Paycheck Routine: What to ACTUALLY Do With Your Money

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About This Episode:
Caught in a cycle of living paycheck to paycheck? In this episode, I’ll break down three different paycheck routines, each tailored to help you manage the money in your next check-no matter where you are financially.
Next Steps:
📗 Order George Kamel’s new book, Breaking Free From Broke. bit.ly/48d7So4
▶️ WATCH: How to Stop Living Paycheck to Paycheck (Without Getting a Second Job): • How To Stop Living Pay...
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[@Jersderakerguoe]

In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

[@BridgetMiller-]

If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.

[@KarenLavia]

Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.

[@jones9-]

this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@KarenLavia]

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.

[@ScottKindle-bk3hx]

Appreciate this recommendation, hopefully I can get some insight to where the market is headed and strategies to beat the downtrend with when I hear back from Melissa.

[@laundrygoddess4]

I just paid cash for a new kitchen. The lady at the store couldn't believe I wasn't freaking out about the money. When you're debt free... The stress about spending is magnificent.

[@TheSmokedance]

Very excited from those purchase once we're debt free.

[@victorblas3483]

Way to go, can't wait to get there! Few years of hard work and sacrifice here.

[@laundrygoddess4]

@@victorblas3483 I got there the hard way but it truly is so much easier to live without debt

[@mhodge0890]

I’m debt free and still don’t want to spend a thing

[@DivestedJedi]

❤ that is awesome

[@zaree7040]

Good video george👍. My aunt passed and I inherited some of her portfolio and cash savings, I’m 28 with about 400k cash in savings and as usual everybody’s preaching invest, so what stocks are a good long term buy, only major purchase I intend to make is buying a home in 5years from my returns

[@roosefeitosa2536]

Lucky you, I’d buy a lot of tech stocks and Dividend portfolios with that.

[@jaydavies3734]

Don’t come to KZbin looking for KZbin advise, instead contact a fiduciary for proper guidance.

[@bradleyjones9233]

Same, I just use KZbin for research purposes, I run all my major investment through an investment adviser, the market is just too unstable to handle things on your own.

[@charlescharles9345]

How does one reach out to a financial advisor? my portfolio has been struggling since 2022 and I’ve been holding on by the skin of my teeth.

[@bradleyjones9233]

there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Monica mary strigle ” for about five years now, and hr performance has been consistently impressive.She’s quite known in her field, look-her up.

[@Outroyal]

I used to live Paycheck to paycheck but now.. I live paycheck to paycheck stress free

[@fsmoura]

I used to live paycheck to paycheck. Now I don't bother with working anymore, I just pile up more debt to get by 👍

[@bilindalaw-morley161]

Me? I'd just like the chance to *prove* money won't make me happy!

[@okaydamian]

I’d be retiring or working less in 5 years, and considering soaring inflation, I’m curious to know how best people split their pay, how much of it goes into savings, spendings or investments, I earn around $185K per year but nothing to show for it yet.

[@arlenehill4ril]

get rid of any unnecessary purchases, especially things that cost you monthly or better still, consider financial planning

[@JamesWillock]

Agreed, I'm quite lucky exposed to personal finance at an early age, worked full time when I was 19, purchased first home at 28. Going forward, got laid off at 36 amidst covid-outbreak, and immediately consulted an advisor to stay on top. As of today, I'm barely 15% short of my $1m goal after subsequent investments.

[@dontlookbackwards]

@@JamesWillock that's great! retired in my 40s. Inherited money from a childless relative. I was making 6 figures in Silicon Valley but it was just a treadmill.. traveled overseas and found a girl almost my age, happily married and only issue is how to grow or preserve our wealth, think your advisor can help?

[@JamesWillock]

'Karen Lynne Chess' is the licensed advisor I use. Just search the name. You’d find necessary details to set up an appointment.

[@LaurenGilmor]

wow! thankfully searched Karen Lynne Chess on the web, no doubt she shows a great deal of expertise from her resumé.. was able to schedule an appointment with her and hoping for a response soon

[@brianhess5083]

Bear necessities audio + 8 Mile video = the best thing I’ve seen on the internet in a long time!

