Why “Finance Experts” Want You to Stop Saving Money
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- Опубликовано: 27 авг 2023
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In today’s episode, I’m looking at viral videos out there of “influencers” and financial “experts” who are discouraging people from saving their money.
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.
They have to say saving money is stupid, otherwise they can’t scam you into shelling out money for their courses.
Exactly, they have a $5,000 course to sell you sand most of the people they're selling it to are going to need to take out credit card debt to do it
It's stupid due to inflation, not that hard to understand and George doing disservice by not explaining.
@@supershrpy they are trying to sound provocative so you are more interested in their courses. Or they retain you as active engagement for their channel metrics.
@@ericp1139 The whole point they are trying to make is no one gets rich by saving money in a bank account alone (inflation devalues the dollar). You have to invest. Period. Even Dave says to invest 15%. Furthermore, Grant invests in real estate, So he will leverage his debt. He doesn't save money, He parks his paycheck and earnings in a line of credit to continuously pay down the loan. That's how real business men do it. Yes they leverage their debt. Yes Dave says it's bad, But then he turns around and tells you to invest in those who do LoL - mutual funds for example - all those companies leverage their debt!
@supershrpy theres a difference between saving and investing. Investing is long term which will make you rich. Saving is short term, an example is, im saving up to get a different car, repair on the house, vacation etc etc. These "financial" people are being misleading
When I totalled my car, I had all sorts of unexpected expenses. Because of my emergency fund I was able to buy a used car in cash and cover all of my medical expenses without getting into debt. It turned what could have been a life-altering disaster into just a bump in the road. I only make 45k a year. Believe me, saving up an emergency fund is worth it.
Do you have insurance?
It should’ve covered those costs.
@@15KHPCLUB Good question! My car was worth less than 4k so I foolishly only insured for other people and property to make the monthly payment cheaper. I got a couple hundred for medical expenses and that was it. I have a better policy now 😅
Truth. When I got laid off rather suddenly, money was not one of my worries because of my emergency fund. Thankfully, I didn't have to touch it, but it did provide comfort in the meantime knowing that it's there.
@@1CJ6same here. Laid off last Aug and found work in Nov. Didn't have to use my fund because unemployment kicked in but it was nice to have if I needed it.
@@15KHPCLUBand the co-pay? In America? Ho, ho, ho, have you got some painful learning to experience 😂
The secret to being rich is not being poor. Boom maybe I should be a tic tacker
😂
Your wisdom is invaluable
Ohhh sharer of hidden truth...
i think they renamed tictack to X now, something about elon musk breaking up with the CCP?
It’s true though. Lol. 5% percent of 2 million is a hundred grand. The secret to not being poor is to have money that makes money. The secret to having money that makes money is to make money.
I would rather live in less than I make them work 12 hours a day 7 days a week. Burnout is not my goal
Agreed 💯%.
Me too.
Those same people drop dead before retirement too
Working 12h and burnout depends a lot on the work you do. Some of them i can work 7h and i hate it, while some 14h/day and not geting burned out.
Neither is getting rich
Influencers: "Don't save money"
Also influencers: "Make more money so you can save more money"
They say "INVEST MONEY", yeah which money would that be, dooough
That first "financial advisor" was great. "Want more money? Then, you should try earning more money." Brilliant! Why didn't I think of that?!
Fr let me just make slightly more and then get tax almost double the amount 😢
@@stockpistol I can totally relate to that!
Just work yourself to death and it will be all good!😒
@@stockpistol Why would you get taxed double for making slightly more?
@@stockpistol You can never lose money to taxes just by making more money. Even if you go up a tax bracket, tax brackets in pretty much every country you're likely to be from only increase your marginal tax rate on every dollar you make above that bracket, it doesn't retroactively increase your tax rate.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Mavisb- However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@ikolimariam4871 Oh please I’d love that. Thanks!
@@Mavisb- Judith Ann peace is her name
Lookup with her name on the webpage.
Saving money is not about investment but about freedom and peace of mind.
Every dollar you don’t spend is a dollar spent on your freedom.
