What The American Dream Really Costs

[@jeffDwyer1]

American dream will continue to be “a dream” while other countries woke up long ago and deliver efficiency. Housing crisis, health crisis, financial crisis, cost of living crisis, debt crisis, inflation crisis, tariff plans which would leave to high cost of finished goods. How many crises can we endure? The increasing prices have impacted my plan to retire at 62, The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.

[@Aarrenrhonda3]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either. So how exactly can we guard against the coming financial reset Like what are really the best strategies to make our portfolio recession proof against the incoming financial reset? I'm very worried about my $310k stock portfolio.

[@Dantursi1]

@@Aarrenrhonda3 Safest approach i feel to tackle it 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

[@michaelwiebeck3]

I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $110k in value stocks and digital assets, Up to 400k so far and pretty sure I'm ready for whatever comes.

[@CindyValenti]

Can you share details of your advis0r? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.

[@michaelwiebeck3]

My CFA, “Annette Christine Conte” is widely recognized for her competence and expertise in the financial market. She has a thorough understanding of portfolio diversification and is regarded as an authority in this field.

[@itsHeatherKay]

Eating apple pie in a lazy boy? I have a new American dream. 😂

[@TripSoul10]

My American Dream: dating someone, marrying the one you date and feel as a soulmate, owning a home, raising two children, hobbies including traveling, & retiring at the age of 65.

[@KidCity1985]

Invest in real estate, start with a duplex

[@Shiibai]

3 things that helped me to achive American Dream 1. I blocked out all distractions. 2. I read books on Nixorus. 3. I stayed consistent no matter what.

[@Roblafo]

Scammer bot and fake likes

[@motoryzen]

​@@Roblafoas opposed to Real Lies😂

[@Roblafo]

@@motoryzen likes not lies. I was saying that the likes on this comment are botted.

[@Naruto_Uzumaki315]

W comment

[@xlerb2286]

Not around here, that's for certain. I've got friends and relatives ranging from lower middle class to wealthy that have all achieved the American dream. What they have in common is they've lived within their means, avoided debt, and invested for the future.

[@gahaha8565]

Is it normal for people to cycle through cars every 2-5 years? Sounds ridiculous, I usually keep them for 10 yrs or so and even then I probably could go a lot longer.

[@jessicadawson2353]

It really shouldn’t be normal. I’m sure there are a lot of people who wreck their cars that often. I think buying a new car isn’t the end of the world if you DO drive it for 10+ years. Personally, I’ve never bought a brand new car. Even when I had the choice I ended up picking a certified preowned because I liked the features it had better. Low miles though, and I’ll be driving it until it dies.

[@gahaha8565]

@jessicadawson2353 Yep, never had a new car either, or one that still had factory warranty lol!

[@Noaharth22]

My outlook on money changed when I realized that is better to invest on or before retirement, some people are just putting £15k or £20k With the current market movement at the end of the year they are making millions.

[@Kellyheo1]

I was once a holder with about 3BTC, 7ETH and $8000 worth of lite coin but now after investing have about 17BTC and 21 ETH.

[@wilderRobin]

Investment is currently the most lucrative business in the world. Both real estate, Stock, and Cryptocurrencies are positively changing people's lives.

[@Tarryma-n1j]

I'm 47 and have been looking for ways to be successful, please how??

[@ArchieHwan]

Making touch with financial advisors like Elizabeth Regina Nelson who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times

[@Ropercof5543]

Unfortunately, not all of us were financially literate early. I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!

[@Endgator]

Honestly, 4.4M ain't even that much, definitely doable and more! Start early and dont try to spend like someone you're not. Freedom is really what money can buy and what the American dream is all about!

[@greggpurviance7252]

4.4 isn't much? That's nuts. In comparison to Elon maybe, but in comparison to the US & the world averages it is fantastic wealth

[@TheFirstRealChewy]

The reality is that $4.4 million over more than 40 years really isn't much, especially when you consider that the impact of inflation over those years.

[@Endgator]

@greggpruviance7252 Im not comparing to averages, if I was then yes that's a boat load. I'm comparing to what I see as possible. For example, if I made my 50k NW liquid rn (at 19) and put it in the S&P id have about 4.5M at retirement. Not bad, but not spectacular. Personally I think most people can be in the 10M+ range if they really try. That's not to say you can't make it on 4.4M or even 1.9M like George was saying, but I just think if you want to go well above everyone else your goals gotta be big :)

[@JohnDoe_1609]

Unless you get divorced and lose half

[@thehomeless_trucker]

​@greggpurviance7252 We're talking about a good 77 years of being an adult....(age 18-95) 4.4M is an average of 57k/yr. Even starting age 22 and going for 43 years to account just for your working years... 57k of annual spending is necessary for the vast majority of workers today for a regular uneventful life. Increase by 3% annually to account for wage increases and that equals to 4.8M after 43 years. Just because you could buy multiple homes for a total of 3 grapes and could afford a large family on one low income doesn't mean people can do that today.