[@kempfreehold9450]

I choked on my coffee

[@JustenHarden]

Greatest editor on KZbin

[@OliverLiam-px3vx]

Investment banking can be quite lucrative if you know what you're doing, but it also comes with its fair share of risks.

[@JessicaKeith-uj1jq]

That's true. I've dabbled in investment banking myself, but I prefer to leave the heavy lifting to the professionals.

[@LeahLewis-ny9iu]

Speaking of professionals, have you guys heard of RPC Wealth? They've been managing my portfolio for the past couple of years, and I've seen significant growth in my investments

[@ChloeCarter-kd7gz]

RPC Wealth, you say? I haven't heard of them before. What sets them apart from other advisory firms?

[@MelissaHobbs-qm8wi]

Well, for starters, RPC Wealth takes a personalized approach to wealth management. They tailor their strategies to fit each client's unique financial goals and risk tolerance.

[@OliverLiam-px3vx]

Plus, they have a team of seasoned professionals who are experts in their field. They use a combination of traditional investment strategies and cutting-edge technology to maximize returns for their clients.

[@MCdragons17]

I did indeed start singing "just the BEAR necessities" in my head right before you played the song LMAO

[@27Marlo]

Love that you recognized some are not tied into a local church and encouraged them to find causes to give to. ❤

[@TylerofSc004]

I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.

[@blind_luck_]

Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals.

[@greekmom]

Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

[@AntagonisticAsian]

I have not written this sort of comment before but from the your comment, I knew that you have good understanding of investing, How can one reach this advisor of yours?

[@greekmom]

Kristin Amber Landis is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.

[@AntagonisticAsian]

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip

[@Tel934]

…this mashup of Bear Necessities with the 8 Mile B-roll is absolutely *diabolical*

[@58sportsuburban]

The “ one size fits all, is not for everyone “ Is interesting… why doesn’t it apply to the baby steps…

[@peeonthe3rdrail414]

Because it doesn't...

[@theryster77]

Right, it doesn’t work for everyone, there are other ways of getting out of debt. They dont say its one size fits all, but for the majority it works. The baby steps are just a way to handhold and keep people accountable, its more about the psychological progress people can make to keep them on track. Some follow TheMoneyGuy advice, some follow Ramsey. They are not both wrong…they both have the same end goal: be out of debt and get the most out of your money. Is one slightly better in the long run than the other? Sure, but as long as people are bettering their life, who cares

[@AT-hs9nf]

Exactly and yet he keeps pushing for useless apps to purchase in his video where he can get some %. Greedy themselves. Just common sense and budgeting is all you need in life.

[@cajbaf]

It does apply for everyone. Some may get there faster than others. I did these steps and made very little compared to others who think 150,000 isn't enough to live on. I am debt free (except my mortgage) which I am working on now. I have some invested but will never be millionaire. The only ones who continually argue on here are those who don't want to sacrifice anything, yet they love to keep watching and complaining.

[@AT-hs9nf]

@@cajbaf why are u assuming we are arguing? It was a generic conversation. That's why I said common sense first and foremost. He shouldn't be lecturing abt no debt and yet trying to sell some apps for gain. You are missing the point.

[@aaronjjacques]

Even ramsey will not mess with the disney copyright department.

[@tcgtpl]

Setting up automatic payments can help streamline these paycheck routines. I’ll pay off my credit card balances in full, plus all my utilities, and invest a minimum of 15% into my 401k & IRA so that whatever money I do see that winds up in my checking account I know all my necessities have already been covered. I also put more $ into my brokerage account so I force myself to be more discerning on the money I do spend to fight off lifestyle creep.

[@adamfarhan768]

Yup, exactly how to do it. Pay yourself, keep minimal amounts in checking, which will allow you to naturally be more frugal. The money you put away will always be there!

[@victorblas3483]

I can't wait to get to the last baby step and give money! Like you say, it's the most fun you can have with money.

[@matthales5556]

Don’t wait until then. Give now.