To all these "experts" saying dont save what is there solution when my HVAC goes out? My refrigerator goes out car needs new tires. Put in on a credit card and pay 27% interest. NO THANKS
Buy everything on debt and invest your money to out earn the market 😎
I totally agree lifestyle creep is probably the #1 mistake high income earners can make with their money. But just spending less is not always the only answer. Educating yourself to how our financial system works is also essential…particularly for minorities or people coming from poorer backgrounds. Even with high paying jobs many times these demographics are the first in their families to graduate college, start careers in corporate America and have jobs paying well enough to even have lifestyle creep. And the more money you make the more complicated you find out this system is…not to mention all the misinformation that’s out there these days. So definitely live on a budget but also educate yourself and connect with people you can trust! Because there are many wolves out there…especially in an inflated economy.
Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.
May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well
What I think everyone need is an adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit. With this I feel anyone can basically achieve financial freedom
*STEPHANIE KOPP MEEKS* , That's whom i work with
You can glance her name up on the internet and verify her yourself. she has years of financial market experience
Money saved is money NOT spent. That doesn't help the economy, but it DOES help the individual. Partly why some of these MSM financial experts want people to stop saving.
Yep.
No, it doesn't help individuals, since they're losing to inflation.
If you just stick your money into a box standard savings account, you're losing money due to inflation. Having money in a savings account is fine for an emergency fund, but after that you should be trying to put the money to work, at least with retirement accounts, mutual funds, etc.
@@sonicpsycho13 Agreed, a cash emergency fund should he kept (how much depends on each individual's needs), and the rest invested. I look at investment as a form of saving for the future, though, so I don't have to rely on government assistance in the future.
@@Georggggyou are just saving it wrong then. All my savings accounts are higher yield than inflation. The ONLY account that does not beat inflation is my credit union savings account (which I keep 1k in just in case - example, my van is in the shop right now, 275 dollars for a thermostat) and my debit cards which I keep 500 dollars or less in. Everything else is beating inflation. So not only is it NOT losing to inflation but it is really growing.
If you are working 4 jobs and still only 12 hours a day you got 4 part time burger flipping jobs
Sometimes, that's all that's available. I worked at McDonald's and Pizza Hut for a while and McDonald's and Staples for a while. Even after I got a respectable job as an engineer at a fortune 100 company, I still did deliveries for GoPuff for a while while I worked my way up
12 hours 7 days, it’s not like he’s doing 12 hours 5 days. 3 part time jobs plus a full time makes sense, use your brain fellas.
Better off getting a full time job
Lol! 😂😂😂😂
14 hours a day is 96 hours a week thats 2 full time jobs and a part time
Imagine saving money for years and ending up with a savings account that has $70,000 in it. Then your car ends up wrecked and you need to buy a new car. Instead of taking on a loan or a financing deal with interest built over 5 years, you can instead just borrow from yourself and pay for that car with cash, pay zero interest, and you have full ownership of the car immediately. From there, you just keep saving, and the amount you borrowed from yourself will eventually be put back with no strings attached. Saving money is worth it.
Especially now when intrest is more normal again.
What if you invest that 70,000 into an investment,you’re probably be a multi millionaire
@@real8342
This. I wanted to buy Nvidia in 2016. I had $1000 of savings at the time but decided to pay down my student loans instead of buying Nvidia stock.
Since then, Nvidia has gone up by 58 times since then.
It has been one of my biggest life regrets
Saving is for emergencies. Investments are for investing. I wouldn’t want to touch my investments for emergencies. This is for the comment above that I was to lazy to reply to and now realizing it’s taking me more time to type all of this out.
My dad is a police officer saved all his life and lives on less than he and his wife made. Got 2 houses fully paid and all his 3 cars, plus saving in the bank. I don’t understand what anyone would think saving is not worth it. So wrong. Thank you George for this video. 💗💙💗
When you want to be wealthy, they think and operate differently.
One thing that helped me build my emergency fund was separating everything into "wants" and "needs". The needs were 100% budgeted out and taken care of before I even thought about spending on wants. For everything I simply just wanted but could live without, I committed to not buying it unless I saved double what it cost. So, if I wanted a new pair of headphones that cost $300, I saved up $600 and put away the extra into savings. If I still wanted that pair of headphones by the time I got to the savings goal, I went for it. If I came to my senses or realized I could live without them, I just grew my emergency fund by $600. Took a bunch of discipline, but it really showed me how much the shiny new things I get excited for aren't all that necessary.
We have a " Need, Want,Wish " list here for everything. Amazing what happens when you don't spend an extra 500+ a month, but we still enjoy life
I am a youth pastor, making 30k a year with $6000 in self emp tax yearly.
