Millionaires In Cars Getting Coffee with Jack Selby

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Ride along as I talk with Jack Selby, producer and co-host of the Iced Coffee Hour podcast, about money mistakes, building wealth, and how the modern dating scene is treating him.
Order George Kamel’s new book, Breaking Free From Broke, and get more than $100 in FREE bonus items: store.ramseysolutions.com/mon...
Check out Jack on The Iced Coffee Hour: / @theicedcoffeehour
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.

[@CalebHammer]

Dating show, let's go!

[@alexpietsch7997]

How's it feel to see your Buddha Burger Buddy with another financial genius?

[@TIXITWASLUCK]

What is your opinion of going into credit card debt for a wedding ring?

[@ToribioIIIGarcia]

Huge fan of financial audit 🙌🏽

[@stevenporter863]

How does an old girlfriend have his current contact info? 🤷

[@aliciaz4682]

@calebhammer I was thinking “he’s not the most eligible bachelor, Caleb Hammer is!!”

[@ScottishJazzman]

George and Jack, this is a good conversation. People these days need to understand how to disagree agreeably, with respect. This is a good demonstration of that in action. Bravo.

[@RurouniTim]

100%, both participants know their position, know why they believe it and they don't resort to personal attacks when someone disagrees. I wish more conversations played out with respect in this manner.

[@MomoHitsujiOwO]

I absolutely agree. I think the comments section in videos and Twitter people should learn a thing or two from George and Jack ❤

[@CalebHammer]

Keep the mortgage, Jack ;)

[@GeorgeKamel]

DON’T MAKE ME YELL AT YOU CALEB!!!

[@ZuluNation05]

Exactly if his returns from savings or stocks comes closer to the 2% and theres no other investments that can gain more than 2% then pay off the mortgage. Otherwise you're losing out on so much potential profit by putting it all on the home. Your cash goes from liquid to illiquid.

[@maoisn]

Next he will say 12% withdrawal rate is safe.

[@ZuluNation05]

@@maoisn he has stood his ground against Ramsey when it comes to that.

[@maoisn]

@@ZuluNation05 Very glad to hear that!

[@justvincenturb]

To George's point at 17:20 I was always taught, "Smart people learn from their mistakes. But smarter people learn from other people's mistakes."

[@HillByDesignCo]

I want to see Caleb Hammer and Jack Shelby on George Kamel’s bachelor reality TV Show! 🎉🎉🎉

[@FINAL-B0SS]

Some feedback. Would be interesting to also hear from Millionaires who are “company climbers” and “saver investors”. Most the guests you have took paths of success that aren’t easily replicated, like “KZbinr” or “aggressive entrepreneur”. Love jack but he is a “right place, right time” millionaire.

[@triplebbb291]

Great feedback

[@jacobpierce6153]

To me, most stories are of company climbers and business owners. Makes me feel like I can’t succeed unless I’m Regional Director making $125k. I wanna hear more “saver investors” like you said

[@alexpietsch7997]

Pro tip. If you want to hear that story go to the guy who only preaches a stewardship sermon once a year at your local church. He's a millionaire with a low income

[@stevenporter863]

I was thinking that too. George is celebrating and using the exceptions as an example. Jack is not the norm.

[@arh1234]

To do that, they'd need to interview people who become millionaires at the average age - late 40s. Need some older guests

[@Executor009]

One of the best episodes, pay off the house, it’s a great feeling, the benefit is not only financial.

[@lukescapee1234]

We love the Jack content!

[@raphymartinez]

Being broke sucks and my biggest fear is going back to that. What makes me happy is being able to provide for my family what they need, and also what they want (they don’t get everything they want, but I like knowing that I could provide it). Other than watches now, I rarely buy anything for myself, but man do I love it when I get something for my wife that she isn’t expecting. Giving is so much better than receiving. Always remember the famous words of Kanye West… “Having money is not everything, but not having it is”.

[@dylanlafollette7804]

"when someone uses the term arbitrage a puppy stops wagging it's tail" lollll

[@user-dq4ri6fi7b]

Jack is right about the mortgage with the percentage he is paying it makes no sense to draw money earning more to pay off a low interest mortgage. The only reason George is pushing this is because he works for Ramsey and if he doesn't go by Ramsey solutions, he has not job.

[@ZuluNation05]

Exactly if his returns from savings or stocks comes closer to the 2% and theres no other investments that can gain more than 2% then pay off the mortgage. Otherwise you're losing out on so much potential profit by putting it all on the home. Your cash goes from liquid to illiquid.

[@midkort]

The only reason? And you know that because you read minds. Could it be possible that George actually believes it?

