The 7 Habits of Millionaires

[@tcgtpl]

1. Continuously be learning 2. Being disciplined 3. Practice delayed gratification 4. Stay away from debt 5. Budget 6. Don't let food bust your budget 7. Be Generous

[@stevenporter863]

#2 and #3 are key, which leads to the others on the list.

[@mark.daniel]

One of the best wealth building habits I've learned is ... don't go shopping for anything unless you have something specific I NEED, not just something I WANT.

[@lindadorman2869]

My best money habit was learning to cook. I'm a Le Cordon Bleu-trained chef so I can make whatever I want at home and can count on one hand the number of times I eat out or get food delivered in a year. When I was broke, my food budget was $100/month and I was the master of $1 meals.

[@kingsgold]

seriously. people really need to get over the mindset of eating out is cheaper than cooking at home. or quicker. neither of which is true. and restaurant prices are only getting worse.

[@user-me9ln3nj3n]

@@kingsgold Yes, while the quality of served food is getting worse and worse. Yet here i am, eating out way to often. :(

[@cleanandserene]

Totally agree, my dad is a chef and taught me how to cook all kinds of different food! The only times I order food is when i'm too sick to be in the kitchen lol! It's a nice creative outlet and stress reliever for me as well.

[@westbccoast]

@@kingsgold Or it is that much better, you can cook pretty tasty food at home for 1/4 of the price.

[@westbccoast]

Exactly, I am not a great cook but cook pretty decent tasty meals. There are so many products on the market, even if you want to do low effort cooking like me, you just need to find or buy food you enjoy or can eat over and over and don't mind it. It's really not hard to come up with a hand full of recipes. KZbin has many easy to cook meals, you can get really creative without it taking too much time. If you enjoy cooking, the sky is the limit. I rarely eat out. when I look at food, I calculate how many meals I can get out of a product.

[@miriamO212]

First of all, the person who edits the video needs a RAISE!! Such great cuts in there!! I set a goal back in January to read 52 books this year. I finished book 52 at the end of July! I was telling my friends that it's no coincidence that setting that goal then bled into other areas of my life. Got a new job with a 39% paybump, made a plan to tackle baby step 2, and got elected to a position on a board of directors! Hopefully, I'll add millionaire to the list in a few years ;)

[@peternguyen1911]

Dentist here. I’m just happy we’re giving shout outs to dental hygiene

[@kylepickrem6310]

Fast food and alcohol. It wasn’t until I took a look at my monthly statement to realize how much I was spending

[@maver92]

Don't forget to look at the scale either

[@pensacola321]

I am a comfortable and high-net-worth retiree. We are quite frugal, but whenever traveling or eating out or the situation presents itself, I am a very generous with a tip. I can afford it, it feels good, and it is the right thing to do. Do it.

[@jerrywipf]

Also avoid buying things on sale that you were never going to buy in the first place. Great video George, keep up the amazing work.

[@Mac-pluto]

Who just buys things because they are on sale?

[@desireecotto5640]

This one is so crucial!! Been saying this since I was old enough to know what a sale does 😂 I can’t bear to watch people throw away money for the sake of “saving”

[@AlanNguyenMD]

if I don't have prostitute problem then I would be very rich now, addicting to hiring escort has made me shun interaction with real women.

[@blakeharrison3972]

Paid off my car today

[@heleneelong3679]

🍻

[@charleyluckey2232]

very pleasant and informative life. Increasing your income should always be our priority objective to enable a good retirement. passive income plays a vital role in getting rich that's why I always make sure to invest in others to earn that have paid off a lot

[@charleyluckey2232]

Airbnb is a good investment but it requires capital, I'm in it too, it's good but crypto trading has been the main source of my income even though I barely trade. I earn a minimum profit of 4,500 dollars from my cryptocurrency trading investments

[@charleyluckey2232]

I work with an expert Larry Kent Burton, his consistency in making profits makes him exceptional compared to other traders. I appreciate his services

[@charleyluckey2232]

He's on Instagram***

[@charleyluckey2232]

@ Larry Kent Nick Trading **

[@martinsriggs2441]

I also work with him, it's very impressive, meeting this man was a blessing, I never thought I would make so much profit in such a short time, that's why I call him most of the time a wizard, his services are reliable

[@josephang9927]

I remember a rich neighbor that used to give money to the community so the community helped her and supported her. It is a win-win to be generous with the community but you have to do it right.