BUT I still own 3 duplexes w/ over 100k in savings for a down payment on my forever home bc I started SAVING when I put my down on my 1st duplex & lived in the other side.
I didn’t have collage debt, in fact I paid my husbands collage when we got married IN FULL w/ my minimum wage job earnings.
SAVINGS is the way to grow
*college
Some people just read a book and are now gurus. Our generation is easily bamboozled by some good lighting, cinematic audio, and somebody with decent 11th grade vocabulary
This right here 💯
Remember, the gamer mentality of "Save Often Stupid", also applies to finance.
Honestly! I remember my comp Sci teachers use to say "save early and often". The same can apply for finances😊
The greatest marketing scam is to make the public believe that being rich is a goal. That makes them obedient consumers ready to sacrifice their lifes
That’s just capitalism. It has nothing to do with trying to get rich. Consumerism drives the economy in the US
Even more is that looking rich is the goal.
@@e22ddie46 true
@@e22ddie46
Exactly.
Being rich is the goal as it brings financial independence and freedom...obedient consumers will never get there.
The 4th Reason to Save = Opportunity
Having the money on hand to Seize an opportunity is key at times
well done on using Grant Cardone as an example of what NOT to do. I see him as a scammer, and not good with money. Good video George.
I saved and invested my way to wealth. The idea of “don’t save just make money” is the dumbest thing I’ve heard in a while.
Focusing only on money coming in and not money going out is the equivalent of those weight loss “experts” who focus only on diet and ignore exercise completely, or vice versa.
What these influencers don’t tell you is that: To build a business or to enter real estate you still will need some money to put down. Nobody is going to give, lend or invest money on you if down have at least 10% to put down.
Yep need money too make money. Hate how that is never brought up with these goofs
It shud be implied. But you also don’t always have to be the person with money to make a deal work. You bring knowledge of markets and renovations while someone else with money pulls the weight with the financing. There’s always a way and it’s not always easy. If people made better choices in life they would have money to save to invest.
THIS!!!!!
You can buy a house with less than 10 percent down.
You saved that 10%.... or mommy gave it to you
I am saving $300/month for retirement since I was 16 years of age 😊
How old are you now?
@@jasonjstdr I am 23 years old now
❤️😊
I love the old 'if you're poor, just make more money' advice. So helpful!
No wonder so many young guys are so lost, there are so many bad "mentor" types giving such bad advice.
Then why are u not rich n successful yet??
It's a lot easier to manipulate the next generation when families are split and allow people to identity as aardvarks.
@@mattlol163Because he’s listening to George Kameltoe instead of Charlie Munger.
@@mattlol163 I am. What about you?
As a saver, I don’t do it in order to get me rich fast. It’s done so I can be prepared and grow reliably in my finances. Yes, good income is also a great thing if you can live on less than you make. But that being true doesn’t mean saving isn’t also important.
It's a huge relief to have a stash. But it sucks knowing that your dollars are worth less now than before.
That is true, it's not pleasant. However, the money you saved is worth a LOT more today than the trash you could have spent it on.
TRUE @@Nick-Nasty
This is why you place that money in a brokerage account and not in a savings account 😏
One thing I have to give the UK lady; she touched on debt. Not so much as to say it's the biggest impediment to saving but at least I heard the word!
Once we decided to eliminate debt about ten years ago, we've been able to save, invest, and even buy a decent car; all for cash.
I am single income on a clerk salary debt free, house in California no family no government assistance. Today, my net worth is > $1 million, and I lend money to entities at 5% interest. I am very confused when these people tell me that I am being "slaughtered" for being debt free. I am a clerk that is lending money to others! This is why I love America. Still the best county in the world! Being in debt only makes you a slave to someone like me. Stop borrowing money. Always pay yourself first by saving a portion (30% in my case) of your income. Imagine, you can be a janitor and lend money to doctors/engineers!
Lol okay 😂
You bought a house in 1980 for $69k, never touched it, now it’s worth $5M.
That’s the real story.
Someone’s jealous
@@keetzb2615😂😂 that person sure is 😂😂😂
@@15KHPCLUBwhy you hating on her!
Had a millennial conman come onto the farm back 10.5 years ago and he couldn't stand the sight of unspent money going to waste. He was horrible.
