Why Most People Will Never Be Millionaires

[@noahzimmerman-yg6qt]

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin ,While also continuously learning from mistakes and improving

[@ralfbrown-kl1gp]

These so-called quality stock Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my ROI

[@marcellasilva4015]

It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash. The planner devised a defensive strategy that protected and profited from my portfolio during this red season. I've made over $250k since then.

[@marcellasilva4015]

Sharon Ann Meny, is the name , Just search the name. You’d find necessary details to work with to set up an appointment.

[@Snesboy09]

Stop up voting bots ppl

[@OverlandFlorida]

35 with a net worth of 425k. Once I pay off the mortgage, it jumps to 645k. I invest 27% of my pay. Can't wait.

[@ordinaryhuman5645]

Most people don't want to be millionaires; they want to spend a million dollars. If you asked them what they'd do with a million dollars they can rattle off how they'd spend it all in less than one minute.

[@brianadams6204]

1000% agree

[@deserttropics6780]

Great point!

[@benjamincaron46]

Give a Rich Man $1,000, he will return with $10,000. Give a poor man $1,000, he will return with an iPhone.

[@Dannyholt33]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[@mcintyre1]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .

[@mikeroper353]

Exactly ! That's my major concern and what kind of profitable business or investment can someone do with the current rise in economic downturn

[@sattler96]

An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumer staples, utilities, and heathcare companies, but off course such decisions cannot be made by an average Joe, a financial advisor is important in making these decisions

[@trane85]

Such considerations can certainly have a role when I think about whether I ought to buy into a share. But I never purchase purely on that basis, i always have to seek the advice of my financial-pianner who has helped me gain $985k in a well-diversified portfolio that has experienced exponential growth

[@mikeroper353]

@@trane85 Mind if I ask you to recommend this particular coach you using their service?

[@perfectlymprfct]

We're Debt FREE - HOUSE AND ALL! Thank you Dave Ramsey! We became net worth millionaires on the journey. We owe no one.❤

[@justincaldero5174]

Congratulations that's awesome! I can't wait to get there

[@perfectlymprfct]

@@justincaldero5174 Follow the baby steps in order and you will get there. We started in 2019 and just kept going with our snowball to the principal of our home and finished March 2023. Best decision we ever made as a married couple.

[@alo.productions]

Congratulations, I'm On BS 6. Can see the finish line 🏃‍♂️🥈

[@moneymattersforeverybody]

Congratulations!! That’s an incredible feat :-) Well done!

[@TheJCFiles]

Congratulations! 🎉🎉

[@Arc1517]

Net worth $1.3M @ 33. Only debt is house. Just keep saving and investing. Always live below your means and only spend on things you love that being you joy. You need to splurge a little. Life is short

[@cheekychipolata]

Crypto?

[@Arc1517]

Nope. Medical / software sales. Some lucky timing on house equity. Closer to 1.5 now after the market rally. Just lived way below my means for a long time

[@punkbassandcovers]

We started following the baby steps in 2012, with a net worth of negative tens of thousands. Fast forward to today, we're almost at millionaire status at ages 41 and 38. Come on stock market, 3 or 4% more please! Anyone CAN do it. Hard work and patience.

[@winterhavenfarmlife]

What are both your profressions?

[@IrisP989]

Do you have any debt?

[@jberlat]

You have plenty of time for your money to double 3 more times into your 60's.

[@brianmcg321]

You can do it.

[@alo.productions]

Congratulations 👏🎉🎉 I'm almost there myself. Can see the finish line 🏃‍♂️🥈

[@Bob-yh7ir]

I'm a millionaire. Went to get a bottle of tea at work today and it scanned at $3.23. I put it back !!!! No way I am paying that for 16 ozs of tea. Went home and drank my home made tea which costs me pennies per glass.

[@Bob-yh7ir]

@@snatchinitback4635 oh we do. We travel in and out of country several times a year. About every month or so. My work allows unlimited time off, as long as nor abused and I work remote, so take my laptop everywhere. Also have get together with the neighbors where I supply all the meats for a couple cookouts, and starred a scholarship at the local high school among other acts of giving. Love that we are at this stage where we can do all that.

[@leytonfortnite4724]

well done!!!