[@Tpearson2002]

Those things were never the American Dream. It is just a materialistic view on the idea. It was always about being able to have the opportunity to provide for your family based on your own self determination. Being able to come to this country and work your ass off and make as much money as you can. To be able to start a business and go from nothing to extremely wealthy if you have the drive to do so. Being able to make a better life for yourself and family. While there may have been a time that it was easier it was never the idea of having handouts and everyone being able to achieve it no matter what. The American Dream was never being able to work at McDonalds or similar and being able to have a big house, 3 kids, 2 cars, pension, etc. and retiring at 55/65. People also have higher expectations and tastes than previous generations. Ex eating out or vacations that people consider the bare minimum to live the American Dream today would have been Royalty/ Wealthy 1% type activities but its become so much cheaper for many more people to take advantage of these luxuries that we see them as less luxurious. What is sad is Americans and many in the west are so delusional to how good they have it and the eventual fall/collapse that is likely to happen due to the spending/debt of the citizens and government will be hard.

[@VivaciousOM]

I’ve never had a car payment and I’ve always had a car since college graduation. Buy them outright and it’s been over 40 years. My children didn’t know people paid for cars over time until they found out when high schoolers.

[@tylersanders2388]

Thanks for making this video. I actually think that $4.4 million is around the correct goal number for myself, but it’s not because I want to live an average American consumerist life. That’s the amount to build something you can offer your family a life of comfort and it’s also an achievable number by just putting away 10-15 percent of my salary

[@WealthyChronicle]

I can’t believe retirement costs $1.6M. 😱 Does this mean my plan of winning the lottery instead of saving isn’t going to work?!

[@evanallred3460]

George. At what income level do these numbers become reality? Hourly or yearly.

[@X.MillennialResponder.X]

Mortgage unless it is less than inflation then it makes sense to do 30 year mortgage if it is more than a historical bond at around 5% I agree your better off 15 year mortgage. These nuances is why I like the moneyguy show as they explain these nuances

[@edwinroyal9734]

MoneyGuy all the way!! 😀

[@meljordan220]

When my daughter got married, my husband performed with ceremony, a member of our church paid for the church and reception hall, we catered the food ourselves, and we paid a caterer for the cake. We did the pictures ourselves. She found the perfect wedding dress for $700 brand new and that included alteration. Grand total was about $6,000 out of our pocket. We had about 150 guests. They went to Europe for their honeymoon which they paid for themselves.

[@doughboy_6439]

Similar for my marriage. My wife still had the dress from her first wedding and my new suit was only $100. Decorations were not fancy. The site was just our church, which we had use of for free. We had a friend do the photography and another friend did the video stuff. The cake was an off the shelf Walmart one for like $70 and it was pretty dang good. The only expensive part of the whole thing was the honeymoon, which wasn't *that* expensive, just a planned tour of national parks.

[@TalkToMe2Day]

Why is/was Dave a great financial coach? He understood finance and could critically think about financial topics. Why do the current gen Ramsey Solutions have a lackluster appeal? Because they understand the baby steps, not finance. They have memorized the steps and "what Dave would say" and have not developed a true sense of expertise in personal finance. These heads will never amount to what Dave is until they dive into financial knowledge, not knowledge of Ramsey Solutions baby steps. Dave can talk finance. This guy can't. Some of his assumptions to make a point are aggregious.

[@cocoa_cake]

their calculations actually sound pretty reasonable if you know the average price of these objects (and it looks like they used averages to calculate these numbers)

[@thaddeuschrzanowski4666]

I have much more than $4.4 million and am single with no kids. Going to retire this year at 54. Im still very concerned if I can afford to do so because of the cost of a new house and medical insurance until 67. Nothing is ever easy or without issues/concerns.

[@rexpjesky23]

Investipedia is not a good source for anything.

[@nukeawaynukeaway3466]

Most of what you say George is off base or completely ridiculous

[@GeorgeKamel]

Name one thing. I’ll wait.

[@chris7280]

​@@GeorgeKamelto afford the average cost of a home @ 6% with the Ramsey rule of 15 year and no more than 25% of TAKE HOME pay you would need to make 168k NET or 240K Gross..... The average income in America is 59K per year.... So yeah, that's kind of ridiculous and unrealistic you give that advice...just sayin

[@nukeawaynukeaway3466]