[@Defy_Convention]

Shop around car insurance, phone service, and internet provider. I saved $148/month changing all 3.

[@dking1362]

Good reminder...thanks!

[@hillaryvasquez9651]

Thank you for the happy, serene, and humorous video! I truly am a millionaire, with a 7 figure net worth. Growing up, I studied the habits of millionaires in an effort to comprehend what influences their choice of financial strategies. I don't know who needs to hear this saving for a better investment is a great step to financial freedom you're saving a day off work

[@hillaryvasquez9651]

Yes it's been helpful to my general income, I make about an extra 3k from my investment portfolio

[@bashirauwal5825]

Wow that's awesome I'm really excited about this how do I get started

[@hillaryvasquez9651]

There's a lot of investing options real estate, stocks, crypto, ETFs but my best advice get a professional lead you into profitable one and make good financial decisions

[@bashirauwal5825]

Ok how do I get a professional to guide me through the process can you recommend one ?

[@hillaryvasquez9651]

I recommend Rachel Blanc, she's a good one I've been working with her for a good time

[@Anthony-zw1qb]

And paying CASH for your vacations. People at my work brag about going on 2,3 vacations per year but they also brag about charging all the trips . I take 0 vacations or do staycations because I know I can’t afford it. I’d rather save up for an emergency first. These are the same people that can’t afford the repair bill when a major appliance goes down.

[@aaronpickering6138]

The best line of the video, "I know its easier to uber eats your wontons, but if you want-tons of money, skip it" 😀 🤣😂

[@TheMessENT]

love the speedy edits of the channel. keep it up RS crew

[@radwarriortv]

I live in Marin county and it shows both types of Millionaires, listen to this guy. My happiest millionaire clients drive the modest cars and budget wisely debt free.

[@R_Jon]

I am a high earning 44 year old millionaire with 5 kids at home. We spend A LOT on food. Roughly $3k month! We have 4 sons (17,14,10, and 9), and they eat a lot. We also raise our own beef, sheep, chicken, goat, fruits, and veggies (while in season). I couldn’t imagine trying to survive with a family of 7 on my early career at a retail store. I have a lot of respect for the struggle. I was there. My 1st job was a cashier, making $0.75 above minimum wage here in CA- so $5/hr!

[@IrisP989]

Do you have a mortgage? A car loan? You have many kids so I am not surprised. My husband and I have 2 kids and we are spending $1,200 a month (not including pediatric formula, which costs us between $200 to $250).

[@R_Jon]

@@IrisP989 Hi Iris. I have a mortgage. That’s all. We have 6 cars, a tractor, ATVs, trailers, etc. and they’re all paid off. All of our investment properties are paid off too. My hesitation is that I want to buy my neighbors 3400 sq ft home on 5 acres, which according to Zillow is worth about $900k. I have enough to pay cash for that, but not to bug that and pay off our ranch at the same time. Also, I leave about $400-$500k in my C-Corp each year. I suppose I could take it out and pay my home off, but I didn’t want to pay all the taxes, so I’m just leaving it there. My interest rate is 3.99% and the payment is $3400 a month. That’s only 2% of my monthly income, so I’m not really worried about it. Raising boys is a fun task!!!

[@IrisP989]

How many years do you have left on that mortgage? We have two mortgages (one house is a rental). One at 2.99% and the other at 3%. My husband doesn’t see the need to rush to pay them off if we can invest instead and the rental can be sold anytime (over $450K equity). The total of the loans is high but we managed to purchase these homes on a one 6 figure income in a high cost of living in CA and their market value nowadays in total is close to $2M. Both of our kids are boys so it’s fun and can be challenging at times too haha.

