How to Become A Millionaire Starting with $0
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- Опубликовано: 12 июн 2024
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How would I build a million-dollar net worth if I started from ground zero today? Here are 10 things I’d do-and spoiler alert, none of them involve a get-rich-quick scheme.
Links:
5 Side Hustles I Used to Build Wealth: • 5 Side Hustles I Used ...
Investing for Beginners: • Investing for Beginners
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George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
Impressive can you share more info?
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 hope they don’t cancel the book. Good to see George here. 4% 4-life!
I dont even know why thats a bad rule. If you live off your 12 percent like dave says. The 4% is definitely a good base rule. Who knows what the future holds but if you live on 4% it grows alot faster than living on 8%. And gives more wiggle room for next years budget
@@ShaquilleOatmeal94 the main issue is that Dave is under the impression that your nest egg will grow 12% a year every year. That’s wrong because he’s not accounting for major down markets and potential crashes. One year you’re up 12% but the next year you might be down 20%.
@@whysoblutubebut it averages 12. Some years it’s up 36% like just a couple years ago.
@@ShaquilleOatmeal94Dave never says you MUST draw out 8% every year. He just shows you what is possible. If you can live on 4% and be happy, that’s great. If you have 20 million you might live on less than 1%. That is what Dave teaches. He never says if you have 20 million dollars you better be drawing out 1.6 million per year (8%).
@@wadelevan1787 that’s an average. It doesn’t mean it’s 12% per year every year. What happens on a down year? That’s when you get hosed.
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 48, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
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.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.
Stacie Lynn Winson is my Advisor. She has since provided entry and exit points on the securities I concentrate on. If you want to check her out, you may do so online. I usually trade in accordance with her strategy.
Stacie Lynn Winson appears to be a highly knowledgeable professional in her field. Upon conducting an online search, I found her website where I had the opportunity to review her qualifications, educational background, and professional experience. It is reassuring to know that she operates under a fiduciary duty to prioritize my best interests. To benefit from her expertise, I have scheduled a session with her.
3% Gang!! We're here for you George
8% for the Big Guy!
@@charleswagenseil5496
10% actually
Hey George, any chance you can do a video on safe withdrawal rates at retirement?
Hint- don’t say 4%
Every laughing emoji
I'm not saying DR is wrong. Would mostly just like to know the math behind the 8% recommendation, especially when the market is down.
@@Mark_Trailif you look VOO(S&P 500) has had a average return of 9.5 % percent over the last 30 years.
George, you’re 100% right on the 3-4% rule. Dave is peddling some insanely dangerous advice saying people can pull out 8% annually. That’s not how investments work, they don’t increase 12% every single year. It’s insane how confident he is on advice that is so wrong.
You're right.. some years it goes up 25% the next year it goes down 15%.. average over a period of time will be at least 10 to 12 percent.
STILL WAITING FOR PUBLIC APOLOGY
Does anyone have the link to his original video on the 3%, has it been taken down ?
I think he's working on numbers during his generation, but yes I agree, the returns are lower on our Super (aussie version of 401k). About 10-11%. I agree with 3%, not 8%. But hey, numbers can change in years to come.
@@alejandroguerrero7841 so when they all average to 10-12. Pulling 8% will create an average pull out of 8%. I do agree on a hard year cutting back but pulling 15% on 25% year wouldn’t sound crazy so on average i do agree with the 4. But 5 percent couldnt hurt with the massive conglomerates that we have there days
Successful investors are dependent on the action or steps they take to achieve it. Show me a man who doesn't have an investment and I will tell you how soon he'll go broke. Investment is building a safe haven for the future: with the right choices of investment that has minimum risk and with an Expert guidance, profit and interest should be guaranteed.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Exactly ! That's my major concern and what kind of profitable business or investment can someone do with the current rise in economic downturn.
I have been investing in stocks for over 10 years now and I have made a lot of money. My portfolio has grown exponentially and I can't thank stocks and Stacie Lynn Winson enough for such an amazing way to make money.
Please how can i find the lady you mentioned?
Actually, I'm not sure if I'm allowed to mention this, but I'd recommend looking up “Stacie Lynn Winson” because she was a big deal in 2020. She manages my portfolio and serves as both my coach and my manager.