@GeorgeKamel I recognize much of what you may think is censored and vetted through a guy who's arrogance and ego are the size of Texas. I like you George. I think you are extremely likeable, talented, and entertaining. That being said, when it comes to selling Dave's one size fits all, 90's dated rules that don't survive today's environment- it's extremely out of touch. 1. Safe Withdrawal rate of 8% because you guarantee 12% return with 4% inflation isn't just insane it should be criminal. No mention that you likely won't get 12% at 67 because they will likely have a bonds heavy conservative portfolio. No mention of sequence of returns. 2. Car buying. The days of buying a reliable car for less than $10K are all but over. Putting 20% down and paying off in 3 yrs isn't a bad debt if it gets you to your JOB-greatest wealth building tool. 3. House buying. Completely unrealistic and unreasonable in today's environment. Using median values (house value, interest rates, and take home salaries) does not even come close to meeting the 15 yr/20%/25% nonsense. That's not reality. Furthermore, a 30 yr mortgage allows you more margin to invest with. 4. Telling people to pay off all debt (except mortgage)before at least doing company 401K match is costing 100s of thousands of dollars. Prioritizing paying off low interest debt vs investing costs time. Time is one ingredient you don't get back. 5. I'm not gonna question someone's faith. I'll just say, setting aside 10% while trying to create a better financial future/life seems a bit counterproductive. Gotta put your mask on before assisting others. Again, I think you're a good dude George. I enjoyed your book. I think you would do well stepping out of the shadow. You interviewed Dave and one question was about "Dave being out of touch". He arrogantly touted "I'm not out of touch". George, his own daughter tried to change the baby steps, he preys on the financial ignorance, and sells products designed to make him sound the the smartest guy in the room. Ramsey Solutions is good for people bad with money, and bad for people good with money.

[@ceooftorment927]

Starting to wonder if trying out ebay reselling is worth the time. It does seem like fun to drive around to possibly find some cool stuff to buy cheap but sell decently. When your job only pays $1500 because they still haven't bothered to revalue your experience, education, etc..... it makes it a pretty hard side hustle to pass.

[@deelehey2827]

Married at the courthouse 47 years ago. Smaller diamond ring, but much better quality. Don’t need anything flashy. I know it’s worth. The marriage was for us. Didn’t need a wild “after party”. Nice honeymoon. Living VERY comfortably now.

[@larrysmith2655]

For the majority of Americans, the American dream as I recall it, is dead. A married man working at a factory, etc being able to afford all/majority of house expenses for his wife and two children plus a house, car and vacation every year. The cost of living has outpaced the average income. It’s just not possible. Now, there might be a new American dream I’m not aware of. Maybe it’s being debt free. However, folks of the past didn’t have to go head deep into debt to obtain the same living that we have which is why people like Dave are so important.

[@Neddie2k]

Are they not double counting some of their figures. Will a retired person not spend their retirement money on vacations.

[@NunyaBusiness-yb7yi]

Small wedding, we went to a steak house with 15 guests (the people who actually care about your marriage) got married in the steak house. $2300 for everything.

[@Leaf_Raker]

The article is the American dream, the video is an American settling

[@victorbaird8220]

Don’t hate on the Miata 😮😢

[@ignxander]

fr!!

[@James-z4t4r]

Those estimates are way out of reality 🤣🤣 imagine paying for your kids 4 year college. Let them pay for it no one paid for mine

[@VivaciousOM]

I think my retirement including my spouse’s retirement is going to cost $3,000,000 in current dollars because I’m intending we live to 105 years old.

[@msoldate]

It would still cost at least 400k over 46 years for fuel, car insurance, part replacements & maintenance for 2 cars. Everything adds up.

[@Noah_527]

What type of cars are you driving? Are you buying them new every 5 years? It shouldn’t cost $400k for 2 vehicles for 46 years.

[@clickbaitab5741]

Ya 4.4 million sounds pretty accurate. Could even be a low ball if you factor in health insurance costs and such

[@msoldate]

@@Noah_527 full coverage for a vehicle is around $190 a month. If your driving a car that gets ~30 miles per gallon and your driving 20 miles a day during the work week to commute to and say avg 10 miles a day on the weekend to Gerocery store and events with friends and family, that’s 480 miles a month/30mpg * $4 a gallon (in my state its more) = $64 a month. Maintenance service including new tires, oil, brake pass adds up to about $1500 per year or $120 per month. So we’re at a total of $374 a month per car, since this report is for 2 cars it’s double $748 a month ($8,976 per yr $412,896 per 46 yrs) before we even get to single dollar toward any car payment or paying cash for the actual car on any interval of years. You could argue you could do a minimum insurance policy, barely drove the car and did your own maintenance to cut those costs down more but then you wouldn’t be an average car owner.

[@msoldate]

@@Noah_527 look up how much car insurance & calculate your expenditure of gas. Average cost of Full coverage is $168 a month & gas is at least 70 a month for 500 miles (half of the avg car). Multiply that for 2 cars and it’s $262,752 before talking about any sort of car payment or lump sum. Buy a decent used car in cash for 10k and drive it till the wheels fall off for 10 years that will still be 92,000 for 2 cars @ 46 years. Now your at 354,000 and you need to make sure those high mileage used cars have frequent servicing, brake jobs and new tyres which at a bleeding edge minimum is $1,000 per car/ yr bringing another $92,000 to the bill at 46 years for an extremely lean total of $354,000 being frugal and paying cash with no loans.