[@azielm5900]

I like this, big fan of the ice coffee hour. Good interview. Good conversation. Keep it up!!!

[@lilblizake]

Loved watching you have on someone that doesn’t follow Ramsey’s foundations exactly. Hearing the different viewpoints are very enjoyable bc we are all different and are in different places in our lives. Also, I wish George and I were buds but until then I’ll just continue being a subscriber.

[@peggypeyton7912]

This was the Christmas gift I didn’t know I needed. ❤❤❤😊

[@hellosaysandrew]

Jack is so adorable and has great hair. That’s my comment for the day! This was highly enjoyable 😊

[@DOGGYDOG1167]

Great content ,like how there is difference but have common ground, which is investing and getting and staying out of debt...

[@jeremygove]

Amazing content! Loved hearing this conversation. Perfect example of how to honorably disagree and have a thought-provoking discussion. Huge respect for both George and Jack!

[@moisesgonzalez3364]

Love this conversation

[@Thejasonrogers]

I’m very impressed with this guy, well spoken.

[@NextGenEvs]

Congrats on the Model Y, Jack! Incredible car! George is due for a new Tesla.

[@cherokeevolfusa2891]

I absolutely get what they are saying when they talk about the diminishing return on happiness with money. Once your needs are met and you have a comfortable fun budget, I don't see what an extra $50,000 gets you.

[@ryannelson2653]

Good job Jack holding the line!

[@rickyiglesias5384]

LOVE the Seinfeld "write off" bit. lol

[@teresamycelia]

Aw i love Jack! I enjoyed yalls banter 😅 You should bring Erika Kullberg on the show sometime!

[@carolannstevens5814]

Ohhh I LOVE Erika Kullberg!!!

[@Gina_Michel]

Great interview, George!

[@sallyprzybil2404]

Happy Birthday Jack!

[@carolannstevens5814]

I LOVE THIS INTERVIEW!!!

[@napoleonsmith3028]

Great conversation! I lean towards George’s side on the debate

[@teenaskipper2782]

Keep it up . I like the conversation with your guest. Great guest, Great show.

[@marketingopswill2738]

Jack must really be killing it right now! That shirt doesn't look cheap at all, looks luxury. Stay frugal jack!

[@anthonys5568]

Good on both of you. Keep it up!

[@joshr.5199]

this is a spicy one, good one!

[@rpmen]

Good question at the end. Get Nick Bare or Marc Lobliner in the car. Both are local in Nashville

[@ElisabethLynn]

Happy birthday, Jack!

[@TheFirstRealChewy]

The value people place on money is based on what money allows them to do. If your constraints are financial in nature, you can afford to do more if you have more money. If you don't have enough money a lot of your focus will be on making more money. That's because a lack of money will severly limit what you can do. Once the financial constraint is gone you'll start saying things like "money isn't everything" and "money doesn't buy you happiness". When you have enough to cover your needs and wants, then you'll start focusing on the other constraints, like "I have all this free time but it sucks because all my friends have to keep working for a living".

[@UraniumAtom]

I've always paid cash for vehicles. I was curious recently and went into a dealership to check out a 35,000 vehicle and find out how much the monthly payment would be doing a loan. It was an 8% loan and it was over 700 a month and the car salesman was trying to tell me how great a deal it was...

[@thehomeless_trucker]

Sure, if you finance 99% of it.... he likely could tell you wasn't going to buy either way so he wasn't trying.

[@thehospitalguy1657]

I was watching George and Jack talk about credit cards and paying cash. The funny thing is if you save the money, put it in an account you can then borrow from yourself and will be so much happier. My idea with a low mortgage if in fact you can make more invested in something else, and you have a way to pay off your home over time, then I am like Jack that it doesn't bother me to pay off the home over time. Not that I have the money to pay off my home. My idea is to put 15% of my money along with my employer match of an additional 4% over a 40 year period and pay off the home in a 30 year or less period, then I am ok with that.

[@A.M.1.]

Jack is proof graham is a great role model

[@christinab9133]

Yesssssss! ❤❤❤

[@shikhaM1]

Jack is a unicorn ❤ PlIease continue to bring him back

[@stevenporter863]

Hate to say it: Jack shouldn't be the poster boy of success. He is a unicorn because he fell into everything - based on what he said he was waiting tables making $5k a year and shot a few emails to Graham. Good for Jack, but he is the exception, not the norm.

[@shikhaM1]

​@@stevenporter863 I meant more in terms of his personality. His ideology, philosophy, the way he sees life, happiness, success, etc. He also seems incredibly humble and grounded in reality. Some of those traits are hard to come by😊

[@stevenporter863]

@@shikhaM1 I see what you are saying now.

