fixed-income assets have produced yields needed to provide solid income for financial needs, the importance of mitigating risks could be why investors are turning towards advisors for guidance
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
bravo! mind sharing info of your invt- advisor please? tried learning few strategies to profit in this current market, but all of that flew right over my head
Katherine Nance Dietz is the licensed advisor I use. Just research the name. You’d find necessary details to work with and set up an appointment.
thanks for putting this out, curiously inputted Katherine Nance Dietz on the web, spotted her consulting page and was able to schedule a call session, she actually shows a great deal of expertise.
Nothing wrong with credit card rewards if you are disciplined. Student loans are too easily available to young people, predatory tactics used by banks and schools. Want to save money, limit the amount you eat out.
The point is most people are not disciplined. Even people who are are still susceptible to the psychology effecting the human brain. You need to know yourself I am good at understanding investing, leverage and long term growth I am bad at managing day to day payments so I stay away from credit cards. If you are good at day to day management use credit cards.
Finally got your book! 📖
George, Term insurance will protect your children until they are independent. When you reach 75, even in perfect health, the insurance usually ends with the option to pay many times the former cost. This was fine with me because my children were protected through their thirties.
A big part of financial success is managing expectations. Financial peace is WAY more important than having lots of stuff. Being debt free is one of the key pathways to financial peace. I’m happy for people that manage their finances well and are fortunate to have a great source of income. However, I associate with many high income earners who have to deal with the stresses of managing all of their material possessions AND debt. The most impressive people are the disciplined ones that you don’t even know are monetarily wealthy.
As someone who used to buy scratch tickets daily and lived in an impoverished area, the explanation I give is that you do this because the hamster wheel is tiring and you are looking for some luck to improve your situation. Mathematically, it doesn't make sense, but working long hours every day and barely moving the needle is terrible for your health. So, taking a risk is justified. Breaking the poverty cycle is hard to do and most never do it. Hence, I give poor people grace about the bad financial decisions they make. Education is part of it and a lack of resources in their community is a bigger part.
I give poorer people who buy lottery tickets a break...but I don't necessarily give the government-run institutions who typically run the lotteries a break. Most of these lotteries are advertised as paying for worthy causes (e.g. education) but using lotteries to raise public funds is an extremally regressive and counter-productive way of going about it. It's basically a voluntary tax targeted at poor people. Which makes them poorer (especially people who spend a _lot_ on lottery tickets). Which makes them more likely to need more public funds.
Breaking the cycle is difficult, and education is definitely key. Graduate highschool, get a full time job, wait to have children till you’re married… those are the 3 best indicators for getting out of poverty.
@@pauladams6100also, horse owners tend to be significantly wealthier than the average person, so you should try to buy a horse as well.
@@DaveDDD not sure what your point is. Obviously it’s sarcasm, but again, what’s your point?
So $2 a draw for a single lotto ticket is entrainment. $50-100/draw is just dumb. Based on buying one ticket you have 0 chance if you don’t buy and just a little better than zero if you do BUT that slimmest of chances is still better than ZERO chance of getting out of a terrible situation.
Now I see it coming, “but if they invested that $16-20 every month!” Well let’s explore that, assuming someone bought a $2 ticket twice a week, that’s a whopping $208/year at 10% compound interest over the next 30 years that’s about $36K. $36K with 3-4% inflation over 30 years from now won’t be S**t! So buying a single ticket per draw isn’t keeping them poor!!! But yes I’ll concede if they invest that $4 a week in an investment fund instead of the Lotto they might be able to buy themselves a better casket when they die of diabetes, heart disease or chemical poisoning at an earlier age due to the environment they are trapped in. So yeah they buy the dream, and if you were trapped there (I was) you would too.
I'm not broke, I'm destitute!
I've got the European equivalent of the 401k maxed, and I live very comfortably below my means. But I leased my car, which I knew was a bad choice financially. At least it only costs me about 7% of my income so not the worst. Next car is probably going to be a second-hand one that's a year or 2 old, avoid the biggest hit of depreciation.
If I then apply all my income maximally to paying off the mortgage I should be able to get there before the end of the decade. Which means within 10 years of starting it.
But the house I bought also needs work, of the value adding kind, and the interest rate on the mortgage is low. Like 1.7% kind of low. So I'm not sure what to do here.
And finally, I should really get on investing part of my income.
Overall I give myself a 7/10. Doing pretty well, some things could be better.
Excelling informative video!
Great ep
credit cards are for: 1. avoiding transaction fees on banks; 2. avoiding useless cash from foreign vacations;
Love the videos, I think they all really speak to the American about financial fundamentals. What's your take on inclining towards the "Live for the Now" and the "Tomorrow is not garunteed" pull at lifestyle fulfillment.
I just take out payday loans to cover other payday loans before the interest applies to keep a stream of credit flowing endlessly, works great!