[@77Redleader]

This doesn't sound like your American dream, it sounds like your kids😂. 110k for college 15k for wedding. And they can stay on your insurance until they're 26. But you can't claim them after 18.

[@teio9411]

I don't know why kids get it but I got it before my kids as an 30 year grown ass man. The nurse asked the doctor if he's sure about the diagnostic because im not 5 any more( jokes on her). I'm just a kid stuck in a adult body😅😅 I wish no one to get hand foot mouth i couldn't sleep or eat for 3 days until went to the doctor and got son anesthesia so i could eat 5:19 5:23

[@celo8019]

800k on cars? Bruh I can own so many used Ferraris and Lamborghinis if that’s the cast

[@austinbar266]

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

[@jcurdrayeric243]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[@rogerwheelers4322]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@joshbarney114]

I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@FabioOdelega876]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@joshbarney114]

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 ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@kellibee1008]

Math is hard 😂 George, you slay us.

[@christianbaer2897]

Investopedia: This is what average of all this costs and if you want that, this is how much it costs. George: No way! You can get this for cheaper! Here is how. Yeah... That is what the disclaimer was about. Sometimes you not only have to read the fine print, but also understand it.

Il like George’s plan much more! You can do much better in life by planning your financial choices. George does things much more efficiently. Often the people that whine the most about their finances are the folks who overspend on things and fail to plan. A frugal life is a happier life in the long run.

[@Fqceless]

My wife and i spent only around 7-8k for our wedding, and it was beautiful! I have some friends who only spent like 3k, and their marriage is doing fine lol

[@carolannstevens5814]

George, you are the BEST!!! You tell it like it is with such humor!!! Love it!!!

[@Th3RiddlerYT]

I think expecting 11% is a bit of a stretch. Should probably be closer to 7% if we estimate 10% annual growth on average and 3% average inflation. Still not 1.6 mil in contributions, but definitely more than 77k as well.

[@ManyMannyMan]

Glad to know it wasn't just me who thought that

[@k87upkid]

I like to use 7% to be conservative as well; 8% to be optimistic.

[@bartdoo5757]

You're forgetting the dividends being reinvested.

[@MattMcConaha]

​@@bartdoo5757 Divident reinvestment is included in the common expert recommendation to assume around 10% (or 7% inflation adjusted). It's a conservative estimate, but when giving general advice the conservative estimate is a good one to go with.

[@TheDjcarter1966]

I havent been investing that long only 16 year but just look at my return rate and it was...........11.7% thats average some years really stink, covid losing like $60k, but a couple years later and thats been made up and then some.

[@shawnpatton3795]

What do you do in your dream if you can’t afford a house on a 15 year mortgage?

[@JoseValdez-ei9qx]

George you are right. But the article is about the “American dream”. Not the American “Getting by” dream 😂. Great video though.

[@CalvinVantuyl]

Saying that getting married, having children, paying for their education, owning a home, retiring comfortably and swapping out for better cars every five years is "getting by" is crazy.

[@larrysmith2655]

@@CalvinVantuylKeep it real. The American dream was one man being able to afford a house, car, vacation, etc for a family of 4 typically. In todays economy, the average man either wouldn’t be able to do that or just be getting by.

[@CalvinVantuyl]

All true, but irrelevant to my statement. George's 1.9m is still unobtainable for the average American. My point was that it does not constitute as just "getting by"

[@stocksxbondage]

@@larrysmith2655very true! However, it’s hard to compare today with 1960s and older. Homes were 1200sq ft and were just getting central AC. Cars were simple, but inefficient death traps. A decade old Toyota is an objectively better car than a 1950 Rolls Royce. Education has skyrocketed even surpassing inflation. It’s really not an apples to apples comparison. We won’t go back to the single income household any time soon. Rather than looking at the past, we’ve got to look towards a future solution while enjoying the technological advancements we’ll get to enjoy.

[@larrysmith2655]

@ I agree 💯. I think the definition just constantly changes. I honestly don’t know what the new American dream is.

[@hculbreath]

You cannot spend 10k while trading in an old car and get ANOTHER 5 years of driving. You knew that when you glossed over it. I stopped listening after that because you never told us how the average household could find 60k to 80k for a down-payment on a house and buy cars cash while contributing to 529s and 401k. Nice try.

[@fber5591]

What’s the average household?

[@Jfromtech]

Your talking about a American water down dream

[@shawnpatton3795]

How many of your viewers are 22 years old or younger?!

[@shawnpatton3795]

Where’s your math for that?

[@tzarjuice]

lol I had a 2k wedding, got a vasectomy and have a paid off truck and car. This video made me anxious.

[@BigJohnM]

2k wedding, yes! Good work!