So I guess if I make my own coffee and have old jeans I’m “struggling” 😂 people crack me up. I say as i drink my yummy coffee and wear my super cozy second hand pants
What can I save $100 a month and retire with a million dollars? I’m all in. I’ve been investing in my 401k well over $100 a month for 15 years and I’m no where near half a million
George Kamel goes into it toward the end of this video. He is referring to investing - starting at the beginning of your career - $100 per paycheck (every two weeks) into a 401(k) or equivalent (that follows S&P 500) over the duration of your career (about 40 years). Compound interest/growth gets you in over the $1 million finish line by retirement. If you start late, of course, you will have to increase your investment per paycheck to get to that goal. Depending on how far you were into your career before starting to invest, you might not be able to reach that goal by retirement. I read somewhere or heard on Ramsey Solutions that, in a 401(k) or equipment, your money can double every eight years or so, depending on the return rate.
*or equivalent
@@mackstikeleather5860if you invested $100 month it takes a long time. You would hit $500,000 in about 40 years. But then you hit $1 million 7 years later due to compounding interest. Oddly enough 47 years is the number between 18 and 65. If you invested $100/week you would hit $500,000 in 25 years, and $1 million 7 years later.
I understand lifestyle creep, but when annual raises don't keep up with inflation. The lifestyle hasn't crept up, just the cost of everything has. You're paying more for things with an income that hasn't kept up with those expenses. Budgeting and cutting unnecessary items is the way to help that.
That’s just it. Often times we get complacent where we are, and sometimes that just doesn’t cut it.
Like with annuals raises not keeping up with inflation. Sometimes you have to get a second job and make sacrifices. It sucks, but it sure beats the alternative. And its not forever.
Edit: spelling
Yeah, let's just all be bitches. Great idea.
My current savings goals is paying off my student loans and having a down payment on a house.
I always avoided lifestyle creep by just living on my first salary out of college. I felt like a king ten years ago and while I'm skimping more because my rent is way more since i dont have roommates it resulted in all my raises going to my investments
FDIC won’t protect you against hacked account credentials. I’ve seen people get completely cleaned out. You all really should do a security episode on how to fortify online accounts.
Luckily it is really easy to lock your accounts down, you are right a video does need to be made. It is easy but there are specific things you need to do.
Money is rapidly losing value sitting idle in a bank account
So, my husband and I began teaching FPU in 2015. We were hooked. We began budgeting and working the debt snowball. Fast forward we are debt free (except the house and working on that). We have a fully funded emergency fund. We are doing great. When the hot water heater went out we paid cash. We save ahead for things we want and pay cash. Saving works.
Financial "experts" on tiktok sounds like an oxymoron.
Experts and tiktok in general sounds like an oxymoron. Even if there's a qualified expert behind a tiktok, there's no way in hell that they can explain all the benefits or disadvantages of something in less than a minute or two.
You mean like Dave Ramsay? 😂
@Irunwithscissors63 Ramsay is definitely well out of touch at this point, too focused on product/program pushing.
George is the goat. The content, studio, and production is unique and well done. Positive messages that help real people unlike the *sticky/aspirational/get rich quick* content that is so prevalent today.
Having savings prevent incidents turning into crises.
What is so hard? An emergency fund is a financial seat belt, not the whole car (net worth). 🤦
Thanks to saving and having a strong budget, I know have more power to say "no" to situations.
Your combination of humor and financial wisdom gets the message across superbly. Love your style George
I used to see how family and friends were spending money and I wished they’d ask me for advice, but I don’t like to give advice to people who don’t ask for it. But lately I’ve had a lot of ppl reach out asking how we got to where we are.. takes some time to reach the boiling point, but once you are there ppl will take notice
Totally
Babies are living paycheck to paycheck. I died at the family guy clip 😂
They got money for fake moustaches 🥸
Cuz It's funny.
Buy now pay later or broke now broke later 😂
So u think you should only buy a house if u can buy it with all cash???
Sounds completely ignorant n uneducated
I focused on changing my spending mindset to a saving mindset. After I changed this mindset, I worked on increasing income, which allowed me to increase net worth faster because I kept my savings mindset and pushed that extra income into places to work for me
I don't think it's lifestyle creep that is the main problem, it's just the spending in general that is the problem. The lifestyle creep just allows the spending to continue.