Cash-back rewards, and always autopay the statement balance each month. Don't lose money to the credit card companies, make money off of them.
Easier said than done.
@@Blittsplitt5been doing it for 50 years. Very easy.
Until you get tempted to buy the thing you can’t afford.
Where do you think your money is going when you pay the statement balance? You’re not getting to keep it are you? I just decided to stop using credit cards altogether (cut mine up and threw it away almost 2 months ago). I’m currently paying off my credit card debt, but once that’s done, I’m just not going to bother with credit card companies anymore.
@@Blittsplitt5 it's pretty easy
Just biased off of the title:
I live with my mom (middle class)
My dad owns a business/self employed (upper middle class)
I myself did 2 years of collage in Highschool to get ahead and will thus graduate with a bachelors in mathematics and will just barely get out with no debt. Looking for a job is hard I’m probably going to try and either live with some friends or at home for a bit to save up some money to move out.
I think with my current spending habits, which is literally like food and living expenses, I should be able to climb up to a middle class lifestyle.
We got a HELOC to buy a fixer upper lake house. What was an $85,000 HELOC, loan was paid off in two years and the house is worth $350,000 now. Getting a loan for an investment can pay off.
So if you have a 2.5% interest rate on your mortgage and you can earn 5% in a high yield savings or CD - you’re saying it’s still better to pay off the mortgage?
The only thing I've done in the average category is get a heloc.
I've only ever used it to get access to quick cash and pay it off immediately before it even accrues a single month of interest. Example, I had a large emergency (had a tree fall on my house and it cost me around 30k in roof and tree removal repairs). I used my heloc to get it paid off immediately and then spent 10-20 days getting money out of my investments to pay it off. Never paid a penny in interest.
Thank you for what you do 🙏
Very well explained.👍
It was impressive and informative
If you buy new car in cash or Keep 3 year loan, >20% down payment and less than 8% payments annually compared to salary…you are fine, and wealthy if investments exceed your car payment and your mortgage paid off in fair time 15-30 years
Paying off your mortgage? I keep seeing people saying not to do that if your loan is low, and to take the extra cash you have and to put that into stocks. Which is better?
Pay it off!
Pay it off
Keep the mortgage if you have a steady income and extra cash to invest
For me, it made more sense to pay off our mortgage. I’m in my late 30s with no debt. My main goal has always been to need less, not to make more. I want the peace of mind and flexibility that comes with having almost no liabilities, even if that may cost me a little on my net worth in the long run.
Having a mortgage does have an amount of risk if you lose your income which does happen. I’d rather own my house outright than rent it from the bank but that’s just me.
Hi George, asking if you could add some clarity to a debate - when you say buy a car with cash, do you mean make the payments with cash? Or flat out pay the full price of the vehicle in cash ?
Come on man pay the full price in cash!
As a new Zealander living in Australia I loved Kath and Kim quote.
Go George
Quick note: the company that agreed to lend a 17-year-old $80k is scummy?
How about the University that CHARGED a 17-year-old $80k to get a Bachelor's in Ancient Egyptian Basket Weaving?
our federal student loan program is decently good here in canada. Depending on your circumstances as well as your demographic (disabled, indigenous etc.) you get a large sum of Money that you dont need to pay back, which typically ranges from 20-70% of your expenses. The rest is funded by a loan they give you, however it is completely interest free. Additionally, everyone gets a 6 month period post graduation with no expected payments. If you are still struggling financially after that period, they do repayment assistance where they either lower your payment, freeze your payments, or even pay off some of the loan for you. Also our tuition here is significantly cheaper so the loan amounts you need to take out are a lot lower. I know a lot of American international students who come to Canada to study because its cheaper than paying domestic tuition back home.
Short King's 👑 Rise UP!
This is true of course. I use credit cards, get the points etc. You just have to use constraint. People who are used to being broke n overspending probably didn't have a card though.
Dont agree about paying off mortgage if your interest rate is sub 3.0. I could use the extra time and money to invest and grow my portfolio rather than spend it on paying off home loan. Do the simple math and you will understand this.
Yes and it just might be critical for MANY people to put their money in investments in order to have enough time in the market to have sufficient retirement funds. This pay of your mortgage advice is not one size fits most!
Im sorry, i dont know where to ask, but i wanted to just ask how i am doing compared to my peers. Im 27, i have about 90k in total assets. Mostly invested, although i need to move it more into etfs, right now 30% of my portfolio is in rcl. I currently make 56k teaching kindergarten in beijing china. Im able to save about 70% of my income every month.
I just wanted another perspective. How am i doing?
Your income is USA tax free. Be sure to open a Roth IRA. Then all the interest that accumulates will be tax free. You will have to pay USA tax on the money you put into a Roth but that will be overall much lower than the amount you would have paid when you took it out. Also do NOT leave money in banks in your current location just what you will use for the month.