1. Align with your Spouse on Money
2. Create A Financial Goal
3. Have a Why
4. Avoid Debt
5. Increase Income
6. Avoid Lifestyle Creep
7. Build an Emergency Fund
8. Invest in Retirement
9. Buy a Modest House
10. Be Patient
11. Plan for 4% distribution, instead of 8% from the retirement fund.
#5 is the hard part
@@jonquis07doesn't have to be! You'd be surprised how much you can make from delivery apps
How to get to a million and then take out 8% so your million disappears within a decade
Lmao!!😅😢😂
Shots fired! 💣
How do you people not understand 12% a year minus 4% to inflation minus 8% equals zero meaning you are not touching the initial amount purely living off the interest
George: #1 align with your spouse--
Me: damnit, gotta find me one now.
Hahaha 😅; you’re so real for this
I’m 18 have 32k in the bank, drive 10k accord, 14k in mutual funds gotta keep up the work we can all can get there
George should step away from the Ramsey brand. It's so unprofessional that Dave called George a moron on air for giving sensible retirement withdrawal advice. The real moron is Dave for suggesting that an 8% withdrawal rate is reasonable. Every financial professional is calling Dave out for this and realizing what a fool Dave is. We stand with you George!
Why can you people not do basic math 12% a year minus 4% to inflation (Which is high for inflation) leaves you with 8% left over to be withdrawn without touching the initial investment
This was great George. Thank you.
Dave NEEDS to apologize to you!
Another great video George! Keep up the great content!
We enjoy your videos and information& we love you George
hey george! love your content. i hope dave apologized for that rude comment on the show a few weeks ago.
#2 had me rollin lol, have a great weekend george (in dec. i usually plan ahead for the next yr, usually hit about 60-70% of goals, hard to plan for unseen events)
That stick stickley reference got me dying
Great Information!!
You have the best and funniest personality..oh and also great advice
Paying yourself first is the best way to fight lifestyle creep. Every time I get paid via direct deposit, I transfer the same percentage to Fidelity. By the next time I get paid, that amount needs to be invested and all the dividends get reinvested. I was thinking that for a six month emergency fund to keep 3 months in cash and 3 months in short term treasury bills. 6 months of expenses is a lot to keep in cash and if you never use it then technically you’d have to keep adding to your emergency fund due to inflation to cover 6 months expenses when rent and everything keeps going up.
Great point
Currently HYSA have 4.5-5.0% interest also so we have $0 in idle cash. Beats inflation somewhat for now until rates go down. We have 1/2 in liquid cash earning interest and 1/2 in laddered CD’s
Great advice 😊
Agreed. On track. But the average house in Canada is 675k with the average income much lower than in the US...
Yeah, we're feeling it here in Ontario. On track to move back to the US in a couple years. Hopefully things will even out and homebuying won't be out of reach for long..
I think George is one of the most relatable personalities that DR has had. I would love to see some content specifically for singles fighting this fight solo.
And shoutouts to Oscar (my spirit animal) and Stick Stickly 👏👏😆
*Step 1:* Add 1 million dollars
*Step 2:* Done 👍
🤣🤣🤣🤣
😂😊
George is pumped but could have an increasing appetite for humble pie so his message does not get lost
George when doing baby step 3b how much should i be saving? 3-5%? 10%? Go for 20% or is it a certain time period you save up for before 4,5,6?
“Follow the Ramsey baby steps.” There I saved you 11 minutes.
😂
Doing God's work ✅🙏
I mean that's essentially what all of his videos are, but they have George as the younger face of the company to try and attract younger and new people that probably haven't heard of Ramsey
Yes further break dowm needed
George has to run all videos through Papa Dave now 😂
Lol
Just to make sure you got all the percentages right 👌👍
George, you're by far the new face of the Ramsey corporation run with it.🤘
4% or 8% ?
Use eight it makes way more sense than 4%
Still stuck on the first point. How about a video for the person who's spouse won't get with the program?
You don't have to keep saying "net worth millionaires". You're just millionaires.
If you have $1 million cash but $900,000 in debt, you're not a millionaire lol
@@TheCactuar124 Exactly. Net worth is the only way to determine if you're a millionaire.
People say “buying the house” by taking a loan. Buying the house is paying cash. The same with net worth.
@@TG-cr6fb I don't disagree
But I think if you take out a loan you are "buying the house" because you're in the 15-30 year process of buying it. So when someone says they bought a house, but they have a mortgage, they are actually "buying the house."