The British woman contradicted herself so hard so often I was getting whiplash trying to follow her. George, you are so incredibly kind to these people. lol
Thank you...I've been at folks for months telling me having a saving account is wrong...I had a headache since the first time I heard it
What is their reasoning?
Currently, I’m saving for trips and adding to my EF. It’s at about five months of expenses and I’d like to get it to six. I also increased my 401K contribution to boost retirement savings.
The Stewey "where's my money" clip was perfectly timed and utterly gut busting hilarious 😂😂😂. Great stuff as always George, love your content.
I feel so worry for people especially young people in this generation and those to come. We growing up our elderly told us to work with good attitude, don’t spend unnecessary and save money. There are so many lies this days.
Man i really enjoy the way you explain this big and confusing topic making it simple and fun.
The big issue I had and probably other people with 3 jobs is eventually 1 job, just funds working the other jobs.
If they're all hourly, you'll be screwed
I saved for 5 years to buy a new truck. Friends and co workers mocked me,but I paid cash for my Toyota and I am still driving it 10yrs later. Some of the ridiculous things people say on TikTok are just dangerous if folks follow advice like “saving money won’t get you rich.” my wife and I have a net worth of a few million dollars and I promise you,we acquired that by saving money and investing. Of course saving money leads to wealth! What a stupid thing for people to say that saving doesn’t lead to wealth.🤦🏼♂️
I saved for over five years for my townhouse, found a good deal and bought it out right. Everyone from friends, family and co-workers said it was stupid but half of them took out helocs during that time and are stressed out their mind.
@@MMThunder31 aside from the incredibly emotional and illogical statement of "got sick of used cars" and lumping all used cars into the realm of unreliability, I don't disagree with the premise. If you follow something like the Money Guys 20/3/8 plan (20% down, 3 year pay off and spending 8% of your income for it). The problem is that many people walk into the snake den that is a new car lot and buy way more vehicle than they need. I have no issue with financing with a plan.
Can't invest if you don't save. These influencers are idiot6s.
@@MMThunder31 The banker thanks you.
This video is truly awesome and much needed given all of these online scammers posing as financial gurus.
Just read richest man in Babylon. Everything your teaching is in that book. Great read. Highly recommend, not just by me but many actual successful people
Grant C is only saying “don’t save” so that you don’t object to spending money on his course 😅
Ha ha EXACTLY what I was thinking!!!
It's mad right!? @@darlenepaul2918
Thanks for this! It’s crazy what’s on the internet and social media now. People who aren’t experts or knowledgeable claim to be and finesse folks.
The people who take their advice is really scary! Crazy to think they actually look up to and trust these people, too
Kudos to you George. Side-splitting laughter with this one coupled with practical financial wisdom
i agree with u george, my parents always remember me to saving money first, and next spend for living cost
I had a few moments in life where my emergency fund saved my butt. Recently. I had to move immediately. I had to spend several thousand dollars already. If I was dumb like most people,I would be in a bad situation.
Also, these dummies are not looking at the savings are SEPARATE from the money for investing and building wealth.
Wise words. So many people think that the world is their oyster without to bits to rub together. Subscribed!
that guy really laughed at flying economy, crazy.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future..
Thanks for the advice! I'm new to financial planning and wasn't sure where to start.Any tips on finding a reliable financial adviser or resource to guide beginners?
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 60% early this year. It is, in my opinion, the best way to get started right now.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Monica Shawn Marti is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip!
Haven't seen the old lady clip since Ebaumsworld.
That fellow in the red shirt wasn't saying "don't put money in savings" he was saying "pinching pennies won't overcome an income problem"
It is fully possible to step over a dollar to pick up a dime.
Investing and saving are different. Neither is bad as long as the ratios and amounts are right for both.
Exactly
Well a bad investment is bad
@@mattjcrane true but you usually don't know it's bad until after a considerable amount of time
Of course neither is bad bro…
@thegreat9481 yes. Hope we all do more of each.
I started investing in dividends with my taxable account. I used the buy and hold strategy in my Roth, adding some Berkshire B stock, SCHD, and S&P 500 and total market exchange-traded fund.
When I started investing in 2023, I avoided significant mistakes. I've focused on investing modest sums in stable businesses for the long term. If stocks perform well, I hold onto them; otherwise, I reinvest losses into profits. Recently, I made $9.5k from a $4k investment in NVIDIA.
Precisely, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but i'm financially secure and that's fine by me.