[@tzarjuice]

@ wasn’t easy or super glamorous but we will always remember it fondly! Thanks

[@TheFirstRealChewy]

I've never done the calculations, but owning a car is expensive when you consider the purchase/financing/lease, tags, having a drivers license, gas, maintenance, insurance, etc. Now make that two cars. Cost goes up if they are luxury cars, SUVs or pickup trucks. You also have to store the vehicle, which can impact whether you have a garage, hence impacts your home purchasing decision. Owning a home also isn't just the cost of the home. Its the financing, property taxes, insurance, maintenance, etc. This doesn't even include utilities, furnishing the home, and any upgrades. Just not letting the home fall apart and keeping the yard within city and HOA rules. Oh yeah, there's also HOA for many. You can rent if you want, but you'll still be paying for housing the entire time. What's important to know is that the total cost isn't the sticker price.

[@itsJoshW]

Eh no. Owning a car is not expensive. What's expensive is owning a car and not being willing to learn how to properly maintain the car, and choosing a luxury SUV & luxury truck that ends up requiring extreme specialty tools to work on, over a sedan or coupe (because the US breeds stupidity lately). You don't have something to your head that says "you need to buy a 40k brand new car". Just buy a car that properly does what you need it to do. Almost every Honda, Toyota and Nissan will outlast you, literally. And almost all of these will go, on average, for under $20k used below 4 years old. Just buy a 7-10 year old Japanese car. Learn how to do your own oil, and it'll only cost you $40 every few months, or in my case once a year. Learn how to do your brakes, then it's $80 every year. Learn how to budget properly and you can lower your insurance costs after the cars paid off. You don't need to "store" a vehicle, that's why people park in the road, park in a driveway, or in a parking lot. These exist, and they've existed for nearly 80+ years. There's no additional cost to park your car (lol). Owning a home doesn't have a lot of expenses. The most of the expense is literally the mortgage and local taxes, to which all depend on where you live. In my area, most houses go for around $80,000 - $120,000, with "new builds" going for about 200k. And this is in the queen city of NY...where you're within a 10-20 minute car drive from like 30 entirely different cities (lol). Let's break down the housing one: "financing, property taxes, insurance, maintenance" - I purchased an auction house for $25,000. If I didn't get it on auction, my neighbor just sold her house for $110,000. - Property tax is about $600 every 4 or so months. Sounds like a lot, but that's because my city is a lot. My friend only pays $230 or so every few months, and his house was purchased for about $180k. He did get a 30-year mortgage, so his principle is like $380k or something near that, which he'll never get for the house...so he lost month. - Insurance is like $10/month.... - Maintenance? what? Like mowing the lawn and raking leaves? Lol. If you mean "plumbing", if you're buying a new house, that won't be an issue. Older houses, that's generally inexpensive, again, "if you do it yourself". The moral of both of these is "neither are expensive on their own, they're expensive with stupidity and lack of jumping in and learning how to do it without paying someone top dollar for the same quality of work".

[@dr.holdenstanfill]

1st comment & great content! Agree 100%

[@peterzeller5736]

Hey anybody that ends up seeing this: For the 15% retirement contribution (or 25% that the Money Guy recommends) should I factor in the employer 401(k) match? So if I contribute 9% and my employer matches 6% would that get me to the 15% or is employer match just icing on the cake and I should be contributing 15% of my gross each month regardless of employer match?

[@mandypdx]

Ramsey plan does not include employer match. Money Guys do include the match if you make under $200k/yr :)

[@perezfamilyadventures3514]

The used car calculation don’t work! Yes, it’s still cheaper to buy a used car but your math is off. If you sale your used car you bought for $30k five years later it won’t be worth $30k to be an upgrade. Also everything goes up in price every year. The car might only be worth $10k plus the $10k you put in will be a $20k worse car five years later! I spent over $5k in car maintenance/repairs on my paid off 5 year old car I’m keeping this year! For it to be an “upgrade” every 5 years you will need to drop $30k down on each car. So lifetime cost is actually $540,000. Still cheaper than the $800k. Also, most people do 30 years because it’s safer for the longer term for their house. They were exactly right at housing costing around a million. I agree with you on everything else.

[@thorin01]

Maintenance on used cars is a killer. The old reliable mechanical engines and suspension systems are disappearing from the road and parts for the ones that remain are getting more and more expensive. The more modern vehicles coming to used car lots are much more dependent on black boxed electronics that require 'certified' techs (shops willing/able to spend hundreds if not thousands a year to get the codes needed to access the electronics). Add in issues with hardware and software compatibility as systems age. Maintaining an old car is going to become much like maintaining an old computer simultaneously with maintaining an old car.

[@perezfamilyadventures3514]

@@thorin01 Yeah tell me about!! They don’t make them like they used to. I remember my dad just replacing parts himself and fixing little things in the garage on our aging car. They don’t want you fixing nothing yourself! These cars are mostly electronic and need a high tech computer just to read what’s wrong with them.

[@Q.b.9378]

Shouldn't we aim for that higher number though? Say this is the potential cost and here are things that we can do to fulfill that need. And if everything goes to plan, you'll actually spend X. But, if it doesn't, then you need to come up with Y or cut back/change expectations.