This video goes to my saved videos definitely
So like roughly how much income do I have to bring in for those 10 years to get there?
I thought i just had to pull 8% and chill 🙃
I watch you. Not Dave for real.
I agree that debt is the biggest impediment to wealth building, but I'd add taxes to that short list as well.
This year has been challenging because raises may have not kept up with the significant increase in grocery costs as well as other increases like car maintenance.
It’s all about income streams. At minimum people should have 3. Full time job, door dash Uber eats or shipt on your days off and selling things on Facebook.
That are have 1 Great job
Selling things on Facebook is not income… that’s reducing household assets at a severely depreciated discount. (But should definitely be done to declutter and simplify life and the cash from selling is helpful but there is only so many things you can sell and you already bought them originally)
Unless you buy cheap stuff off FB/Craigslist and repair/spruce up then resell at a profit… the net profit would be income then
@@ryjoph89my motherinlaw used to do that alot. Get stuff for free or dirt cheap at yard sales. Her favorite go-to is cleaning up the wooden furniture and staining it and it makes her a decent chunk of change
I couldn’t agree more with buying a modest house. We got our townhome in 2017 (as a foreclosure) for 230k today it worth 350k. Only have 88k to pay and I intend to finish that this year.
Hey, if it ain't 8% George!! 😊
I would like to hear more about how to use only a debit card or cash instead of a credit card--especially online. I have heard that it is unsafe to use debit cards online bc of the connection to the bank. How true is all of this? Thank you. Enjoy your videos.
Please use Kim Possible as a reference in a future video 🙏🏼
2:50 I am a star. I’m a star, I’m a star, I’m a star, a big bright shining star.
Is the Stick Stickly reference the song tho? 👀
I remember Stick Stickly!
I feel like this information is redundant but it’s good to come back when you feel the urge to spend money unnecessarily
There is only so much to talk about with Ramsey's recommended advice -- some of which is woefully outdated.
My only issue with this is that I would be renting the entire time I save a 3-6 months emergency fund and $x for a down payment on a house. The target of what I would need to save for a down payment, and afford a 15 year mortgage, would move too much as house prices increased. I think these are all great ideas but I don't know if I could buy a modest house on a 15 year rate. Level of income matters too much for some of these things.
@dzaonyout simple solution for your problem. Look for a house elsewhere. You can’t say you can’t afford a home anywhere in 🇺🇸. If that’s the case, income has to go up. The plan doesn’t have to work for you in your prefer city and your preferred home.
@@stanngsrock My issue is retroactive. I moved considerably far away from where I was to take advantage of house prices. I agree with you there. I bought 10 years ago on a 30 yr fixed and I would have never done anything different. My same house in a different location on less land would have cost me 3x (at least). In these 10 years, my principal has been cut down 20% and the house value nearly doubled. The market matters of course, but if we saved a few years instead to afford 15 yr prices, I'd be at a point where I still can't afford 15 yr prices (rates went up, home values went up). This is my long winded attempt to say getting your foot in the door on a 30 yr can be better until you can refinance to a 15 (unless you can make the extra principal payments as if you were in a 15 to save you loot).
@@dzaonyout I agree with you. Timing matters but overall the idea is same. Gots to hate the debt, focus on paying the house off, nothing to celebrate upon buying. See so many folks cheer because they got approved for a mortgage, hell how😂😂
@@dzaonyout we got a 30 year as well as interest rates are brutal. We pay biweekly plus extra and are currently on track to pay off in 17 years and save 100k in interest. Whichever loan you get you can always treat it like a 15 year. It’s just actually having a 15 forces you to work harder and get it paid off quicker and save a lot of interest.
@@ryjoph89 I do like the options with the 30 yr. I can go full ham on my student loans over a couple of years, saving 40k in interest there then have student loan payments to throw at the house. I do think that most people (me included) need the 15 year to force my hand. It is easy to turn off that extra payment. Good on you for sticking to it.
Does Riff edit for you?
I remember stick stickly haha
Second video in a row with a Lake Titicaca shout out...I think I'm onto your 'why,' George 😂
You can thank his middle eastern background for the continued use of Lake Titicaca.