[@victorblas3483]

@@matthales5556 I have debt to pay, once I get out of debt I'll be able to give even bigger. I already run a yearly charity event for my company that is funded by them and for a good cause

[@apartmentinvestingforbeginners]

Great tips. Thank you for sharing

[@michelemurdock7110]

George I love you and the Ramsey team, but I tried using the App and it’s hard to use. I am a techie. I hope you guys will make it easier to use. Please ?

[@cherbs9893]

Yea I’m having trouble too. Thought it was just me. I already canceled it.

[@samanthashoelover7649]

Same, it needs to be more user friendly

[@2dodger2]

I don't know how to use it either

[@seagirl1100]

Love this condensed video.

[@laughingman6986]

No debt for now. Putting money in 401k and building up a savings. Feels good to begin my journey towards retirement.

[@bythebook1548]

Started singing bare necessities before you even got there. XD

[@GXH24]

Says there is no one size fits all and literally goes through the baby steps which are exactly one size fits all. These paycheck strategies are just telling you how to budget at different baby steps

[@davidmercado2329]

George great advice thanks

[@Resolve_DigitalMedia]

SKIP STEP ONE….. I’m not paying for something when i can do it just as effectively with an Excel sheet (yes im spreadsheet nerd)

[@freedomring3022]

The app is free, but if Excel works for you then so be it as long as you are doing it.

[@ks986]

We have used the free version forever and it’s great. You don’t have to spend anything if you want to use it!

[@JaySmith-pv2mw]

I've used the same spreadsheet for twenty years.

[@PTR2K]

I wish the every dollar app was available in the UK

[@littlelawson06]

I have found "Emma" to be pretty good.

[@Red_1976]

Australia too..

[@jaguarpaw3136]

George with another great video. Keep it up.

[@myhappyspace4533]

Could you please make Every Dollar available in South Africa

[@lindacarter457]

I got TELLO -TY!

[@dl6262]

Nice work, Kamel toe

[@pmilz45]

why am I here so early? what’s up Kamel? 🐪

[@michael7054]

🐫 gang

[@dzaonyout]

Snowball is great and saved me thousands and lots of time. Once your snowball gets big enough, would you agree that there is a time where switching to avalanche is better? I have a few loans left. The highest balance is a car with the highest interest rate and highest minimum balance. The next smallest loan amount is $8500. Paying off the car first saves me months of pay off time switching from the snowball method.

[@michelemurdock7110]

So funny, I love listening to you 😂

[@christopherrivera5981]

HAHAHA I really did start singing it in my head

[@thekingdomlifewithkamron]

True

[@leytonfortnite4724]

Prunes and cream of wheat 😅 George you always find a way to make me laugh in these videos! I really enjoy your content keep up the good work!

[@crystalgattis1073]

My husband and I are in category 3. Yea! But we are older, so almost half our income is going to retirement since we got a late start. Our budget feels tight. Are we putting too much in retirement? Our plan is to retire in 5 years.

[@heybluebird]

Hello madam, if I may. No one can possibly answer your question since there is no information on how much you earn, neither how you put into savings nor your investments. If you want an answer (if he reads the comments), you need to explain more about your cashflow and assets 🙂 Sorry for the disturbance

[@sarasounds2389]

The Simple Bear Necessities 😂😂

[@Red_1976]

Do you pay car or house insurance in full every year or monthly? If it’s monthly is this classified as a debt?

[@mariorta5017]

This is my first month debt free, snowball is looking beautiful and this time it will be going all to our savings and investments 😂

[@lukescapee1234]

George, we have about $1,000 of extra money leftover in our budget. Would you recommend putting it toward extra mortgage payments? Or invest it?

[@DavidAdlawan]

Go this 4:00 youll see it

[@gabbynlilly]

Depends on your interest rate

[@corrySledd]

great video George! i realized that the secret to making a million is making better investment. I bought my 1st home at 21 for 87k sold for 197k, 2nd home 170k and sold for 320k, 3rd 300k and sold for 589k and buyers paid all closing costs expenses etc Not making up to a million before retirement is unfulfilled retirement.!!