[@Cynthiajoy2050]

My main concern is how to survive all of these financial and political crisis, especially in light of the US political power scuffle. 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.

[@JimmyHenson3067]

I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025.

[@TeranceJakubus1517]

I suggest that hiring a portfolio coach is a smart move and that in this case, patience is your best friend. I make a lot of investments and cannot afford to take the risk of doing it alone. Instead, since the rona outbreak began in late 2019, my portfolio has been maintained by a qualified advisor. I only need about $86k more to reach my one million dollar ROI goal

[@JohnScaife4965]

Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $75k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

[@Jessicas.4207]

Please can you leave the info of your Investment advisor here? I'm in dire need for one

[@Cynthiajoy2050]

Tracy Britt Cool Consulting... has always been at the top of my list.. She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

[@levigoodwin3522]

"before you start clutching your granite countertops" 🤣🤣🤣

[@ajwilhelm7522]

150 a month at 15% implies 12000 total annual income... so that feels a bit low for 15%. I get that the idea is if you get 12% annual returns for 22 consecutive years you exceed the 1.6m which is probably what the goal of the comment, but 1.6m is low depending on the target audience age.

[@diligentDawg99]

"We got deals for the dead!" xD

[@shea455]

"We put the 'fun' in 'funeral'!"

[@deelehey2827]

Bought a multi family building when first married, so the tenant’s rent paid the mortgage. Sold it 8 years later for a $50,000 profit. Put that down on a home.

[@Diecastinator]

Was it a duplex? That's what I live in now. It's my forever home. It just cash. Flows nice and works out well

[@Berserk1Manga]

7:27 You forgot one thing. You need to have a beefy savings account too, because if you need to buy a car for instance, you cant use your emergency fund for that. You need about 15k in that savings at least.

[@AaBbCcDdEeF]

11% growth 😂

[@stephaniebeddis8069]

I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.

[@DianaLinden-l6q]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@BradlyLane]

The very first time we tried, we invested $1400 and after a week, we received $6230. That really helped us a lot to pay up our bills.

[@Arlingtongeorge]

I'm celebrating a $30k stock portfolio today. started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me

[@GertonTootle]

I'm new at this, please how can I reach her?

[@KenistonKist]

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@darrenrussell6253]

Clearly you don’t live in California hahah - some of the costs are crazy, not to say you can’t get by with less though

[@haloimplant7678]

One would need 145k instead of 111k income, after tax, to do the 15 year mortgage. So the dream is alive as long as you make more than 2x the median household income, not 1.5x like a bum

[@davidbrotherton789]

12k for my wedding and honeymoon. 13 if you include the ring( my wife likes garnets, what can i say?)

[@zacharysoderberg1099]

My dream was getting out of debt and building wealth! Live like no one else!

[@jameshuseby9931]

I have a rant all your network channel im in the food servive making about 30k your more for the 50k and above people but us food service keep this country running and all you talk about making more money thats not the problem food service should make 50 k but its rich corp that keep us down

[@teh1uck]

My goal is to have 20 million so I can afford the super cars I want.

[@itsJoshW]

New goal: Realize that your little Honda could be faster than a super car, and if you LS swap any vehicle, or get a corvette, and boost it -- it would be even faster than that. And plenty of sports cars from the 90s, and up, are significantly better handling and performance than many cars that are in 6 figures. They just don't have the name or outside unique design tastes.

[@user-fp8xc8lf3f]

Sorry George but you took an L. The point of the articke was to show what it would cost to have a life our Grandparents had. My Grandfather worked in a Wisconsin factory 40-50 hours a week his entire career. He always had 1 new car and 1 used car. He had a pretty elaborate wedding with a venue and live music and catering. He had a 2000 sq ft home. He retired at 61 without ever putting a single penny into an IRA or a 401K. Just his pension and social security. He objectively lived a better life than I am now, all for 40-50 hours a week. He wasn’t even a supervisor for the first 20 years of his career. It’s not about hope or whatever else you say, this is just facts

[@businessacc179]

I like George. A real success story.

[@RELPOWER]

Who is having 44k wedding's? 😂

[@user-dw4cv3xq5u]

Every millennial and gen z. I’m in my mid thirties and every single one of my friends weddings over the past 10 years were well over 50k. A photographer alone is 12k.

[@TheFirstRealChewy]

There are people who pay way more than that. Just the venue can cost that much... of you have the money. We spent about $15K in total and paid for it ourselves.

[@RELPOWER]

​@user-dw4cv3xq5u that's wild lol my friends have not spent that much. Now, granted, they weren't over the top, talking about 3k for the venues. But still nice.

[@RELPOWER]

Haha im over here like how do we do this for under 5k all in. Thank God my future wife also wants to spend as little as possible. It's one day and mostly for others anyways. They can pay for it if they "want more" 😂.

[@gringopapi3885]

Many do especially in other cultures 😂 my sister spent double and still felt she didn’t do it perfectly lol

[@daveh7517]

American “dream” has been about excess resources with a house and financial security. It’s not about getting by.

