These “Secret” Wealth Hacks Actually Lose Money

Рет қаралды 67,573

George Kamel

Күн бұрын

Пікірлер: 127

@donnahampton3632 9 ай бұрын

George is my favorite human (well, of the humans that don't know me). Entertaining and informative!

@mikemuoio2340 10 ай бұрын

Wealth is quiet, rich is loud, poor is flashy.

@MomoHitsujiOwO 10 ай бұрын

What a good statement! I am definitely keeping this in my notebook to remember ❤

@darla2142 10 ай бұрын

That's good.

@christianrodriguez5346 10 ай бұрын

Couldn’t agree more with you. My uncle is a multimillionaire and he never shows off his wealth to others. If anything he looks like a normal guy and even drives a Camry all the time. However he has a ton of nice cars and real estate. So it doesn’t mean to not treat yourself either

@viewfindernoise 10 ай бұрын

Never heard that well said

@contancesholl3833 10 ай бұрын

Amen!

@lindawilson4625 10 ай бұрын

Love your "Dumber than a 2 story outhouse" joke. Haven't heard that one before :-)

@Jersderakerguoe 9 ай бұрын

I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better

@Kin-28-8 9 ай бұрын

As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.

@SandraDave. 9 ай бұрын

I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner

@bernadofelix 9 ай бұрын

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.

@CraigLloyd-fz6ns 9 ай бұрын

Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls

@bernadofelix 9 ай бұрын

My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

@briankowald6465 10 ай бұрын

I like the humor - subscribed.

@agataparsons9427 10 ай бұрын

Hi, where is the link for the car insurance?

@davidbrooks8809 10 ай бұрын

😂😢😅😮

@gvwj Ай бұрын

Wondering the same thing

@Freebirdpr 10 ай бұрын

George is a Frugal Jedi Master.

@joygarrett8397 10 ай бұрын

Don’t see the car insurance link . . .

@Chet_24 10 ай бұрын

That auto insurance suggestion is helpful. I switched from State Farm to Progressive (with 100/300k bi limits vs 50/100 i had at State farm) and pay $130 less per month. Not life changing wealth, but i save $1500 annually from a 30 min phone call.

@Peter-kt2gb 10 ай бұрын

That's interesting, I did the opposite. I switched from Progressive to State Farm and $40 per month. It went from $100 down to $60.

@DrJack144 10 ай бұрын

I went through the Costco program & saved a lot compared to Geico. Geico after CV became a complete ripoff. As my (old, paid off) cars were getting older, somehow my premiums with Geico were going up 40%!

@jm9565 10 ай бұрын

Every competitive company has some people underpriced and some overpriced. Your goal is to find a company that has you underpriced. It might be a direct seller, a captive agent company or one that sells through independent agents/brokers. Brokers can't give quotes for all companies, so do use them, but don't limit yourself to them.

@MrGoldenBomb 9 ай бұрын

Similar experience. We went from over 100 per month on two vehicles to 50.

@spencerRoo22 9 ай бұрын

Yeah… progressive cut mine in half too

@Ojisan642 10 ай бұрын

People who push annuities and cash value insurance as risk-less guarantees pretend that insurance companies never go out of business. (Pro tip: they can and do.)

@topezrosser2759 9 ай бұрын

I don’t gatekeeper girlys 😂😂😂😂 I love this guy

@gilloyola7271 9 ай бұрын

So what vehicle insurance does ge use?

@PeterVanDeMotter 10 ай бұрын

11:00 AARP is worth it just for the magazine!

@me-myself-i787 10 ай бұрын

2:20 The advantage of a CD over a high-yield savings account with the same rate is that CDs lock in the rate for a longer period of time, whereas HYSA rates will drop when the federal funds rate drops. But an annuity is very different from a CD. The main difference being, you don't get the principle back.

@BBFinance357 9 ай бұрын

Only if you annuitize the annuity will you not get your principal back, and receive monthly payments. Actually most annuities are used just like CDs, at the end of the term they get the principal plus the interest back. Hope this was helpful.

@willharris5562 9 ай бұрын

George or others, what was the primary reason the vanguard study showed advisors outperform normies? Guessing it was irrational selling and not asset selection?

@melsreedy2k 10 ай бұрын

I can’t find the link for auto insurance shopping in your description?

@thehospitalguy1657 9 ай бұрын

I have State Farm and won't shop around for a cheaper insurance company. I prefer to pay for the professionals for things that I don't have time to oversee. For me that is way cheaper than using my time to take care of my insurance needs.

@AbstractCatsMedia 10 ай бұрын

Thanks, George!

@stevenporter863 10 ай бұрын

6:11 I don't like Fundraise since real estate is non liquid and equity (paper wealth) heavy. But in all fairness George, what do you think those expensive Mutual Funds you plug are? A piece and pooling money.

@MichaelM2K23 9 ай бұрын

I tried Fundrise for about a year when I was first learning about investing. After that year I had about a -.1% return and IMMEDIATELY requested my shares to be sold (which took 2 months) so I could throw that money into a REIT in my Roth IRA.

@DemsDaBreak 10 ай бұрын

What HYSA do you have thats at 5.5%?