[@mandy3486]

Watch the pennies and the pounds follow. Black tea at aldi, for that price you can get at least a box of 100 tea bags

[@donaldlyons17]

@@mandy3486 I would rather watch the pounds because for every penny I save it takes 100 to make each pound. Save on the small things last because I need to focus on saving on the big thing first!!!!

[@ashdobbs]

thats nice, dear

[@StephsHealthMatters]

The little Bow Wow pic had me going back watching that piece and 3 or 4 times!

[@jackburton806]

My dad explained compound interest and stocks, mutual funds to me when I was 11. It was real easy getting to the first million (I don't include the house but I don't care if you do). I literally never earned more than 45k in a year but put aside 15% or more every year and dollar cost averaged for 3 decades. Patience and consistency is all that is required.

[@Westcoastguy]

Great job man. Not making more than 45k and being a millionaire means you started early, saved, and invested.

[@carolannstevens5814]

How long did you have at what age please? We started late investing.

[@grudzien9784]

I’m on step #2 of baby steps. I will see you guys in a few years. No more stupid spending, time to invest in my future. I’m 46, I plan to be debt free by 48, after that sky is the limit!!! Super exited, got the first step done and now attacking then CC debt first.

[@zodeadlifts9295]

You’re 46 in CC debt. You’re not intelligent nor disciplined enough to be a real millionaire

[@daltonbrasier5491]

How is it going so far?

[@moneymattersforeverybody]

It’s never too late to get started. Getting out of debt changed everything for our family. It was life changing. Great video George!

[@crystalbuda7595]

Sell the horse, haha 😂. Saw what you did there; you’re all about selling horses! And that chain email stuff at the end…classic!

[@sippingtea4743]

Debt free $1.6 million. Household income was usually under $100,000 raised 2 college kids and they have no debt.

[@bradmitchell5217]

Awesome! That’s incredible and congrats! My wife and I are pretty young and both have a lot of student debt! Just starting our journey as we both got our jobs. Your kids are very fortunate to have you! My wife’s parents and mine were both pretty bad with money. But thankfully my wife and I are unified in the fact that we are wanting to get out of debt and invest to hopefully become millionaires one day!

[@MeowWow-q3h]

@@bradmitchell5217Excellent. Good luck on your journey!

[@ItsMe-ko6sz]

Age?

[@alo.productions]

Congratulations, I'm On BS 6 and can see the finish line 🏃‍♂️🥈. I'm 40, and at this rate of saving and investing.. I can retire with a couple million, it's very attainable

[@sippingtea4743]

@@ItsMe-ko6sz 59. I was a stay at home mom. Both kids graduated college debt free in 4 years with jobs that provide for them well. We rarely had an income that hit $100,000 in the 30 years. Networth $1.6 million. We just followed the Ramsey plan and enjoyed raising our kids. This is very achievable by anyone who wants it. Looking back we all enjoyed the ride.

[@clarenced4090]

My co-worker literally called me scrooge mcduck today because I'm the only one not going to eat out friday🤣🤣

[@mandy3486]

If work is paying I'd go. Otherwise enjoy saving time and money!

[@TheDjcarter1966]

Biggest thing for middle class is new or expensive used cars the difference invested would make every middle class person a millionaire

[@Patriots41793]

So true. Average new car payment is up to like $700+ month. Insanity. 😅

[@Snesboy09]

​@@Patriots41793meanwhile my car payment is 0 because I just paid it off :)

[@Westcoastguy]

Great excellent video George. Had great information with the humor. I'm going to show this to my daughter who is 20 years old and show her that the earlier she gets into investing, the more she'll have by the time she's ready to retire. Thanks.

[@TheJackCain-84]

I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!

[@JacquelinePerrira]

These are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The bigger the red candles, the bigger the green ones.

[@martingiavarini]

Investing in stocks can be a wise decision, especially if you have a dependable trading system that can lead to successful outcomes. Personally, I've been working with a financial advisor for about a year now. Starting with less than $200K and I'm now just $19,000 away from making half a million in profit.

[@LindaHaire]

Impressive can you share more info?

[@martingiavarini]

Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@LindaHaire]

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

[@GentleBrawl]

Stop paying for the past, start building for the future. Love that!