[@bryansmethers8936]

100% you have to live through being stupid to actually learn and not do it later, I heard of SO many people getting cocky and holdinf too long, but it didnt save me from doing the same thing

[@rezur3kt698]

I liked watching this

[@mrsaoallen1707]

George is a cool dude!

[@stellaglodek]

Haven't heard someone ask for a sparknotes version of something in over a decade :p

[@drewsdrawers]

He’s a likable guy

[@clairemckayhart1109]

High-yield savings account interest is taxed at ordinary income tax rates, especially as a high income earner. So the net earned from high yield savings hardly offsets the 2.8% interest rate from his mortgage loan. Peace of mind from being debt free is PRICELESS. Keep it up George. Thank you, Jack, for being in this video.

[@rezur3kt698]

George is cool af

[@danieljohnson4418]

What contributed most to your wealth-building: income. Finally, an honest answer. Yes, I know you can make $300k+ per year and live paycheck-to-paycheck, but it underscores that building wealth when you have a deep six-figure income is exponentially easier.

[@HistoryRoar247]

I have only one bad thing to say about this video: IT WAS TOO SHORT!!!

[@charisginn6932]

I too was 0 until I turned 19! Actually, I consider 2017 the first year of my life

[@alanyoung159]

I like George, but 16:12, the math does work. I think George is confusing the entire mortgage principle to the amount of early payment. Purely math wise, keeping the $$ would net a ~2.5% difference on just that amount. If you take it to the extreme, if you have $100k left on the mortgage at 2.5%, and have $100k in a HYSA that has a rate of 5%, you would be positive $2,500 a year. Again, that's just pure math, but each should do what they feel best.

[@CalmerThanYouAre1]

Keep the mortgage and invest in index funds. You’ll actually pay it off faster that way, if you want to pay it off at all!

[@mademoisellesura]

I cannot fully describe how much I love Jack! He’s definitely on my fantasy husband list. 😍😍😍 HaHa.

[@mikelentz833]

CHEST HAIR BOYS FOR LIFE!

[@JEREMY99218]

W Jack

[@85transam]

Strong income? No crap 😂

[@Johnefinance]

Every time someone says “arbitrage” a puppy stops wagging his tail 🤣🤣 15:27

[@Kayla-ei4th]

Jack is so sweet and when he finds his wife I bet you she will ask him to pay off the house

[@GavinMurphyNBA]

George isn’t right about Jack needing to have the full 500K to make the arbitrage work.. if he has $250K making 5%, he’s still making a 2% spread on that $250K as opposed to if he put it on the mortgage

[@baconcerberus]

It’s also worse that he has most of the money in the market making 7-10%+. Even if the mortgage was 0% George would still say pay it off.

[@gr86er]

I think that was quick math. I'm willing to bet George doesn't have that much sitting in a 5% yielding account either

[@jdl9623]

I agree with Jack, I think he should keep the mortgage but only if the interest rate remains at 2.84 and doesn't increase. For me, it isn't so much about the abritrage thing getting the 5 percent from CIT bank but having that extra money serves as your emergency fund. You don't want to be caught in an emergency needing money only to have realized you used it to pay your mortgage off and now having to take a loan out for 20 percent. I also have student loan debt at 1.8 percent and I'm paying it off as slow as they allow me too. Like Jack, I am confident I have no problem whatsoever paying the debt and is on autopay. That money I saved from not paying out the student loan full have made me feel safe knowing I have a safety net, not to mention how nicely it has compounded invest over a decade in the S&P. That gain alone can pay off the student loan 20x over.

[@muzzi5652]

Any career military millionaires available? I see the path but currently on the journey up that stairway 😂

[@arh1234]

You've got this! The TSP is a great retirement account. Spend well within your means, invest automatically, and your wealth growth should be steady and inevitable.

[@edgardzayas8421]

Interesting how George it’s about accumulation of money and his guess it’s happy about covering the four walls and family.

[@RyChOr2005]

Promoting selling stock to pay off a 2% mortgage to a 25 year old is wild

[@FATmenDRIVEtrucks]

Ramsey knows best 😂

[@glennmorris6071]

Like the $70k in stock he turned into $4k?