[@ammonwarnick6575]

No one is talking about how much you would need to make in order to pay for all of these monthly costs. Yes I do agree the 4.4 million is high for total cost but paying for 1/2 million dollar house at 6% with the ramsey rules of 15 year and no more than 25% of your TAKE HOME pay you would need to be making 168k NET income or 240k GROSS income. (taxes depending on state). So yes it is unrealistic right now.

[@alexpietsch7997]

Try living outside of liberal cities. 200k is a 4 bed 3 bath where cows live

[@jlaw1901]

@@alexpietsch7997except it isn’t. Not anymore.

[@jlaw1901]

Yeah, good luck to us in the younger generations. Grandpa bought for $40k. I would be lucky to buy for $400k 50 years later.

[@ammonwarnick6575]

@@alexpietsch7997 maybe if you are in the Deep South or Midwest. But I live on the west coast and even houses in the boonies are 350k+

[@desiv1170]

@@ammonwarnick6575 Well, there you go $350K is a lot less than $500K! You already saved a ton!

[@FourEyedGie]

Pretty deng funny ngl My mom and I arent in a great place to to put any money away but we came up with a simple business that makes a few hundred a month and we are investing 100% of it

[@Tomsarabok]

George, I love you, but that jacket doesn’t fit brother

[@mrsh2167]

this is the frugal way, buy a size bigger and then if you gain a little it still fits. Money saved

[@charletfoster8917]

Thanks for sharing the Truth with your viewers!!!💎🙏🏿😊

[@RunsWithGinger]

$150 a month invested and you are not gonna be living no American dream

[@thetruth5635]

Crazy how much $$ people waste on cars

[@pdxmusl1510]

For real. Ive watched my parents do it there entire lifetime. Its maddening. My dad purchases a new car every few years. My moms car gets replaced every 5. There payments have to be at minimum 25% if there take home. Its nuts. I tried to show them a different way. But my dads like... once you have a payment you always have a payment. They think i don't have one because i make more than them. No... its cause i refuse to take out a loan.

[@thetruth5635]

@ amen man.. i was close to leasing a car when I graduated school thank God my friend called me and said he has a used car someone in the family passed away. I purchased that car. I still have it to this day with 215,000 miles.

[@gabevilla8578]

What’s this about free lollipops??? 🍭 9:59

[@ToskaRap]

Its so weird to crap on Investopedia for their estimates when most of what you shaved off was because you're trying to act as if money earned through investment is somehow not your money when it comes time to spend. Things cost what they cost regardless of if you got the money from your hourly wage or from 401K growth. And no one wants to hear about a 15 year mortgage. Almost 90% of Americans can't afford it. Investopedia only really missed the mark on their estimates for car costs. Regardless, ~2mil is a number that is simply out of reach for most Americans. The difference between 2 and 4 million becomes irrelevant when you live paycheck to paycheck like 60-80% of Americans do. The American dream IS dead, and all this video does is slant the numbers.

[@eaton24]

Another Ramsey video with the same hand full of talking points. This will go on until the sun burns out

[@GeorgeKamel]

As will your weak critiques and useless comments. A beautiful circle of life.

[@AaBbCcDdEeF]

@@GeorgeKamelthis type of petty, defensive responses make me lose respect for you.

[@rickforse8518]

Comparison is the killer of happiness. Your dream will be nothing but a nightmare if you constantly compare yourself to others.

[@TheFirstRealChewy]

I wonder if the 0.1% feel that way.😅

[@ironspider9280]

2:45 EXACTLY!!! 😂

[@wagon9082]

Good video

[@onedangerousmanreacts]

Thank you George! Yeah, in 20-30 years you will need around 4.4 million in retirement considering inflation

[@LookitsMarino]

Stop using AI

[@AndroidG101]

on spend avg 5-7G on my kids yrly clothes, food trips, sports, activities, etc. they both have a 529 plan for college of trade school, I also invest in efts monthly for them all in NYC by spending on needs not waste, kids don't have to be expensive some ppl think they have to buy a baby 100$ sneakers smh.

[@michaelfarfan6186]

That kids age range almost gave me a heart attack……We have 4!!!😂😂😂

[@martinyeager7948]

Good video! My major take away is have a plan, put money aside early, understand true cost of cars, weddings, houses, college, etc. and live a full life with your plan.

[@ianstallings]

Here's the thing about the "average millionaire" and their car - the average millionaire is a retiree with fixed income. If you cut out that demographic I would bet a lot are not driving a 4 year old Toyota Camry.

[@crashtestdummy1972]

Ill be a net worth millionaire when I'm 46ish. I definitely won't be driving a camry lol. I'll be in a raptor. Im saving now so I can end up in one in about 3 years

[@greggpurviance7252]

Very few retired people are on a "fixed income."

[@ianstallings]

@@greggpurviance7252 Okay thank you that changes nothing.