I didn’t think the Stick Stickly reference was weird…. Until you said it was. Now I realize that he is niche knowledge 😂
I don't understand why George and the ramsey team tell you to get a 15yr mortgage over 30yr. You have way more of a buffer if something unexpected comes up. Just pay the 30yr off sooner. Its so unrealistic to get a 15yr and for it to also be no more than 25% of your take home pay.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Margaret Bryant.
I invest with Margaret Bryant too, she charges a little commission on profit made after every trading session which is fair compare to the effort she put in to make huge profits.
This is not the first time i am hearing of Margaret Bryant and her exploits in the trading world but i have no idea how to reach her.
With the consistent weekly profits I'm getting in vesting with Margaret Bryant there's no doubt she is the most reliable in the market. such a genius.
She often interacts on her verified Telegrams, using the user name written below
@ BRYANT4 💯 ..that's it
What’s a safe withdrawal rate in retirement?
8% duh
Danger! Danger!! Plead the fifth, George! ( oДo)💣🔥
No, wait, I change my answer to 100% YOLO
Stop stirring the pot.
Papa Dave has entered the chat
I have to rewind it… I’m missing the show from laughing at lake titicaca
3-4 percent for life
Stick stickly was the Nickelodeon GOAT
How would you value a 30k annual pension for net worth? 600k?
Pensions can b taken from us. FYI.
It's not part of your net worth. It's an income stream.
Hahaha, you had 2 side hustle in this clip😅😅
8 percent withdraw rate for everyone. Hope over numbers
That lake's name will never stop making me giggle as a 12 Yr old 😂😂😂😂
Thanks for the laughs 😅
Fun fact: Stick stickly is Forky's grandfather
George, good content as always, but you are over doing it now with the cutaways and memes. It's too much
It's not that serious
I love those, they're great.
Debt is a tool to launch your efforts above the "hourly" pay. Ive literally never heard anyone say that you can become a millionaire from a paycheck
I’m surprised Dave allows your sponsor to be Better Help since Dave Ramsey has clearly never been to a psychologist
GEORGE! please listen to the song “Stick Stickly” by Attack Attack! (You’re welcome)
I think the key to most of these goals is going to be patience. People think becoming a millionaire is about achieving this level of wealth at the age they are currently at. But the way we should think about it is that the millionaire status may come towards our 50 or 60s, but being a 100 "thousandaire" in our 30s is the right track or being a 300 or 500 "thousandaire" in our 40s is just as good.
100% patience is key. "A faithful man will abound with blessings, But he who hastens to be rich will not go unpunished." Proverbs 28:20
This. Get rich quick schemes keep (most everyone) broke. Slow and steady with maintainable structured smart financial decisions win the race
I like you George
I don’t consider a home as part of my wealth. Sure, you can sell it but then where would you live?
4 life George
It would be interesting to see how George and his wife became net worth millionaires. What their income over time has been. It's not impressive if their income is $500K a year. I mean anyone can become a net worth millionaire with a sufficiently large income.
He already has a video on that
It's on this channel? Which video? I haven't seen any content where he said what his income is.@@blackbutterfly233ify
Sadly, none of this is realistic because people really don't make a lot of money nowadays, and the cost of living is so expensive.
Whatever happened to stick stickley?!? I bet he’s got kids by now.
Ocean breathes salty homie. Deep cutz or bust.
George could set up an account for his newborn to show how you can grow a seven figure net worth starting at zero.
Starting OF is free.
Hmmm... A house is more of a liability
If you live in it then I agree. If a house is an asset then that would mean the bigger the house, the more of an asset it is but houses can make people broke and destroy generational wealth. That’s why a lot of mansions and chateaus get turned into tourist attractions and wedding venues because they are too expensive to maintain. You can sell and and get the cash but if you never sell it then it doesn’t really matter. Maintenance, repairs, property tax, and insurance will continue to go up. The best assets produce spendable cashflow. I’d rather have 10 million in dividend stocks than a 10 million dollar house.
3% or 4% ???
Use eight and you'll be fine
9:01
Wrong! The house you live in is always a liability. Can't be your primary home and an asset at the same time (despite what the general concesus is). 100% equity? Still a liability because of the sunken costs every year you have to pay just to maintain it (taxes, renovations, repairs, your otherwise free time, etc.) To tap that equity is an expensive and time consuming process, not liquid then you lose your place to live at the end of all that, unless you plow your profits back into the real estate market and repeat the whole process over.