I’ve been losing a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?
Her name is “Sonya lee Mitchell”. Most likely, the internet should have her basic info, you can research if you like
I just checked her out and I have sent her an email. I hope she gets back to me soon.
Saving for relocating to another state. Have sinking funds for vacation and miscellaneous stuff that comes that are not emergencies. We have a three month emergency fund, would like to get it to 4 months by the end of the year and 5 or 6 months before the end of next year.
Love this vid, George. Love your channel. The way you incorporate pop-culture makes it fun. Can never go wrong with Always Sunny and The Office.
“If you find yourself in the majority, it’s time to pause and reflect”- Mark Twain
It’s no different than football. You have to play offense (making money) and defense (spending less than you make). You may win sometimes by being good at one or the other. But if you really want to win, you have to do both.
This right here is a awesome analogy!!! Love it!!
8:00 George this might be the funniest response I’ve heard to one of these. You crack me up, love it
I love the production!!! Go Ramsey Solutions!!!
Coming back for a second time to watch! Wish I could double like your videos!
I watched the live stream SMART video and I had no idea you had a RUclips channel. I subscribed to The Fine Print on your podcast. It never had anymore episodes. Looking forward to binging your channel.
You truly have your finger on the pulse of today's average 40/30 year old - great references, humor, and practical advice. Keep it coming!
💯 agree. It’s relevant, and relatable. Practical tips to follow!
I strongly agree with you you gotta save money
It’s like that first guy doesn’t realize you can both save and seek higher compensation… at the same time. Truly incredible, I know.
I really like your videos. I know you work with DR. I appreciate that you’re spreading the same message he does, but without the abrasiveness.
My kitchen caught on fire. I was able to refurbish it with zero debt because my wife and I had saved a solid emergency fund. We've been saving for the past three years.
Insurance???
@@15KHPCLUB Yeah, that's a lesson we learned the hard way...
I love when 25 year olds give life lessons about how to create wealth. They are successful with their channels , good looks, charming personalities ( some ) but you wanna really know how to get wealthy I’d say look right in your own family . See who is well off that you know didn’t get an inheritance and ask for private advice and ideas from them. They’ll probably be happy to share their ideas. A family member like this would be your own private financial fiduciary. You may have to humble yourself asking but that’s when you know you are ready. God bless.
To become wealthy, the first thing that needs doing is LIVE BELOW YOUR MEANS. You do this by writing a budget. Then using your willpower to stick to it. Lastly, invest the savings that exceed your emergency fund. Regular saving and investing will make you a millionaire by the time you retire.
Congratulations on the birth of your child!!!!!! 🎉🎉🎉 Great video!!!!!!!
I get the save a nickel vs the make a buck mentality but some people get by on saving nickels and are happier.
Been listening to Dave Ramsey since I was a kid (my Dad listened to him in the car so I had no choice). Ramsey is great!
BUT! This is a breath of fresh air.
Once again great information George
The easiest reason to why they do this is simple
Put them in financial ruin then sell my course. There isn’t endless capital so making more is not always a option. Less debt to income and invest what you can afford to lose.
One of the benefits of working more is that the "free" time you have to spend it is drastically reduced
I have never heard anyone ever say you could save yourself to wealth. I have not even heard bankers say that. That's not the goal of saving. The goal of saving is to keep your money safe (and slightly growing) until you need it, or a good investing opportunity comes along. The reason all these SCAMSTERS are so opposed to you saving is because if you're saving your money, you're not sending it to THEM!! The reason they are targeting savers (as opposed to investors) is because savers are the most liquid. These are all sales pitches for some "wealth-building" course you are going to be told about later.
The guy had 4 jobs, worked 12-14 hours, 7 days a week and then invested the money in his "businesses" how the f^%$ did he have time to run businesses while working for other people this much? i guess he's super human and doesn't need to sleep ever.
I absolutely love your videos!!!
Use your saving to pay for debt. I did this for five years and in almost debt free
I fw you George. So far so good.
I love your videos, so entertaining
I'm always thinking of new things to save for. Of course the usual like 6 month car insurance bill and Christmas. But also some vacations I am planning in 2024 (two with grandkids), grandkids week at summer camp, new furnace, a new to me car, new dock, little fishing boat, beef up the car maintenance and medical savings, and the list goes on and on......oh and a new mattress!