[@R_Jon]

@@IrisP989 our home is also in CA, east of Sacramento towards Lake Tahoe. We have 16 acres and a 4200 square feet, and I work mostly out of my Roseville, CA office. The out buildings at our home are barns, shops, etc. We bought it in 2019 but left it empty for 18 months until we moved in during COVID. We still have about 25 years left if I keep paying traditionally. I haven’t chose to pay it off because the upkeep has been a lot. We spent $120k on fences in 2021 to keep the animals in and the predictors at bay, and maybe spent as much on barns and landscaping. I still want to remove an older pole barn and build a 60x40 steel shop. My wife wants to remove part of the roof of our home and build out 2 more rooms and another deck. I have cash flowed all of our projects, so I haven’t been throwing extra on the mortgage yet. I understand your husbands perspective. That’s actually very common. I talk about those sorts of decisions almost every day as a Financial Planner. There is absolutely a level of peace that comes from having a paid off home. That peace has value, and it’s difficult to quantify what that’s worth vs. the potential of investment gains. I believe that women often value the peace more and men value the investment gains more. Just this week I had a meeting where a client couple of mine is receiving a $671k check from the PGE Fire Victims trust due to their home burning down in a wild fire up near Chico (Paradise, CA). The husband wants to invest it all. The wife wants to pay off their $171k mortgage. As their advisor, I suggested a compromise, and I think it’s something they can both support. We decided to invest it, but let their new investment expedite the payoff of their home. If it gets an 8% per year gain, that would pay their home off in just about 3.5 years, and the wife’s budget would no longer have a mortgage payment as we would be paying their loan from their investment account. If it grows like the husband wants it to, it may still have $671k in 3.5 years, or could have even more. I thought this was a good middle ground, and they both felt good about it. Haha. Another marital conflict averted!!! Maybe a strategy like that would work well in your situation??

[@great2bprincess]

I love your KZbin videos George! My worst habit is spending too much money on food! I am constantly working on improving that.

[@gm2407]

Plan for the week ahead breakfast, lunch and dinner plus snacks by cost. Your groceries and home products have to fit into the budget. Also never shop when hungry.

[@iabbervocium]

Hi George! I've been enjoying all your videos and it's been great to see this channel rise to success. My only constructive criticism is that sometimes the edits are distracting. I understand the entertainment aspect, but you are already engaging because of your personality. Thanks again for all you do!

[@ebonylo.]

Less is more

[@OneAndOnlyKJx]

Agreed, I think they are trying to appeal to a younger audience

[@moggekungen]

Agree

[@trungdubais1767]

Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.

[@henrypatterson1281]

Gold and copper remains the best investment to venture in, especially as a beginner, it’s not always affected by the downturn of the market

[@rushenstarnglen4100]

Finding financial advisors like Patricia strain who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@rushenstarnglen4100]

Can also look upto her on web

[@rushenstarnglen4100]

Patriciastain

[@rushenstarnglen4100]

Telegramms

[@MicahLoewen]

Where are people finding $400/month groceries? We buy nothing extraordinary at the store and spend minimum $800/month (2 person household)

[@jblair8746]

This is spot-on. My husband and I spend about $800 monthly on food.

[@brianadams6204]

You eat to much I guess.

[@morbotheturtle3796]

That is definitely high. My wife and I are under $400 together

[@brianadams6204]

@@morbotheturtle3796 Same here the wife and I are also under $400mo

[@iabbervocium]

That's crazy high. Do you live in an expensive area or something? I feel like I would have to work hard at spending that much on groceries.

[@TheMatadore]

I have a family of four, cook and eat 95% at home, no clue how you would ONLY spend $600. Meat and fruit (real food) is not that cheap

[@rachelschneider2880]

I was thinking the same thing with a family of 4 eating mostly at home with meat, fruit, and veggies.

[@Investormillard]

Even for 2 it’s hard without driving to 4-5 stores in crowded city

[@anya8221]

Winn-Dixie used to have buy one get 1 free meats, miss those days. Now still have some deals, but it's junk food or sodas, both waste of $

[@BillDaBurgerEater]

The Ramsey people like to pretend inflation doesnt exist and it just an excuse to be poor.

[@artemkalinchuk]

Family of 6 here, monthly food budget is $1,500. Unless you live on junk food, you can’t survive on $400 per month.