@@happycook6737 I'm mostly making big transfers. My money in the bank here gets 3% so it's not horrible. But I am ready to move money back and open a Roth IRA and put 7k into it
I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow for retirement?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
You don't need to find the next NVDA to succeed in investing. Just choose top-notch ETFs and partner with a financial advisor like I did. I turned $90k into $53,000 in annual dividends-a significant milestone for me today.
Impressive! I admit I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
"Melissa Elise Robinson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
The Lean on Me reference!!! @4:32 💪🏾
Some grocery prices have doubled (oils, etc).
Give it up with the credit card discussion. Ramsey is wrong about them. Just look at the comment section of any video discussing the topic. Wealthy people other than those associated with Ramsey all use them.
Sure and people should drink reasonably as well but when you are talking to a lot of AA meetings at some point it's easy to say "I would rather people just stop drinking all together, the nuance leaves a lot of room for people to think they are in control when really it's controlling them"
I use a card to get the % back and I have liquor in the basement. I know myself well enough to know those aren't problems for me, but I would never presume those are a good choice for others especially if they have histories showing potential short comings in those areas.
Credit cards offer those because they work on enough people to make it profitable and they have the data to back it up. So Ramsey's advice is good general advice.
@@link10909 I’m not 40 yet & have a 7fig net worth. The 2% cash back on Fidelity works great for myself & others. People complain about inflation then willingly overpay by 2% unnecessarily on everything just because Dave hates credit card companies due to his personal vendetta against them, and people blindly follow him. Laughable.
This is where I’m stuck. I want to go to school to get a degree and earn more money but I don’t want student loans. I am debt free beside paying my mortgage and want to pay it off asap. I have a family and don’t want to get myself back into debt again. Feel like I’m stuck in my blue collar job. Not to mention hearing about fake job listings and being damn near middle age going into a entry level job smh
Awesome video
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
@@roxdietren With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach. It appears that your investment advisor is highly skilled. Could you please let me know if you are still in contact with this advisor and, if so, how?
@@BrandonRichards21 Claire Robert’s Durand is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment
Me before watching: I'm broke, but what grad student isn't broke?
Me after watching: ...maybe I'm doing better than I thought.
Keep hope alive!
I am not broke nor average nor am I quite wealthy yet, headed there
Ummm didn't Chris Hogan say that the people from that millionaire study who were paying off their house in < 20 years were paying off their SECOND or even third house? So doesn't that mean this is more accurate: millionaires pay off their houses quickly because they're millionaires. Paying your house off early doesn't make you a millionaire. Investing early, even if you still have a mortgage, does though.
The Ramsey team always seem to leave that out for some reason 🤔
@@Yugiboii They leave out a lot of stuff. Like millionaires use loans to buy tons of stuff for shady tax loophole reasons.
Just curious does the laurel road allow joint accounts? Like for my wife and I?
I'm doing ok, worth a couple million, but I don't think I'm more happy or more satisfied than when my net worth was $30k. It is nice to have all your needs met and not owe anybody for them, but once you make more than that it's just extra. Like a billionaire once told me, "my life is pretty much the same as yours, it just has more zeros on the end". That pretty much sums it up, he has a lot more stuff than me, but it's just stuff. I'm still making money where I can, but at the end of the day I'm satisfied with what I have.
great video!
When finishing the video, instead of saying “If you want to become wealthy, watch the next video”
You should’ve said “if you wanna get wealthy, DONT buy my course, and use free education like the next video to improve your knowledge and skills”. Calls out all the “gurus” that feel off their audience
Not sure if you've looked into the Ramsey business model but the majority of it os upsell and multi leve marketing. Not in a bad sense but it is a business that has produced nine figures of wealth for dave for a reason.
@@nicholas5396they sell things for sure, but there is no Ramsey MLM.
@@nicholas5396 oh absolutely lol. Very successful businessman/family, and while they do help people it’s for profit 100%.
I never carry a balance on my flight rewards card EVER. And my family of three flew to the Caribbean this summer for free…
George is right regarding many things.
I wouldn’t take any advice regarding cars though from someone who purchased a second hand Tesla that was involved in a car accident (I also think that it had a lot of miles. Our car is actually a Tesla so I am not hating on it).
Also, we are net worth millionaires (not wealthy like millionaires that have millions in the bank). Have mortgages and a Tesla. That doesn’t take away from the fact that we are investing, save for retirement, have a rental, etc. You can still do that..
He's not wrong on the car aspect, though. New cars are an absolute waste. The depreciation vs buying one that's just a few years older is huge. If you were to put the difference between the two in a index /mutual fund, you'd have tons of extra money. Leasing a car is literally just renting a car if you calculate the cost of it. The "interest" is around 15%. Buying a used car is almost always the way to go. The only exception to this is if you are buying an extremely rare model that you can't find used.