If you are starting at $0.00,
Are you assuming you have transportation, and no debt; or are you assuming you have no debt and no car?
If know debt, you are almost at baby step 3...it just a matter of getting $1,000.00.
Scammers are in the comment section, Pay attention !!!!
Hey I’m a 13 year old kid I want to make money but it’s hard because there arnt any jobs I can get in my area I love your video here but it’s close to impossible to start this because of my age if you have any ideas please help me out I don’t wanna work until I’m 65 and die at 75 from the stress of work that’s not freedom please help me
bro your boss made a fool of you. leave! you’ll be more successful on your own.
Probably under a contract
Why did Dave get so bent out of shape? If you only need 4 or 5% of your investments when you retire, then only take that out. Why take more than you need?
That's fine if you only NEEDto take four or five percent, but everybody thinks that you can ONLY take 4% which causes people to worry and stress that they need to work longer and might not have enough for retirement
I don’t believe in no starter home I’m not rich.
Terry fator come to my job sometimes and even he said they don’t give you the whole million in once. It’s over 40 year and he’ll be over 80 before tegy pay it all to him. So he took the half million after taxes over $450k
Modest house can = big lost
Immodest house can = big DEBT
Also the way he spoke about you was uncalled for. It makes me wonder if he speaks on your name like that in front of a camera…what he is like off camera. Dave generally comes from the right place but I have to say, I lost a lot of respect for him when I saw how he spoke about you.
God give people job but they never get no where at all
Hi George my question to you is I was swindled out of my dad's house by an evil stepsister and evil step sister is not my dad's child so I've called the cops and I finally found her she was hiding under a different name 10 years she's been in the house and she now has 300.89 thousand dollars in equity in that house that she screwed me out of the court system I can't put it in probate because the house is gone it would do no what can I do to get the money away from her and get my dad's auto body tools away from her because she is fighting me I wrote her a letter she's ignoring me and refuses to do what's i right by me
A 15-yr mortgage for a 400K home, while sticking to the 25% rule, requires an income of over 170K. The median household income in the US is about 75K. The system is broken.
Dave loves to spout out statistics and results from studies to support his plan, but also loves to gloss over these true realities.
A 400k home in a fair number of populated areas (especially down south) is alot. In the south, 200-250 gets you a 3 bed 2 bath. I live in Seattle metro and mine is less than 500. Americans especially are just spoiled
The only thing broken is Ramsey's home buying advice.
@@richardprice4839 Where I live, 200-250k will get you an empty lot. 300k will get you a dump that needs at least 50-100k in repairs to make it liveable.
I don’t want to be a millionaire by the time I’m a 70 year old cripple, I want to be a millionaire now so I can enjoy it while I’m young and travel the world. UK wages are poor so you can barely invest £200 per month (most people in the UK live in their overdraft and pay out more in bills than they receive in income).
I wanna know how people my age (28) are making £1 million in 3 years? THAT’S the secret I want to know. 5 years of severe depression and constant research and I’ve still not found that out!
🔥🔥🔥💯
*My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US. The government has really called things more difficult for its citizens, and we can't sit back and bear all the consequences of the bad governance. We need to take our financial life serious….. I recommend stock market investment and digital currencies*
Even with the bad economic, My life has totally changed since I started with $3,000 and now I make $68,700 every 14days for the past 3 months, I can afford any car or house of my choice right now and I don’t need to worry about my retirement ….,God bless Mrs Eleanor Nelson Barnes
So much pains in my heart due to so many debts. How can I go about it ! I would really appreciate if you show me how to go about it. Please what crypto should I buy, how can I do it ?
I will drop her WhatsApps❤️ now ✍️
I will drop her WhatsApps ❤️tel with emojis cos of RUclips rules
┼𝟭𝟯𝟬𝟱𝟱𝟮𝟬𝟵𝟳𝟳𝟮👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻☎️☎️☎️☎️☎️☎️人人人人人人人人人人人人人
Can’t do it 🙄 sooo many interruptions and funny video clips. It’s just too much for me. I’m out
It's not that serious so bye👋
The memes are what makes this stuff stick in my head for me and makes finance a lot less overwhelming. It’s just not your cup of tea and that’s fine
I love the cuts.