[@mugentuner]

Nah, Jack, as someone that paid off multiple mortgages now I'd say definitely listen to George and getting rid of that house loan. It's a smart bet, you don't know if your interest rate could at some point go to high two figures, you don't know of an impending housing crash and recession. Getting rid of thst mortgage is total piece of mind. Get rid of the mortgage as bankers are nothing but middlemen to building your wealth. Like you I had stock options, and a load of cash sitting on. The last loan I totally used up quite a bit of cash reserves and left a large emergency fund. Then cashed a sizable part of my investments to eliminate the house loan. Your net worth will increase that day and usually every year after as you've eliminated on of the largest liabilities. My two cents

[@MrBrewman95]

Jack is a millionaire already? Wow.

[@lukescapee1234]

Don’t think so, I think it’s just the title of the show!

[@baconcerberus]

Jack went on Caleb Hammer audit almost a year ago and he was making 300k working for graham.

[@BeeTimesTwo]

Net worth with house id assume, plus yes good income

[@arthrodea]

Honestly - he might be I don't know how much Graham Stefan pays him, but their KZbin channels earn millions.

[@FATmenDRIVEtrucks]

Graham is super cheap I doubt he’d let that happen

[@BF_official_my]

great content! Hey Jack, I'm open up to consulting for my channel whenever you are avaialble hahaha...if there's any chance for you to coach me from another side of the World, I'm willing to do anything be coach by you!

[@freedomarmory6634]

hoping to reach atleast an additional 100K in liquid assets this year 2024 (currently at around 200k net worth at 29). only major debt is my house so paying that off would make me feel great.

[@MultiGcox]

Jack when talking about losing money with call options: “Everyone thinks that when it happens to them they won’t react in the stereotypical way which is exactly what happened to me. I’m like you know what, I’m making all this money, I’m a genius, I know what I’m doing…I got cocky and I got burned.” Jack, ten minutes later when trying to defend not paying his house off: “I know who I am. I know where I’m disciplined and where I’m not disciplined. I know when I can make gutsy decisions and when I can’t” I’ve never heard of Jack but just hearing this and a phrase he used a couple times in this video, “that’s good for the average person, but I…” shows he might need to take a lesson in humility. But what do I know? I’m probably just an “average” person.

[@buscochamba]

Great content!!! so fun. Jack congrats man. You have improved so much, keep the good work.

[@ericaterrones16]

Did everyone cringe 😬 when he said I’d rather keep the payment! Lol

[@ericaterrones16]

Round 1 to George! You win 🥇 lol

[@arh1234]

Could you do Paula Pant or Mindy Jensen?

[@gabec1087]

Yo 😎

[@PeperazziTube]

Small point of pedantry at 17:43, a centimillionaire has $10,000; a hectomillionaire has $100 million and could also be called a decibillionaire 🤓

[@Killahkron1992]

👍👍

[@cricrimc]

If it was a dating show the girls that goes will know that you would talk about it later. Lets go dating show!

[@FinancialCharles]

I'm such a huge fan of jack. In terms of the iced coffee hour, I came for graham but stayed for jack. He asks amazing questions and can communicate his message super well. He really is an inspiration and I just wished he went harder on his own YT channel. Jack is wise way beyond his years

[@asthepaintflows]

George & Jack are the coolest! Jesus loves you guys and so do I! Happy Birthday Jack! Pay off the house Jack - George is 100% right. Mine is paid off - you can do it too! lol

[@TheFirstRealChewy]

7:06 I'm not most people. If I had the money I'd be doing a lot more travel and getting a lot more experiences. So a few hundred dollars isn't going to cut it.

[@Miggy2222]

No offense, Jack seems like a nice guy, but I’m not really sure what he has to offer from the personal finance perspective other than he has a large income because got lucky Graham brought him up. Other than that, he seems like a standard millennial, YOLO, vanilla type of guy.

[@darlenepaul2918]

Grant?? Its Graham...not Grant Cardone!

[@Miggy2222]

@@darlenepaul2918 It was a typo. My comment still stands. Actually, if you’ve seen any of Graham’s intros it’s actually “Guys”. We’re Grahams

[@arh1234]

He's a relatable age to many of George's audience, he shares his numbers, and he's not selling anything scummy. That makes him a unicorn.

[@FATmenDRIVEtrucks]

Yup if KZbin didn’t exist he’d be a waiter at Applebees

[@josephbrown9685]

@@FATmenDRIVEtrucksAnd if Applebees didn’t exist, he might be working on a farm. What’s your point? That could apply to anything. “If X didn’t exist, then he would be doing Y.”