@@crashtestdummy1972 He purchased a second hand electric vehicle. I wouldn't so it as I wouldn't know how it was treated by the previous owners and we are never going back to gas cars so that's not an option (like a Honda, for example). Also, not everyone cares about depreciation. The car has depreciated but we are not planning on selling it. Also, we purchased our second property (even though with a mortgage) on one salary a year after we purchased the car so it didn't hold us back..
I’ve only owned 1 new car in my life and I’m in my late 40s… I always buy used, that way I’m not paying for the depreciation that is the highest in the first 3-4 years of a car’s life. I buy 3-4 year old Hondas or Toyotas (most reliable cars on any list) with around 50k miles, usually saves me around 50% off the original sticker price! I keep them for around 7-10 years. Over the years, I’ve saved tens of thousands of dollars just by doing this!
@@crashtestdummy1972 When you buy a used car you’re buying someone else’s problems.
Buying new or off-lease helps you avoid all the headaches.
I laugh at anyone who buys a used car and says “Look at the amazing deal I got!”
@IrisP989 that argument of secondhand electric isn't sound, though. It's the same as buying a used gas vehicle. You should do your due diligence. Have a mechanic check the car, and I believe with electric cars, you can have the battery tested to check its health. Also having a car fax gives an good idea of the cars previous history. Depreciation should absolutely be a concern if you are focused on growthing net worth. I can agree that if you buy new and keep it for an extended amount of time the curve from a used car and a new car Depreciation won't matter but alot of people don't do that. They buy new and trade it in every few years.
Title loans and payday loans aren't predatory or bottom feeders and you should apologize for such slanders. There's a reason people go to them, because no one else will give them money. So don't hate on them for helping those no one else will help. And I just checked, they don't force people to take their loans.
I am broke but the only broke person thing I do is buy lottery tickets however only when I am on vacation and I buy with my "fun" money that I saved for my trip to pay for things that I don't normally buy like cocktails, restaurant meals, junk food at convenience stores, Starbucks, etc.
The only one of these I'm guilty of is the new car payments. Lesson learned. But I didn't get stupid on the car. Honda with a good down payment. Not a huge monthly payment, I'm able to make double payments trying to get rid of that debt faster.
I don't understand payday loans because its not difficult to open up a new credit card or increase your limit and while that's not ideal, it is a lot lower interest than payday loans
Really bad credit and can’t get a cc
Never again with student loans
George is not wrong. BUT what is often presented as hard and fast rules are neither. The following description, which violates several of George's recommendations, fits both a struggling couple and a wealthy couple in year 10 of retirement: They are turning 55 and 58 this year, together had $65k of income last year and expect the same this year, They each bought their 100% gasoline burning cars new. They weren't able to contribute to any 401ks or IRAs this year nor did they make any other kinds of investments. They have a 30 year mortgage on their home with 25 years left before it is paid off and were approved for a new HELOC 2 months ago. Their credit card balance hasn't been below $3000 for several years. Simple rules are never universal and universal rules are never simple. Sorry, I meant to say Simple rules are seldom universal and universal rules are seldom simple....
Winning the lottery is a 1:302 million chance. So if we use basic financial math, if the cash payout (not the "pot") is 700 million after taxes, then that means expected return of winning the lotter is over 1, which means you have a positive expected value, and the odds are in your favor.
You still have a 1/302 million chance of winning, but hey, at least the "odds" are in your favor. Better than gambling.
I buy the occasional lotto ticket. I still view that more favorably than the money stolen from me for 'social security'.
I also bought a new car 8 months ago (first one). After dealing with garbage used cars for 15 yrs and $9k on repairs for my last one, I'm just done with used cars. Though, i plan on having my new car for 10-15 years. Worth it for me.
I normally buy new, try to find the best value and keep 10-12 years until dead (200-300K miles). I finally ran into two shitty Hyundai’s that we bought, both of which burned/ are burning oil. Got rid of the older Tucson at 8 years old/168K but now have a crappy 2020 Santa Fe that’s becoming the next problem. What I’m saying is that used to be a good strategy but now with these GDI engines it’s a crap shoot!!!!
@@asandrik3124 The problem is Hyundai. I just had my engine replaced at 123K miles in my 2015 Sonata. It was a hassle getting them to replace it, but it spared me from having to purchase a new car. It runs amazing. Hoping to at least get another 100K miles on this engine. If I do, then I will sell to the highest bidder...
3:31 the only way these would be fair odds would be if the jackpot was $302 million and a ticket only cost $1 the you're paying one three-hundred-and-two-millionth of the jackpot for one in three hundred and 2 million dollars. However, jackpots are a lot lower than that and tickets are a lot higher
payday loans means that you have no money and can't get a credit card.