[@rollakid]

My parents gave me a fixed amount for pocket money/allowance when I was young. I can't ask for anything. If I want anything non-essential, I got to save up. That makes me save up for anything I want in cash, and never love food because back then, if I want a new toy, I'd starve myself so I can get it faster, for better or worse.

[@punkbassandcovers]

8. Watching George Kamel on KZbin every MWF at 9am Eastern. Talk about a developed good habit....

[@genflores9286]

I was eating my money away😢 Fast food, coffee and entertainment 😢😢😢

[@jh26pt2]

My best money habit is never indulging excuses (no matter how valid they may seem). If I didn’t get to where I want to go, that’s on me. As Arnold said - you can have results or excuses. Not both.

[@dasanji90]

I'm not Michael Jackson. I am not going to change a part of my anatomy to make anyone happy. The gap in my teeth is not a deformity. It's just wide enough to fit your girl's clit. Please don't cancel me 😂 your girl is into it.

[@kendallcook7156]

I would love to know how many people are in a house that buys a month of food for 600.00. We have a household of 5 and cook 90 percent of our meals. Our grocery budget is 1000.00

[@debbiewalker8925]

Stock and shop method

[@AbidingHopeMentalHealthCoach]

My worst money habit is the occasional impulse buy. For example, I have wanted a pair of bell bottom pants for a while, and I saw an ad on FB today for a pair that look so lovely. I checked my clothing budget and found I had more than enough to get them. So although I didn’t need them, per se, and impulse bought them, I still exercised the good habit of checking my budget first. My best money habit is probably carefully tracking my finances. Every week, and never less often than every two weeks, I record all my spending in my budget and verify that it’s all going according to plan. I also budget every month. I probably do more than I need to, but all in all, I’m happy with what I do. I’m in Baby Step 3B right now, and looking forward to having a nice fat downpayment in a couple of summers.

[@dking1362]

Sounds like you are doing awesome! (And actually, your bell bottoms weren't that impulsive: You've wanted them "for awhile", you "checked your budget" - nothing wrong with that if they fit in the budget!)

[@johnpowers5687]

Hi everyone, I'm a business owner. I've been looking for some guidance on how to invest my money wisely and plan for my retirement.

[@amyblaine1304]

@caseymuller3480 I'm also a professional. I'm interested in learning more about *Robin Brezik* . What do she do exactly?

[@amyblaine1304]

@caseymuller3480 That sounds impressive. How do you know she is Authentic and qualified?

[@amyblaine1304]

@caseymuller3480 Thank you for sharing your experience with me. I think I will give check her out and see what she can do.

[@leannbarker2051]

I need to go shopping at Aldi’s for groceries… thanks for the help 😊

[@ConversationswithNate]

Love the Arrested Development clip... "RISKY! RISKY!"

[@jennyfromtheblock9484]

fantastic video and i am proud to say i follow all these habits i have zero credit card debt try to spend less as possible on food everyday buy only what i need and when i do i pay cash that i saved up for nobody understands me nor my way of living and i am totally fine with that

[@thecoach11]

Excellent video two minutes in liked subbed and shared

[@sophiasavanna1329]

Luv the clips you cut to in your video..ther hilarious.... great finical tips too

[@albyantony1853]

First time watching and suscribed! Loved your style.

[@ThePrinceAJShow]

Not all readers are leaders, but all leaders are readers. ❤

[@XennialGuy]

The eating out thing is very true. I'm a millionaire who owns a half a million dollar car outright, and last night the wife and I used a coupon to split a meal that cost us a whopping $8 at Ruby Tuesday. She got the garden bar, I got the burger and fries. And because I'm so cheap, we took it to go so I wouldn't have to pay a tip. Pretty much the way I've been living the last two decades. Vroom vroom though.

[@cashflow68]

Very nice. If I ever go out for a burger, I never order with cheese. I bring my own

[@dking1362]

Interesting. I guess it's all about priorities...I only want a decent car that is (as close as possible to ) 100% reliable; uninterested in the maker's name or fancy technology. But if I go out to eat, it's an "experience" with a friend; I usually want to savor it with excellent conversation and not rush. I don't mind paying a tip. You are clearly the opposite!