[@mathematician1234]

I left a job in 2002 and I had 11,000 in a retirement account. I ignored it. By 2009 I had 22,000. I ignored it. By 2016 I had 45,000. I ignored it again. I just checked it. It's at 96,500. I am ignoring it again. Seems like it doubles every 7 years. I did not even add anything to it. I just left it alone and let time work on it. I chose the funds carefully. Low-cost, diversified, growth-stock funds. I knew the theoretical math in advance, but seeing it in action is something else entirely.

[@jberlat]

@@snatchinitback4635 The SP500 is on that pace over the last 20-25 years.

[@kamoroso94]

I hope you're investing something somewhere else if not in that account.

[@mathematician1234]

@@kamoroso94 Oh yes, absolutely. This is just a nice example of what money will do it left alone. 10 months after my post, and it's over 105,000 now.

[@ptyleranodon3081]

I did something very similar. I saw my mom scrambling to put something away around the time I started getting into my career so as soon as I had a 401k option I started putting something away. I had a rough go a few years in and had to pause my contributions for a few years. But that initial amount just kept growing regardless.

[@karens2346]

The baby steps work!

[@rollakid]

It works for those living outside the US too. But getting to USD millionaire might be a bit hard.

[@michellesteffen9761]

Precious Moments figurine collections were the church lady status symbol of 1993.

[@jennymeier3018]

Tthis is all so true. Working on our debt now. 😢

[@codymiller9413]

A man I can be happy to see succeeding

[@fem95]

I love your content! it's so Dave Ramsey but in our generation. Thank you so much!

[@silverminer1]

George gives good financial advice. I've been doing what he recommends for 40 years, and I'm now 66 years old and a multi-millionaire.

[@UnitedHornet]

Im 17 trying to learn as much as possible so I don't have to work by the time I decide to retire

[@sanitary103]

@@UnitedHornetyou’re ahead of the game already being only age 17.

[@UnitedHornet]

@@sanitary103 thanks yes I want to waste no time with investing and being smart with my money, I already see myself either being in real estate or going to culinary school and living frugally for a little bit living above my means

[@BossItUp911]

@@UnitedHornet Just a few steps. (a) high paying career (b) invest as much as possible (I do 50% of salary) (c) Keep it simple and low cost - I do S&P 500 index ONLY (d) keep repeating. I'm currently at $2 million at age 38. Like body building, it's conceptually easy but most people don't want to do it.

[@UnitedHornet]

@@BossItUp911 thanks! Really hit it when you said body building because I'm very disciplined with working out and lifting weights, I feel like I can be financially right why not? Also what do you think of the Roth IRA retirement account?

[@AndresRomero-mi1gz]

People confuse being millionaire with BILLIONAIRE

[@robbie75713]

I LOVE you sense of humor!! 😂

[@9latinumStudioz]

6:46 Blake never caught up 🤯 Willy Wonka 😭😭 such great acting 👌✨ Creed ☠️ Stanley 😂😂

[@untouchable360x]

"Becoming a millionaire is easy but people don't like to become one slowly." Warren Buffet

[@lesterjohnson2691]

Is that a real quote. Nonetheless, so strong

[@yocelyncarrillo-luna6585]

Becoming a millionaire isn't easy. You must have $600 to invest monthly. Most Americans don't save any money, MUCH LESS invest it. Having $600 to invest monthly is privilege in this economy. Yes you can work hard and make an extra $600 to invest but at what cost ? Missing time with your loved ones ??? Not worth it to me whatsoever

[@untouchable360x]

@@yocelyncarrillo-luna6585 Victim mentality. You only need $100 a month to invest starting at age 22 and it will be close to million when you retire. Wait, you rather spend your money on Starbucks, brand new cars, iPhones, streaming services and Amazon junk. Sacrifices are never easy.

[@thereelaccountant9246]

​​@@yocelyncarrillo-luna6585ou are tripping. $600 is not a privilege. The average car payment in America is $700. It's not hard to make enough money to invest $600 or more a month. Stop having a loser mentality and go win. Increase skills, w.e. My wife and I both have decent, but not over the top career/jobs and have kids. We have a good work/life balance and never work more than 40 hours a week. It's not rocket science

[@AlphaShadowSphere]

​@@yocelyncarrillo-luna6585 No one said becoming a millionaire was easy. To George's point with teachers, having a bigger income helps but it's not the biggest issue.