@aliciaeasterwood 10 ай бұрын

Marcus by Goldman Sachs is what George uses. I use them too. Also Ally bank is what Jade Warshaw used for her HYSA. Both her and George have mentioned them during an episode on the Ramsey Show a couple of weeks ago. You can research online banks that offer HYSA to compare and see which one makes sense for you. 😊

@DemsDaBreak 10 ай бұрын

@@aliciaeasterwood thank you

@DrJack144 10 ай бұрын

I leave mine in Fidelity as the default SPAXX cash position. Super easy & convenient platform (where I have several other accounts, too), and SPAXX 7-day yield now is ~5%.

@RobertFarley532 9 ай бұрын

I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.

@chrisevans-i5y 9 ай бұрын

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

@MarvelousSteven-z9t 9 ай бұрын

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

@JanetBrandt0 9 ай бұрын

Mind if I ask you to recommend this particular coach to you using their service?

@MarvelousSteven-z9t 9 ай бұрын

Leticia Zavala Perkins, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

@HermanBekkink 9 ай бұрын

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

@thepeeve 10 ай бұрын

I will say, I would recommend a home warranty if you do not have cash set aside. We got married and bought our house and the second month of ownership our furnace went out right before winter. Home warranty took care of it and it was 8,000$. However, I agree it can be a waste if you have money set aside or more money in general.

@teresaw7886 17 күн бұрын

My home warranty has paid for itself

@akshaysalvi-it-is 10 ай бұрын

Kamel Kamel Kamel!!!

@boring_elderly_millenial 10 ай бұрын

Currently helping my neighbor, a widow, decide between buying a used car or fixing her car. The "computer" part went out on her car, and her carsheild plan won't cover the repair. And the repair shops say that carsheild never approves anything. Seems like a huge scam.

@Outspoken2012 9 ай бұрын

I love how cheesy your jokes are but entertaining Nonetheless and I’m all here for it lol

@MrChieftanish 10 ай бұрын

Is the car insurance link here? I can't find it

@V8Brah 9 ай бұрын

That pseudo possibly unintentional Trump impression was the best.

@victord7013 10 ай бұрын

Where is the link to the car insurance George recommends? Don’t see it in the description

@ericpolk2131 7 ай бұрын

You're wrong, George. Those Fyre Festival folks were in TWO documentaries!

@obsessivelyoutdoors6977 9 ай бұрын

Love the content, i feel like your channel should be called VSauce Finance. Your vidwos seem inspired by them.

@ChloeMacy-je1nu 5 ай бұрын

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

@A-krandy 5 ай бұрын

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.

@KateEngdahl 5 ай бұрын

Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $21k ROI, and this does not include capital gain.

@HilaryPhan 5 ай бұрын

Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.

@KateEngdahl 5 ай бұрын

Marisa Michelle Litwinsky’ 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..

@HilaryPhan 5 ай бұрын

She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

@BBFinance357 9 ай бұрын

Annuities can actually work just like a CD if you don’t annuitize them. At the end of your term you get your principal plus your interest back. And actually most have very low fees. They are more beneficial for someone at retirement age though. They are a specific tool for a specific job and not always the best choice just depends on the client and their goal.

@codybolstad2040 29 күн бұрын

I hate when people say “hot water heater” it’s just a water heater lol

@andrewcampbell7486 23 күн бұрын

When I was a kid I called it a wot hotter heater. I lie. I still do.

@codybolstad2040 23 күн бұрын

@ I’m a plumber and I still do too😔

@shanep2760 10 ай бұрын

I love the wonton tacos!

@setharkin2768 9 ай бұрын

Right???

@trebmaster 10 ай бұрын

George and I are the same age? I was thinking of him as middle-aged... that mean... **I** am middle-aged.....

@ontopent 10 ай бұрын

Yes, he does look older than he is

@uppitywoman 15 күн бұрын

There is nothing peaceful about being a landlord. Nothing.

@pinkmoonrisin 9 ай бұрын

Best High Yield Savings Account?

@reneeantwi-boasiako3974 9 ай бұрын

I believe George uses Marcus, other Rasmey personalities use Ally

@TrigoNomentry 9 ай бұрын

Bmo got 5.1 atm.

@TrigoNomentry 9 ай бұрын

Bmo has 5.10 atm

@skibik3r 9 ай бұрын

Good grief, that top 10 site is just a top 10 to the trash can.

@2sumu 10 ай бұрын

7:50

@davidbrooks8809 10 ай бұрын

Actually a home warranty is not too bad it can help fix some of the major repairs in your house😊

@robertkrumm2470 10 ай бұрын

The only ones building wealth and these are these shady companies

@CplPunishment101 10 ай бұрын

Is there anyone like yourself that can help with canadian finance

@PJBHolden 10 ай бұрын

I don’t the part about the financial advisor. They’re getting paid and it’s coming from your account.

@jackg9526 10 ай бұрын

George 🐪

@davidbrooks8809 10 ай бұрын

😂

@flonotflow 10 ай бұрын

Car Shield is such a trash company and every time I see another celebrity endorsement for them, I totally lose any respect I might have had for them as well. Nothing but a cash grab the whole way around. Like Chris Berman, Vivica A Fox, Ric Flair and the others can't afford a car repair?????????