[@dking1362]

@@cashflow68 Hilarious...you save, what...$1? Nothing wrong with it, just strikes me as a funny way to save a little money. Do you, like, carry it in your pocket? Do you decide what you will order before you leave home or carry it "just in case"? And what about other condiments, like tomato slices or lettuce? Do you do that with them as well?

[@XennialGuy]

@@dking1362 yep. I can't enjoy a meal if I feel like I'm eating $50, I don't care who it's with. Something's gotta give to justify the McLaren, lol.

[@dking1362]

@@XennialGuy LOL! (And I rarely spend $50 on a dinner out, either....maybe $25). Enjoy the car! It would probably fill you with disbelief to know I have to use Google Images to find out what a McLaren looks like!

[@heathervenkat1414]

The wonton pun killed me 😂

[@newenglandprepper512]

George Kameltoe is right

[@philipschifano5876]

This is so good the video edits are the best 😂

[@nicholasmartinez6043]

I love this channel. George is a funny dude who happens to know stuff about finance

[@bohlingproject2514]

Did he really say "clurb!?" IN DA CLURB!

[@vikingspud]

Pleasantly surprised by this video. Better presentation and overall quality than many other on this topic. In 20 years I went from fresh out of grad school and $80k of debt (i.e. negative net worth) to a total of $2+ million assets. My habits: I commute 2+ hours a day in my 12 year-old Ford Focus, cook at home whenever I can. Delayed gratification is my favorite game. My car is the only vehicle that I have ever bought new, and I did it with cash. I even recommend to my son to delay marriage until after 30, so he can be on a solid financial footing. The world is full of shiny things to get you off track. The wife and I will soon take the keys to our sixth property, a small two-bedroom that is just under a quarter million $. No financing, as we paid for it in full. I plan to work to 70 and hopefully have a nest egg of $10M or so. Then I hope to not need to delay any more.

[@cashflow68]

Typical millionaire next door watching your video.Great video.

[@mongerj1223]

@georgekamel, are the averages for groceries and eating out based on a per person average or a certain household size? Im curious.

[@The-Financial-Hooper]

GREAT video. Loved the intro especially… George is always subtly hilarious

[@MichaelHasebroock]

Habits- budgeting every month with my wife, not watching or subscribing to TV, and tithing

[@spiker10]

Fully agree with not paying for comfort and avoiding debt like the plague. My son Zephyr will get a kick out of his name getting mentioned. 😂

[@Crosby8771]

Can we just appreciate the creative genius that this video is? Whoever wrote the script did amazing!

[@rachelcrossen8136]

Budgeting !!

[@Z52-g1i]

Just wanted to add for habit #7 that another benefit of generosity is that donations also mean tax deductions.

[@Mac-pluto]

Ahh yes. Let’s donate 100 dollars to save $24.00 Big brain energy

[@Z52-g1i]

@@Mac-pluto You're missing the point though. If the video says be generous: if you're going to be generous anyway, might as well get some extra benefit from it. So to use your example, if I was going to give my $100 anyway, I'm still getting $24 back. Big brain energy SMH

[@moneymattersforeverybody]

@@Z52-g1i I won't lie, I have been known to give more money away at the end of the year to avoid sending it to the government. Yes, I would rather give $100 to save sending them $24! Also, we're sometimes closer to the next bracket and you better bet I'll give it away rather than sending it to them. We plan our giving each year but at the end if it's close, we're writing checks :)

[@ALEXSW46]

It's Pun haven over here 😂😂 love it!

[@devonbennion68]

Dude, the grocery store one is so stacked in the millionaire favor. Millionaire are likely older with no kids at home. I’m on a monthly budget, shopping at Aldi’s, and still paying $800+ a month on food for a family of 5

[@adambarlow81]

Dude.....this is about habits to become a millionaire when you're older, not being a millionaire right now. I have six kids with a single income as a teacher and our grocery spending is more than yours, but still investing little by little, so when my wife and I are old, we will be millionaires (only if the economy continues to grow, it is still a risk).