[@EdwinBoettcher]

I'm exploring different investment opportunities and would appreciate others' insights on this matter.

[@betbeast9372]

Hi George Please answer me on this I have $66.000 in debt spread across 8 different places Do i save up to pay og the lowest first like lowest one i owe $3000 do i then save up those money to it off in one go or do i pay whatever i can towards it every month ? Im from Denmark sorry for bad English

[@noahkyurem]

Pay the minimums on all debt. Then with extra money, pay the lowest balance first. You pay whatever you can when you can. If you wait to pay it off all at once you let interest work on a bigger balance.

[@nattieestimable7985]

If your mortgage is interest free, do you still focus on paying it off faster?

[@jamesni4498]

Wouldn't it be better to invest that 15% for retirement way earlier in the steps to get in early and take advantage of the yields? Say you have 4 more years left of a car payment. Just make those payments and add 25% (of the payment) to principle and still do your 15% retirement. After 3 years that car will be done and you still did your 15% which will get those yields. I say this because if you're a millennial, your not getting Social Security which makes it so much more dire to get in the retirement savings.

[@aboutwhat1930]

Sure, but you're trading a guarantied ROI for a riskier ROI. Would YOU trade a 100% chance of getting $7 for a 50% chance of getting (or losing) a random amount that averages a $12 gain? The average new car loan is about a 7% APR if you have a solid credit score (and income etc). I like the Money Guys' approach, which makes the company match a much higher priority, but there's a lot of nuance there. The money should also be locked away for decades. (The first Millenials will sometimes qualify to withdraw at least from their current employer's 401k plan without penalty if they quit/retire/are fired at 55, so starting around 2036 but really starting closer to 2041.)

[@christinab9133]

❤❤❤

[@ruthirwin8222]

I owe nothing im retired but have struggled saving so im teying the 50 30 20 and im hoping it will help

[@cwoods5835]

I have to give first whether out of debt or not. It’s not biblical to put God aside because I messed up my finances. So I guess it’ll take me a little longer to get debt free but I’m still working on the plan.

[@fsmoura]

0:32 _"I'm not a fan of one-size-fits-all. Have you seen me?"_ I have, once, doing an interview on the street, but I still don't believe it was real. I'm convinced you were pulling some camera trick to disturb us... like the ones they used in LOTR for hobbits/dwarfs. ( o.o)

[@HOLDXSTEEL]

Get more money ?! Why didn’t I think of that ?!

[@rachelharrison7961]

If you are supposed to budget by the month, why would you follow this routine each paycheck? Very few people get paid only once a month.

[@aboutwhat1930]

True, but most bills are only due once a month.

[@janecusicscheller9784]

Retirees on Social Security only get paid once a month.

[@aboutwhat1930]

@@janecusicscheller9784 Most/all other government employees too. Some corporations and other organizations strictly do 1 paycheck a month. Regardless, you still need to budget. And if you're getting paid more frequently, then figure out how much of your bills you need to pay each week (based on due dates and amounts) as well as what your monthly running budget is (ie the amount to keep in that checking account).

[@ashleysmashley444]

I’m trying to figure out how to make budgeting work for me as a server getting cash daily instead of paychecks

[@gmoney4458]

If you don't make a consistent income or are not paid a salary you can figure the average of your take home pay over a couple months and build a budget around that. It won't be exact but will give you a general idea of the amount you have to work with.

[@bowlinbob6]

I feel like I'm not the target audience for these channels. They all assume you have a mortgage and don't tell you when or how to save if you are a renter, especially with today's house prices. For example I pay 800 in rent, and 37 years old making 44k a year, no debt. If I wanted to buy a house in my area, with a 20% down payment (which I'm no where near) it'd be roughly 2,300 a month for the mortgage alone. Which I can't afford that. I'm currently able to invest $1,000-1,200 a month and have around 40k in roth ira, taxable, and hysa accounts combined. Right now my plan is to dump everything in investing while renting. Dunno if or when to take out to get a house. Maybe when I have enough for 50% down the interest rates will be better.