[@tifftalk5893]

The American dream is possible but is defined individually and no longer a collective. You decide what the American dream means and looks like for you. Ultimately, my American dream is to live a debt free life

[@BigJohnM]

Of course you would decide. The issue is no one is content anymore. They have to strive for the biggest and best. The American dream is alive and well for level headed and content people. Your version of the American dream is awesome!!

[@tifftalk5893]

@ very true

[@akshaysalvi-it-is]

Kamel Kamel Kamel!!!

[@victorbaird8220]

You are so beautiful 😍 😊

[@phenomonox]

And hey! If you want a brand new car. Just do what I did. Buy a $32,000 Subaru Legacy. Got mine! Love it. And its a 2025 ;)

[@mr.188]

What if Investopedia is right and George is underestimating the K-Shape recovery/reset 🤔

[@chivosadventures8171]

644 grand for a house now that's not including the insurance and property tax right?

[@McofCOD]

Got a new Kia forte this year. Love the car. My old one has 230k and going strong with no major repairs.

[@Diecastinator]

Prepaid limited direct cremation is a pretty good deal. I got one for my parents and myself. It cost about 2K. Paying cash for cars is good. I also own a duplex live-in-1 unit rent. The other one out got a 15-year mortgage on it. Got it. Off in around five just by applying the rent and the mortgage. Thanks for the video

[@burritogod59]

My wife and I spent about 21K on our cars total. Hers a newer car for road trips, mine a 20 year old Acura that needs occasional maintenance work and cracked leather seats. Spending 800K on cars throughout your life is insane and anyone who does that shouldn't complain when they have no money.

[@TheFirstRealChewy]

Let's be honest, most people spend more than $21K on a single car, don't pay for it in cash, and the article assumes new cars, not used cars. The cost to own a car isn't just the purchase price. You pay insurance, gas, tires, oil changes, etc. It may not be $800K in total, but you're paying more than $21K in total over more than 40 years to own and use the car.

[@burritogod59]

@TheFirstRealChewy sure, but even buying two more cars and accounting for maintenance, I'm probably looking at about 150K, not 800K. My point is, you can't make a choice to cripple yourself financially and then complain about it later.

[@danieljohnson4418]

So, what happens if you have to save for 10 years to purchase a home of your desired quality/location and, during that time, the FMV of said home increases by the amount in interest you're saving by having a 15-year versus 30-year mortgage? Kinda' defeats the point, no?

[@richolman6800]

Off-topic question: I'm planning to retire with a $750,000 nest egg and I'm looking for investment advice to make it last. Which investments can be recommend for steady growth and reliable income?

[@JonesMichaeltop]

Depends on how old you are and where you live. $750k isn't a ton to retire on. 1 month T Bills are around 5% right now, which would annualize to around $30k annually or $2600 a month. If you feel like you can live on that where you have that as a safe, medium yield investment. Of course, everyone will tell you just buy the S&P500, VOO, etc. since it averages 8% - 12% long term, so maybe allocate less of your nest egg to that for the years the market is down.

[@johnketh-n9v]

you may want to research ETFs and other low cost mutual funds. I would strongly suggest you speak to a financial adviser as they will be able to provide advice based on your specific situation as well as help you devise a retirement budget that accounts for things like inflation and taxes.

[@ChristianJacquet9]

​ @johnketh That’s right! I agree with you. Working with a fiduciary not just an advisor is crucial to navigating the volatile market and looking to grow your portfolio. I work with Glen Howard Chester, a NY based Fiduciary. With his guide, my portfolio which is currently diversified $500K in stocks (tech, big Pharma and consumer goods) and $350K in alternatives (private equity, precious metals, cryptocurrencies), boomed significantly! Just search his name & check if he meets your requirements, you’d find necessary details to work with to set up an appointment.

[@davidjarzynka4760]

It is evident by his hatred for the Kia Telluride that George has never driven a Kia Telluride. It is the next "it" car. For context, for most of my life I have kind of turned my nose up at Kia, but their reliability ratings in recent years are at the top of the market and the value of those big SUVs is some of the best on the market imho.

[@motoryzen]

I've never seen Kia be more reliable than a Honda or Toyota Perry so no they're not at the top of it and reliability Market. However they may be on up there with a second and third rankings

[@davidjarzynka4760]

@motoryzen typically I agree with you, but late gen Toyotas Tundras are throwing engine bearings at sub 50k miles, the new Tacomas are having transmission problems and brand new GR Corollas are catching on fire. Edmunds has Kia Telluride and Hyundai Palisade with higher reliability ratings than the Rav4.

[@single1inLA]

George is correct. I am a net worth millionaire single income living on a clerk salary in California. I drive a 98 Camry paid $5K. I never bought another car, but I owned 2 houses. I am living my American dream.

[@Vaughnfriday]

Are you saying dog dads aren’t real dads??😂😂 the baby doesn’t even know your name…yet