[@ordinaryhuman5645]

I'm barely a millionaire and I shop at Aldi. About $160/month for a household of 1, so we're on the same level per person... though I'm guessing everyone in your household doesn't have the nutritional needs of a slightly active mid-30s male. It's probably worth noting that those grocery numbers are almost certainly a bit stale, prior to recent inflation making everything significantly more expensive. And yeah, it's probably closer to a 2 person household on average.

[@Mac-pluto]

@@adambarlow81 so irresponsible having that many kids on your income.

[@Mac-pluto]

@@ordinaryhuman5645 you must not be that active because I’m an ex D1 athlete that spends 10 hours a week working out and I spend at minimum $120-$150/week on high quality groceries just for myself. I am also a millionaire

[@moneymattersforeverybody]

Made it to millionaire by 45 with 2 kids at home. Start early, get/stay out of debt and invest. Compounding interest add up in the investors favor :) We shop local and at Aldi and I agree, things are expensive! That's why it's so important to budget every single month. EveryDollar has been a blessing!

[@eduardomoreno987]

Thank you for your generosity!

[@perfectlymprfct]

I love that your subscribers are increasing steadily. Reach these young folks.❤

[@ShampaRanasar-ww9hh]

Very nice video

[@TS-wb4xc]

“Finger lickin broke” 🐓 🤣 Great info ! 🐪 🚂 😊

[@masonr1666]

This is good basic advice, if you are above a certain threshold of income. However, a key thing to remember when doing your budget is having a bit of extra income to live. The hardest step is earning more than $34K a year. Most financial gurus skip this step entirely, and they don't give any advice on how to do it. If rent is more than 50% of your income, you need more income. That means more hours of work, which means less hours to read. However, observing the surroundings at your job can all teach skills. The problem with knowledge is: you don't know, what you don't know. I mean you can only work 12 to 16 hours a day for so long before something Catastrophic happens.

[@thesurvivalist8488]

Constant overtime is stressful and fatal to human health

[@kelms799]

Love the content George!!

[@marjoriehart2232]

OK, the corn cob guy got me!! 😂

[@leannbarker2051]

This is awesome

[@Game-yl2lh]

Super energy!

[@tomnshauna]

Debt is a thief..... That should have copyright protection!!!!!! This one is good too, "The borrower is a slave to the lender " Prov. 22:7

[@imdoc7872]

I would say eating out is my worst habit but I’m a millionaire 😂

[@mdeangelo7110]

Less than 300 on eating out per month that’s like going out 1 time per week which then makes that grocery budget seem low even for a house of 2

[@IrisP989]

We reduced our eating out from about $200-$250 to $50 for 2 adults. Once a month. Also have a $1M plus net worth.

[@jwlove66]

Food delivery apps are the HARDEST challenge for me. I do max out all my retirement accounts right now, but don't own a home. :(

[@Dogbullet]

I think there should be a caveat on the food segment, acknowledge inflation as a factor these days. Otherwise, great info

[@lindawilson4625]

Hey George! You're all set up to be a great father :-) I can tell by your "Won Ton" dad joke :-) Thanks for the informative and fun video!

[@sgist7824]

Very happy to see the Speed reference 😂

[@brandonrunkel6290]

George, I think your numbers on groceries are no longer accurate. We used to be able to do a family of two on $350 a month a couple of years ago. Now with a family of 3 with inflation, it's been around $700 a month. We are very intentional and it is still hard to go less than this. Your survey was BEFORE the crazy inflation so I suggest you reassess this. Thanks for all you do!

[@cassidy745]

That seems high to me-we have 5 kids, 4 are boys who play sports age 13 and younger. My husband and I lift weights and need high protein, we eat organic, no packaged or processed food and spend 1,400mo in Cali. This is separate from restaurant category. Every place and family is different of course, but I didn’t think his numbers were off. Check out freezer to family (not affiliated) if you want dinner tips. There’s a one time fee that has saved us a lot-in just the first month.

[@otgenius]

I watch the Graham stephan and Caleb hammer channel a lot too...I learned that Graham does not budget anymore....That he makes so much that it "doesnt make sense to" and all he does is "not spend"...That ks his budget...But I dont believe it...I am sure he tracks where his money is going...which is, you guessed it, part of budgeting...