[@PrinceJayMoriarty]

First ❤

[@Kindred192]

TESLA, MY BOY EDISON, MY BOY

[@nathalieda1]

This content is a bit repetitive

[@cajbaf]

How many times do they have to keep telling people to LIVE WITHIN YOUR MEANS? 🙄. These are the steps to get out of debt. If you already know them, don't watch

[@glendagrosjean477]

My kids dumped a cup of milk in the fish tank and all the fish died. Gogurt is a hard pass for fish.

[@mirainoivuyo984]

So budget by paycheck or budget monthly….?

[@heybluebird]

Hmm I would say whatever works well with you right ?

[@MN_Life5]

I don’t understand the obsession with paying of your house early. Until that final payment is made there is ZERO added security. You have $20k left on your house and have major life hurdle (job loss, health, etc) you can’t qualify to take a loan or get money out of your house. If it’s saved in an index fund you could live off that for years or write a check one day and pay the remaining house balance in whole. Idk why people don’t talk about this option more. Key is to earmark the fund and only be used for house payoff or emergency after emergency fund is drained.

[@GeorgeKamel]

You’re telling me There’s no difference in security if you have a $500,000 mortgage balance versus a $5,000 mortgage balance?

[@MN_Life5]

Yes I agree, but not until you get down there. I think having several years of living expenses making interest feels a whole lot better , but that’s just my take :)

[@adonique1481]

Anyone can recommend a european equivalent of this?

[@aboutwhat1930]

Of their app? I'm sure there's some out there. Of budgeting? Math works the same everywhere (but your labels and options are sure to be different from the USA's).

[@Savannah_Simpson]

So this is just an add for an app. Thanks.🙄

[@fsmoura]

STEP 1: *Spend* STE- No, wait, I might be doing this wrong ( o.o)

[@truh_von_tay]

That GIVING is everything. Think about it if you not a believer in Jesus, what does karma say? And if you are a believer Bible tells us it’s better to give than receive. But oh when we give it will always come back greater and unexpected. *whispers* just like what karma says. 😂

[@beth6287]

Please stop personally targeting me in your videos. Bear necessities AND Gatlingburg. That’s more than a coincidence.

[@timprussell]

I'd tell everyone get your 401K match, sorry but that is a 100% return on your money. Then kill the debt, might take a little longer but your older self will thank you.

[@stuemler]

George, I know you did it with Waffle House, but if they'll let you do a Mr. BEAST inspired curcle challenge as a bless up give away using needy people reccomended by Ramsey Financial Coaches!

[@sprinkle61]

The REASON giving is controversial, is that you have not fully taken care of #1 yet. You need to be financially free, before worrying about giving, full stop. Charity can wait, unless its something you need, and since its purely outside yourself, such a need would be wholly in your mind, as a kind of emotional crutch. That retirement account should be 100 % funded to the maximum you think you will need, and you should own outright everything you reasonably need, AND you should be able to cover ALL of your living expenses with passive income from investments, THEN you should start giving, with any further surplus, in other words, if you currently work at this point, you don't need any of the money, so its fine to spend it on 'your ultimate power', be that a lambo, trips to space, or charity. Charity belongs in the purely aspirational part of your life, when everything else 'normal' in your life is 100 % fixed.

[@blaineburnie6890]

Get started for free. Then pay monthly subscription. No thanks

[@gmoney4458]

The budget app is free. There's an upgraded version that links to your bank account and has some other features, but the basic version costs nothing.

[@AgentGWG]

George makes 6k a month? 😯

[@vigilantezack]

I'm 6 to 12k and still have no money, living in a tiny house with one mini van almost 200k miles. Debts kill most of it, over $3k to barely keep it even let alone knock some down. Health insurance nearly $1k/m, cell phones almost $200, list goes on. Kids, special diets, van repair, pets, back taxes. I could double that money and probably still struggle.

[@danieljohnson4418]

With nearly daily uploads, it's obvious George is pushing quantity over quality.

[@jacobgray9742]

NON-DAVE revenue lolol😂

[@aadarshviswanathan2825]

I've said it before, 10% tithing or giving at any financial situation including when in debt is absolutely asinine and terrible fucking advice.