[@finn54123]

Good general advice. Save money, live frugally, invest intelligently. But it isn’t some set strategy that suits everyone. Also 11% annualised returns? I thought it was 10%. Might not sound like a big difference but it’s pretty huge when you’re compounding for decades. Also there’s no guarantee that the market will keep going up, especially at this 10-11% rate. There’s been periods where the market has gone sideways or even down for decades. There’s nothing to say the annualised return for the next 60 years won’t be -10%. Nothing in investing is certain, not that you shouldn’t invest you totally should. It’s just important that people are aware of the risks.

[@donaldlyons17]

George is busy trying to create house millionaires which is totally silly. He should be busy trying to create cash millionaires. But these Ramsey people don't like to talk honest about how math really works!!!

[@cynthiarodriguez3346]

Thank you George!!❤

[@EE-hi4re]

You're so funny 😂 love that part of your channel btw

[@carolannstevens5814]

I love this example of Blake and Jack!

[@guillermorivas7819]

It can be done but it takes a lot of discipline and dedication.

[@stephenrice5938]

@protrader894Scammer Alert!!! 💩💩💩

[@NaturalWifeyandMamaBear]

Thanks for the examples, super helpful! And motivating! Gives hope. I share with whoever I can about Ramsey ways 👍 and y’all’s channels. Just chatted with our HVAC guy and he downloaded the Every Dollar app Bc told him about 👍😀 also the 20 year old with him has already started a Roth and match at work 👍 we all had a great chat!

[@PsychPatric]

Who edits your video? Looks amazing ❤

[@peace-a]

Love his sense of humor😂 👍🏼

[@xlerb2286]

Working in the tech field you see millionaires. As George says they're just common looking and acting folk. You see a person driving a "sensible" car that's a few years old, that has a nice home but not a McMansion, it's a fair chance they are or will be a millionaire. I got started a little late so there was more Blake in my past than would be ideal. But I've made up for lost time. Paid off the mortgage a few years back. Now I'm 62 and could retire most any time I wanted. That late start didn't make it easier but it's still possible without unreasonable sacrifices.

[@donaldlyons17]

Well how do you assume anything? First outcome comes down to so many factors it is difficult to say why some people are rich while other are not.

[@kaeros5521]

Love the video! 😂 Nice job!

[@chriss7552]

Hey . Thank you to RAMSEY BABY STEPS.I am debt free. I was saving for 3-6 months of emergency fund. Then my car needed repaire out of the blue. $2k. I was so relieved that I had the cash to pay for the repairs. I did not have to borrow money. I had the cash in my wallet😊. It works.

[@morningmona]

I hit a million at 34 and two years later saved up to 1.5 million. No debt. Yet I’m still renting and houses in my state that are half decent in non gang ridden homeless ridden neighborhoods are 1.2-2.5 million. If I buy a house I’m near 0 net worth…to be feeling actually rich or millionaire class comfortable I’ll need 4-5 million.

[@Amiga247]

How does having a pension change investing for retirement?

[@stevenewsome5306]

I had a negative NEGATIVE net worth at 35!! Paid off all debt with snowball 35-37. Invested like a mad man and still am. Now I’m 39 and have over 100k.

[@13Laynie]

I love everything Dave Ramsey...however it does sometimes feel discouraging when George and Rachel talk about it doesnt happen overnight and they have been doing it for 10-15 years...but I've been working the plan gazelle for 15 years and we are still on BS6 and will be there for a long time.

[@mathematician1234]

Well done. You are doing great. You are ahead of most people on the planet. Note, however, that Mr. Ramsey says that the gazelle intensity is only for the first few Baby Steps. I cannot remember exactly which, but Baby Steps 1 and 2 for sure, and maybe Baby Step 3. So, it's not meant to be 15 years of gazelle intensity.

[@JosPlays]

"Sell the horse if you have to", oh boy, here we go again with the horses and George.

[@CarlosLobo-y7i]

Amazing!

[@jimmycain8669]

I’ve always had a knack for getting the money. I reached one million cash in 1981 and lost it all by 1989. Started over and racked up more than a million in 10 years and learned to keep it from the first go around.

[@thomasmccoy326]

I'm confused about his statement regarding compound interest during his Jack and Blake analogy. When we invest, we are buying shares in stocks, bonds, funds. Those shares are exposed to the market and market fluctuations. How does compounding interest play into this? Isn't Jack's money just sitting in funds going up and down with the market?