[@dking1362]

I usually love the creative edits, but there were too many or they were too long or something today for my personal taste....distracting from the message in some cases. The content itself about good habits was excellent. As an English teacher, I LOVE "Leaders are READERS!" I also really appreciated the inclusion of the Bible verse on generosity; not "hit people over the head" preaching, but briefly speaking truth as the basis for "why." Thanks!

[@Bartonhockey08]

My wife and I are doing well and comfortable, not millions yet but net worth of about 550k at 33/32 years old with 3 kids. With that said, I’d like to see what the average household size is for those $400 month grocery budget and does the grocery budget include hygiene needs such as tooth brush, shampoo, soap, etc. If it is just food, we aren’t too far off but family of 5 isn’t easy to skim by at $400 month, that’s approximately $95 a week .. in perspective, that’s about $19 per person per month, lol. My wife makes homemade meals like soups and spaghetti that are large batches and allows us leftovers but yeah … I’m questioning this $400 a month on food unless it’s breakfast lunch and dinner of Roman noodles.

[@anbay3213]

George, how do I get through medical school without loans? I am listening, intently.

[@RobinTaylorMusic]

I would say this study includes millionaires who built their wealth over a completely different economic time than what we are dealing with today. It'll be interesting to see a study like this in 40 years on how people from today and onward built their wealth over the NEXT 40 years. It'll probably be a little bit different due to economic environments, etc.

[@TartarianTopG]

Nah I think it’ll be very much the same

[@RobinTaylorMusic]

@@TartarianTopG okay so the people who built their wealth with e-commerce & social media, etc doesn’t play a part for you at all?? 40 years ago most people worked 9-5’s so the process for building wealth was different. The next 40 years we have internet, e commerce, crypto, trading, wayyy more options for making money. It will absolutely be different.

[@AnnieConti-c4h]

need some good book ideas

[@kristencobb230]

Every episode gets better! 😂🎉

[@sb2261]

Millionaires definitely save money on food because most don't have kids in the house

[@Bob-yh7ir]

Not true. Surveys and studies show that 90% of millionairs have kids in the house on avg 2

[@tyrantcodex002]

I got all of them right but the last one 😢

[@michaelgauthier1127]

Video Suggestion - How to save for your kids college (baby step 5). I am conflicted between investing for my kids college and paying down my house early. I rather get completely out of debt first and then using my freed up income to cashflow my kids college. I figured this would be relevant to George since he is in baby mode :)

[@Mac-pluto]

No brainer, your kids college fund will return more than the interest you are paying on your home. Build the college fund.

[@donnahampton3632]

My sister calculated her mortgage payments to be done when ger daughter was a senior in high school. If there was any extra on the budget, it went to the college fund. Then, they cash flowed college with the money they were previously putting to pay off the mortgage early, plus, they had all the college fund money for any additional college costs.

[@moneymattersforeverybody]

You will want to talk to a financial planner but as macs said, you will likely see a higher return than your mortgage interest rate. Also there are tax benefits when you invest in college funds. But if you need the funds in less than 5 years, you may want to pay off the house. Some parents don't pay for their kids college and you're not required to!

[@ms.miller9167]

Hysterical! Keep the lessons and the laughs coming 🤣

[@LiefLayer]

I do budget every day, not just every month 😂. I don't buy anything if I cannot afford it right now. Ps. No, I don't like eating out, I like better what I can cook.

[@rossmcgreg6r642]

Good content, George. Something to work on: If someone disagrees with you , the response you comeback with is either flippant or snarky.You've said in the past that people who disagree with you are haters. You may want to rethink that position.

[@emilychavarria5686]

Hi George! Should I have a fully funded emergency fund before getting a master's degree? I have enough to pay for college but still need a fully funded emergency fund. Thank you for the advice!

[@rebelnine6652]

I can tell ya I have the money to pay for everyday stuff. I do use credit cards to pay for my everyday stuff. I don't have debt cause I pay off my credit card everytime cause I use them with paying for It living on less then what I make. And I make 5 percent back on all my purchases instead of making nothing on my everyday commen purchases.