[@yeahdude1986]

a few hundred dollars a month for entertainment??... it cost me $70 to take my kid and wife to a movie last week. We went to dinner afterwards at Buffalo Wild Wings and that was 60. so we can go out 1.5 times a month for $200.00

[@dealerofgame]

You went to bdubs that was the first problem 😂😂😂

[@ElisabethLynn]

Dipper Pines and Steve Buccippi

[@gr86er]

I like how George easily dismantled Jacks argument when he doesnt have the money sitting in high yield to make up the difference. Another part he is missing is these high yields are variable as well so he might be better off paying down the mortgage. Also his income is in a very niche field. If grahams channels no longer bring in views hes gonna be screwed. I like jack but hes a bit naive still

[@cheezycheddar211]

Keep the mortgage!

[@85transam]

$8 drink is not bad?

[@TheKelsonmorris]

I think he means he got the most value (almost $10) from his "free" drink

[@ChaimS]

It's not bad for one time birthday treat, not for something you'd get every day...

[@maoisn]

No one will ever convince me that money doesn't buy happiness. Money makes everything better. If money doesn't make you happy, please send it to me so I can do a Brewster's millions in real life.

[@arh1234]

I think they agree - they jist said that past a certain point, there is diminishing benefit

[@maoisn]

@@arh1234 I'm sure there are people that feel that way. And I'm sure it makes them feel good to say that. But in reality those same people will gladly take a sponsorship from FTX, Noble gold, Irish land deeds, or whatever the next scam is. It is human nature to want more.

[@frelintoro1601]

Calen Hammer

[@tim_9562]

Never heard of back door Roth IRA.

[@borderpatrolnp]

It's a loophole for those who earn more than the income limit. They contribute to a traditional IRA and then do a conversion, hence going in through the back door

[@jonathanbaker2789]

DON'T pay of the house, it's DUMB. Jack will make more money in stocks and even a high yield savings account instead of paying off his house. He has a 2.8% rate! It's a cheap loan. If he can make more than 2.8% with his money, then he should.

[@arh1234]

The Ramsey philosophy is that paying off your mortgage won't turn $20k into $4k like Jack's options trading

[@cuh720]

Idk why bro likes people who shilled crypto or any scam that will pay them

[@emoney1231]

I see things backwards. $500 a month for 72 months on a car sounds insane. $36k cash? No big deal.

[@taylormurphy1768]

Wow the conversation about the mortgage was hilarious. George making zero sense and thinks he is roasting. Parroting to the max!

[@tbprofile1295]

The 70 or 80 'memes' or vignettes are a bit much.

[@TipsyRoo]

George is really looking for any opportunity to stretch his ‘millionaire’ net worth status, when really his millionaire status stems from a combined net worth 👀

[@midkort]

And your point is?

[@CadillacSlick]

Jack = start dating only women you are sun sign compatible with......I'm a Cappy and my best compatible signs are women who are either Virgo or Scorpio! You'll find your true love VERY quickly!

[@jonathanjones6828]

George should consider listening instead of trying to prove his point and being “funny.”

[@LoveOnTheEdge1705]

Non mortgage loans are predatory. I can literally go in my banking app and click the "promotional offer" and have the loan proceeds in my account the same minute. Lenders are acting like the timeshare salespeople.

[@d7k33]

1) is jack a millionaire ? Why didn’t u get into how he became one! 2) show was so short dude ending so abrupt, almost no content

[@emoney1231]

No George, it does not matter if you have the full amount. If you have one extra dollar, it can either earn you 5 cents in an HYSA or save you 3 cents on your mortgage. 5>3

[@tiffanymackey2382]

If you have a $1,000 mortgage at 3% and $100 in a bank account making 5%, but the remaining $900 is in stocks, which could be making 0% or less, the math no longer works. I think that's what George was saying. You can't say "I'm making 5% on my money in a bank account" if only a small percentage is in the bank and most of the money is in a more risky investment.

[@emoney1231]

@@tiffanymackey2382 I guess that's fair if George is saying just cash in the stocks to pay off the mortgage and not use the existing cash. This would reduce risk (likely, but not certainly, at the expense of poorer returns).

[@DallinBunnell]

Paying off that mortgage is dumb. It's called opportunity cost on your next dollar. By paying off the mortgage, you're assigning a 2.75% simple rate of return to those dollars. Even a 2.75% compounding return would be better in the long run

[@tomw485]

Encouraging someone to pay off a 2.75% fixed rate mortgage early when FDIC insured high yield savings accounts are paying 5% interest is one of the stupidest things I’ve heard in a long time. This “all debt is bad debt” attitude the Ramsey people have is asinine and it’s costing some people a LOT of money over the long term who follow their principles. The terms of the loan and interest rates are huge factors. Sure I guess some people are not sophisticated enough to understand the nuances and should try to avoid any debt at all costs. But I have to think the majority of people are at least smart enough to do some basic math and appropriately weigh their options.