[@sb2261]

I've never related to the references in a video more. Willy Wonka 👀👀

[@isaiahayers1550]

7:17 sounds like he almost said "compound growth." Kinda mumbled the end without confidence.

[@joshhoward1289]

When o when will you update the millionaire study? (Or even expound on it with more current data)

[@dreams2383]

It's not that old. It's only like 4 years old.

[@joshhoward1289]

@@dreams2383 You’re right, thanks. I thought it was older…”study was conducted over 7 months from Aug 2017 to Mar 2018, so just 5 years ago. (Published in 2019) Just seems like it doesn’t include tech-related fields. I do hope they are continuing to gather data.

[@dreams2383]

@@joshhoward1289 you can look at the white paper it's actually hundreds of pages long. The book was a much shorter compressed version of the actual study. There was tech jobs because IT and engineer where on there.

[@chriss7552]

👍 thans . Need more motivation.

[@KaiSosceles]

With the downward trajectory of fedfunds rates and the money printers going brrr, I think many people will become millionaires…but a million dollars just wont mean much of anything as far as purchasing power.

[@jamalamitchell]

That Willy Wonka clip is one of my all time favorites!!😂

[@chrisconsorte7893]

Are these studies posted on the Ramsey Website?

[@babettenixon1433]

I am still working full time (teacher). Does 10% of my income that goes into my pension each month count towards the 15% towards retirement? I am currently also adding an additional $800 each month into a 403B.

[@williamdavies6468]

Guess i cannot invest since I have to wait until my debt is gone. I am 56 years old. I do invest in my 401k plan and will retire in about 10 years. My debts will take me a while to pay off because my income is not high enough so I use credit cards. I try not to overspend but emergencies happen and I don’t have much in Savings, so use credit cards to get by. I will keep investing so I can some when I retire

[@supremesalez9635]

such a good video

[@Eagleknight815]

George selling horses again. I get it. First time around, it went viral!

[@katyedwards3935]

What lesson/session of FPU is he talking about?

[@skeeteryeeter1799]

Inflation on average is 4% if you dont take that into consideration your 1 mill will be 500k in 30 years.

[@jberlat]

Inflation that high is temporary. It's normally around 2% and was less for about 10 years.

[@benjamincaron46]

Even with Inflation, most investments will beat it by about 7 to 8 percent.

[@Harperrr.99]

Great Content Kamel, Investing in alternative income streams that are independent of the government should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.

[@bill-_]

@@Blitcliffe I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?

[@Sopknapp]

@@Blitcliffe Thank you for this amazing tip. I verified her and booked a call session with her. She seems Proficient.

[@acceptyourchallenge]

Mister moneybags with his raise…people get those

[@joe62845]

I feel like being a networth millionaire is not as great as it used to be thanks to inflation. We need more than that now.

[@CitAllHearItAll]

6:35 even at 10%, that’s 1.1 million for Jack. What annual growth rate are they using!? It’s still great advice. But WOW Ramsey channels are overly optimistic about return rates. 11% IS unrealistic for our futures. But whatever gets people started, I guess. It also doesn’t account for inflation. You might end up with 1 mill, but it’s not gonna be worth 1mill like you think about it today. Every 25 years, you lose half. So even in these optimistic examples. No one is retiring with 1 million here.

[@bretsanderson7642]

Harshing on Yeti today, George, haha. I still love you, man. Best Ramsey personality!

[@annetawney2408]

I had a coworker once who refused to have a retirement plan because she didnt want to "give the government my money." Her plan? Live off of social security when she retires.

[@wealthbytes]

Ouch...that one really knew how it all worked

[@jenniferspisak]

😅

[@TheRosswise]

That's like the cow that refuses to give milk but chooses to stay on the farm. Probably wont end well for the cow.

[@jberlat]

except a 401K or IRA isn't owned by the govt.

[@alo.productions]

People are really oblivious to planning out for retirement. It's sad really, we live in the wealthiest country.

[@randyduerinck4805]

Monday left me broken 😿

[@timlemmon2332]

Thank you for clarifying that you are talking about net worth millionaires, not millionaires with money to spend. You can't touch you two biggest investment until you retire. I am not saying it is a bad thing to have money at retirement. You do need something to live on . Just know that if you retire with a house worth 300k and have 700k in your retirement account you will be living on less than $50k per year. Pretty decent as long as you don't buy that new car you wanted when you retire.