[@r55mannyp]

This $412 a month on groceries is it just for 2 because I can’t see this with a family of 4.

[@DNaupari]

If I get nothing else from this video, except stay away from the corn cob challenge: I am winning.

[@WilliamPeytz]

If you have debt while in college, do you think you should start paying it off right away, or is it fine to wait until you are done with college?

[@moneymattersforeverybody]

Ideally you should get on a budget, get out of debt and pay for school in cash and scholarships :) If you take out loans, we encourage folks to pay them off as soon as possible. Good luck!

[@dking1362]

Not a financial expert, but I know this to be true: You will never regret having paid off debt. If you can make some progress now, do it! If you need to save for interview clothing, your first apartment, car repairs, then do that first. Good luck!

[@williambrethauer9104]

Geo, you are being way logical...

[@benjaminjohnson8377]

Unfortunately your millionaire study is biased towards millionaires that apply Ramsey principles, so all the conclusions and ‘average millionaire stats’ you give are not representative of the general population of millionaires. Having said that, all the advice and recommendations you give are probably perfect for the average viewer of your videos, so the study is still super informative for your audience.

[@harknowhere]

My parents spend probably 3k a month on eating out 😂

[@riot9946]

I think the grocery one is a little outdated. I spend about 200$ a month just by myself.

[@morbotheturtle3796]

Still sounds a bit high. Should probably be closer to $150

[@dking1362]

Same

[@AZ095969]

Good content, I think there are too many cuts to little funny skits. Would like to see more focus on the actual content. I might be getting old tho🤷🏾‍♂️🥲

[@dbag57]

Totally agree. Great content but tedious format. It will appeal to a lot of people though

[@scootsmcdoots80]

i spend about $2k a month on uber eats

[@denispadron3932]

the tiger 🤣

[@thomas8734]

I call bs on the groceries. I use coupons, buy in bulk, and visit several different stores chasing the sale. There is no way a family of 4 can only spend $600 a month. Unless you are eating like crap, and in that case you are trading health for wealth. Just some basic math, fruit is about $2 a pound (averaging different types). You are supposed to have 4 fruits a day, but let’s say you only do one. For a family of 4, that is about $3 a day which comes to $90 a month; $360, if you do the 4 fruits for the 4 people every day.

[@Burgy945]

Wrong

[@tristan2332]

$412 seems low for a millionaire. Our NW is nearing 2 million and we have 2 little girls...we spend about $600 to $700 and thats at a discount grocery store. Main thing is live below your means, avoid debt and invest for some delayed gratification is easier since they are more longterm goal minded.

[@buckibanker]

My guess is most don't hit multi-million until kids are out of the house. We did when they were in high school, so yep way higher grocery bill, probably 200 a week.

[@Mac-pluto]

Was a millionaire by the time I had my third child at 36. We budget $4500.00/month on miscellaneous groceries/household goods/fun money ($500.00 for my wife, $1500.00 for me… divided based on our income) and invest another 8K per month (1K per kid & 5K towards retirement) Investing amount will drastically increase by ~5K once we no longer have a daycare bill

[@IrisP989]

How much are the groceries out of that $4,500? We are a family with 2 small kids and aim to spend $1,200 a month on groceries. Sometimes more.

[@Mac-pluto]

@@IrisP989 we spend about ~$300 on groceries/household goods per week (groceries, toiletries and cleaning supplies) and $150-$250/week for takeout/eating out.

[@buckibanker]

@macsc5497 sounds like you guys had a monster shovel, which is awesome, so probably an outlier from the others in his study that built over tike

[@FitnessDad44]

I definitely guessed it was Cory 😂

[@michaeln2386]

Nice work George. A bit of advice, steer clear of Will Smith. Bad look for anybody that associates with that loon.

[@michaeln2386]

@mrs.shanieekennedy2728 One mistake? Assuming you are talking about the slap. Research what he wrote about Larry Elder and revisit the Barbara Walters interview. The guy is INSANE!

[@ronnieadrian9843]

Amen!