[@rossmcgreg6r642]

If it's true that 80% of the participants in the Dave Ramsey millionaire study came from people who already were Ramsey followers, doesn't that skew the results to reinforce what Ramsey teaches?

[@donaldlyons17]

Yep and the huge issue is people don't look at income hard enough. I don't know anyone making the legal minimum who is not broke so behavior can't solve all the problems.

[@Captain-Electro]

Funny thing, the commercials I see before and during this video are Bitcoin and credit card commercials. They are working it hard. I paid off my credit cards, and they are hounding me hard for that credit bump they want to give me.

[@mattbleiler7294]

“The average millionaire pays off mortgage in 10 years”. Is this an accurate picture? Or is this because it is their 2nd or 3rd mortgage? I want to know how many total years of their life that they were paying for a mortgage.

[@alexbright7735]

Yes but although avg is 10% doesn't you get 10% every year. Calculation is flawed.

[@MediaByMatias]

Love the facts and video !

[@csambrooke]

Is this 15% of net or gross income?

[@davidheimberg1567]

George George George what are you do when you’re disabled and you can’t work and you can’t find other work because of the pain. i’d like to have your thoughts on this.

[@ordinaryhuman5645]

If someone is so disabled that they can't do anything that anyone besides them would value, then it's probably time for the S&W retirement plan when the money runs out. But if someone was that disabled, they probably wouldn't be commenting on YT videos.

[@donaldlyons17]

@@ordinaryhuman5645 Some jobs will not pay well if people take too long to complete task. There are plenty of people who don't think straight or whatever. People are just not equal .

[@dmick9168]

Just paid off my truck!

[@carrioncalisthenics]

How much is a fully funded emergency fund?

[@kenwilliams3279]

3-6 months of all your expenses. More if you need that to feel comfortable

[@maxshiraz3447]

The main problem with saving 15% for retirement is social security taxes. The 15.4% FICA taxes prevent most people saving for retirement. If you didn't have to fund that social security ponzi scheme youd be better off

[@cmzeeb]

“China cabinet full of precious moments, figurines” 🤣🤣🤣 yep I’ve seen that person with that “investment”

[@jrpotter9659]

I have a friend who is a landscaper(employee, not owner) who will be a millionaire because his Dad made him start an IRA when he was 16. Had he not gotten married(and subsequently divorced) he would already be a millionaire but her lawyer found his IRA and he had to pay her $350k out of it. At 41 he had nearly $700k saved- that's as a wage worker

[@pgplaysvidya]

You know what's weird. A lot of us have "21k" in some amount somewhere. I famously had 50k by 30 because my parents made me invest. But they told me to put it in rrsp which limited me to high mer funds and not the stock market. So now I can't just set it and forget it. Also 2.5mm in 37 years is aggressive . However, if you got 6% return and only invested 1000$ a year for 37 years you could get that bread. My weird takeaway is that where you invest is critical

[@obliviouspirate]

If I want to retire before I'm 59 1/2, what's the best additional place to invest?

[@GeorgeKamel]

Brokerage account as a bridge account

[@obliviouspirate]

Thanks George 😁

[@matthewfontanez8692]

Can you do a video about the mutual fund, index funds, and target date funds? Thank you

[@gimmpy91]

My life style creep goes towards my 401k. Every time the Military get a pay raise or i hit my raise marks, I increase my 401k contributions.

[@bradmitchell5217]

That’s really smart! My boss who is in his mid-40s has done this too. He started in his late 20’s doing what you are doing. He owns a lake house too lol

[@gimmpy91]

@@bradmitchell5217 Same! I didn’t take advantage of the 401k for the first 4 or 5 years. So im playing catch up and bumped it to 20% when the market took the down turn last year. I suspect in the next year or so I’ll be able to put $1k away each month. I cant afford to max it out but im putting in as much as I can while still supporting a family.

[@stargrrl__]

the jokes hit a little more in this one. good job

[@lindadorman2869]

Would love to see practical advice for those of us who are 65+, retired and debt-free. Too late to become millionaires but comfortable life on a fixed income is the goal. If you have $100K cash, is it better to save in HYSA, buy a home or do something else?

[@alexpietsch7997]

Ask Dave. George ain't going to see any fixed income because we're busy paying for yours

[@donnahampton3632]

If you are willing to get a job, you can put 100% of your income in a retirement account such as a 401k or IRA (up to the annual max). It saves money on taxes. If you are not willing to be employed again, then you can put money in growth stock mutual funds. That is not a retirement account so it doesn't have the tax protection. But over the long run does give you higher earnings than a high yield savings account. HYSA is perfect for your emergency fund, and also for saving up for things that you need to pay for in the next 1 to 5 years.

[@tmanwheeler8270]

@@stuart6478wow your a pimple on the face of society

[@jberlat]

Why can't you work a bit at part time jobs like pet sitting or tutoring kids? There are plenty of jobs that you don't even have to leave the house.

[@brianmcg321]

Look up videos by Josh Scandlen of Heritage Wealth Planning. He does lots of retirement videos with small nest eggs.

[@rossmcgreg6r642]

You do not know what's going to happen tomorrow; your life is a vapor that appears for a little while then vanishes away.

[@genekerux5091]

Good point, let’s stop working!

[@timothylucas2167]

Do pensions count toward ones’ net worth? If so, how do you determine the value of a pension?

[@scottf9044]

no, because you don't own the asset. Simple.

[@batardglouton5455]

​@@scottf9044you own your contributions and those of the employer, for most pensions. Unless you get fired for misconduct, this money is yours whenever you leave.

[@darkmediatracks]

A million never was the live out your dream number but a millionaire regardless of inflation is really really good and ahead of almost all 🇺🇲. Inflation has become the biggest cop out ever smh.

[@emilyoha06]

Sell your horse!! LOL very clever George!!!!

[@ThePrinceAJShow]

My Daddy says if I invest consistently I’ll be a millionaire one day. 🙂

[@akirebara]

I'm a first generation immigrant. Started with negative net worth to almost $300K in my 30s, with now putting 17% of my income into 401K and $40K+ in Roth IRA. I worked overnights and then would go to school in the mornings/afternoons. There were times that I would cry myself to sleep, not from self pity, but from just tiredness and body aches and pains. If I can do it, anyone can. Especially if you grew up in America and don't have an accent. I have a very good high paying job but I took a part time because I want to pay off my house in 10 years. So don't tell me you can't do it.

[@donaldlyons17]

What does you being an immigrant have to do with natives ability to do what you did? Are people supposed to all be the same. What about all those people who never left where you came from? Are they just like you or the natives. To say something is possible is not to say it is also likely. Also you might have hit the lottery with your outcomes and we both know everyone will not succeed despite their best efforts.

[@akirebara]

@@donaldlyons17 k

[@Resolve_DigitalMedia]

@George, I see what you did there with the horse reference. Nice one lol. Have a great day my friend! You’re an inspiration for financial independence and living life without financial stress. Keep it up. You’re definitely one of my top KZbin subscriptions

[@westbccoast]

Love the video George, I don't think any of your videos didn't me laugh, I love the various jokes and clips to spruce up the video, they awesome ..

[@Vanilla_Phil]

I don’t need a million dollars. I just want to be debt free!

[@AdamConstantine]

Ok is this 15% with or without match for 401k?? Need an answer if anyone knows because STILL I haven’t hear anyone from Ramsey specifically say in the hundreds of videos I’ve watched lol.

[@GeorgeKamel]

Regardless of match. I don’t care if they match 3% or 10%, you STILL invest 15% of your OWN money.

[@AdamConstantine]

@@GeorgeKamel thank you!!

[@donaldlyons17]

@@GeorgeKamel You really think that everyone has 15% after all their own fees and expenses. Ok online recently people were debating if $800 was life changing and you know what many of them said it would be. So assuming people make at least 10K each year it is safe to say they view $800 as something significant. And $800 is not even 10% of 10K!!!! WTF are you talking about? There is no way a huge percentage have a money issue at less than 10% yet they can save 15%. F that just be honest!!!!

[@stevenscott2136]

People don't want to HAVE a lot of money -- people want to SPEND a lot of money. And most of that spending will be pure showing-off -- "Look at me, look at me! I have a solid gold toilet!"

[@donaldlyons17]

What even if the save a ton of money the median income of 50K only made 1.7 million if that income holds for several decades. They are not averaging 10 million made only a few million...

[@GunnHillfiger]

The reason teachers make up 1/3 of millionaires is likely they are women dating men who make a lot of money. Just keeping it real on that statistic.