How I Built a $1M Net Worth by 32
ฝัง
- เผยแพร่เมื่อ 13 ก.ค. 2024
- 💵 Create a free Budget - Sign up for EveryDollar today! ter.li/ubldyt
How I Built a $1M Net Worth by 32
I went from negative net worth to net worth millionaire in a decade. How did I do it? Not crypto! In today’s video I’ll share some things I did that helped me get my net worth to $1M by age 32. Pair these with the Baby Steps to accelerate your financial progress!
Links:
Free Coverage Checkup: www.ramseysolutions.com/insur...
Baby Steps Video: • 7 Steps That Can Make ...
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
![แขกคนแรกร้านแจ๊ส [ซี - เอมมี่] | iJazzKhunJang](http://i.ytimg.com/vi/XP6C9kulFfc/mqdefault.jpg)
![[TH] Esports World Cup : Knockout Stage Day 3](http://i.ytimg.com/vi/t3FcD5TD8qI/mqdefault.jpg)
Professional jobs, investing in stocks & global index funds, and steady saving - that’s how I got to the 1M mark!
My wife and I are in our mid 30s and have about 300K in various savings/investments account. 1 million is certainly a goal, hopefully before we hit 50.
Get it! Keep stacking assets & watch it grow.
What’s the best return on your investments?
Well, um.. 20% annual return!!! I’ve got a fund manager that is positioning a global fund that has a five-year history and it has been consistently beating the market.
I’m more concerned with how you do it. LOL! I’m struggling to hit 5% a year.
For me, the ultimate goal of money is freedom. In my perspective, 1 million is the magic figure that will let me to worry-free at 65 years old. Is it preferable for me to save money or allocate a significant amount of my salary to stocks in order to accomplish this goal?
Varied sources of income is wise and especially living within your means. My net worth is $1M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice is subjective, but planning is essential. I was fortunate to learn about personal finance early. Started working at 19, bought a home at 28, got laid off at 36 during COVID, and and at once I consulted an advisor to handle growing my finance. Now, I'm just a few hundred thousand short of my $1M goal.
Your advisor seems competent. Could you share how I can reach out to them? I've recently sold some property and i am interested in investing in stocks.
I'm cautious about giving specific recommendations since everyone's situation varies, but I've worked with "Melissa Elise Robinson" for years and highly recommend her. See if she meets your criteria.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
Convinced George has the best editor on TH-cam
The entire Ramsey team seems like the cream of the crop. They don’t hire or put up with anything less than the best
def has an editor that works great w/ george, chemistry i can even say
I’m telling you. Give that man a raise ASAP 🙌🏼👏🏼
Plus George is a musician and has some entertainment/marketing sense.
Mr beast editing team clears
12 things:
[1:36] 1. Live on Less than you make
[2:04] 2. Get a degree with ROI
[2:48] 3. Choose a spouse wisely
[3:44] 4. Avoid debt
[4:10] 5. Invest early and consistently
[6:10] 6. Keep learning
[6:40] 7. Work hard
[7:10] 8. Practice delayed gratification
[7:25] 9. Never stop giving
[8:04] 10. Have an emergency fund
[8:28] 11. Buy a home when you're ready
[9:00] 12. Get defensive
#2 "No, I don't think I will." XD
13. Not caring what other people think
Only if a good amount of folks do what you guys teach, just imagine how many millionaires we already have or will have in the future. Not the sad statistics where at least 50% of people are living paycheck to paycheck, even for high income earners. Great contents as always!
A relatively simple way to build wealth for future generations is to consistently invest in top-notch, dividend-paying REITs and blue-chip companies over time.
Unfortunately, despite the fact that investing ought to be the best thing a person can do for themselves, most people seem uninformed and careless when it comes to it. My fortune continues to be greatly impacted by the gains I made from stocks and cryptocurrencies. I therefore don't feel the need to wait for the market to improve or to rely solely on my pay.
How can I touch base with Jill? what are her services like? is she verifiable? do you think she can help me, I live in Canada.
“My Wife and I have a combined net worth of 1M” is very different than you personally have a net worth of 1M. I am glad you lead with that.
No, it exactly the same under the law if you are married.
@@OUTDOORS55yet only half as good as being a millionaire on your own, outside of your spouse’s wealth.
#1 Make lots of money
#2 Buy a house right before the market goes crazy
100,000 subscribers! Congratulations!
Fantastic advice, George! I love the logic and simplicity of these steps. Makes wealth building feel really accessible if you have discipline and motivation. Also the editing on this video is amazing
George, you're the freaking man. Proud of you brother.
Thanks bro 👊🏼👊🏼
I am 45, no kids, and currently at 550k net worth. Still investing in 401k, ROTH, HSA, and ETFs. No debt other than house. House is about to be paid off in June 2024. LFG.
Way to go!!
That’s awesome good job
Genius, as usual!❤❤❤❤❤❤
Never stop giving was the best tip on the list
Quickly becoming my favorite TH-cam channel, look forward to every new episode. ❤
Almost 100k subs George keep it up
YEAH!!! 100000 subs Congratulations!!!
Thank you!! Unreal!
George, I found your video quite interesting. You really sure did change your financial life around!
Thank you for sharing your inspirational story!
The tip at the end is the most important piece. Stop caring what everyone thinks.
Thank you George for another awesome video, my two kids are willing to watch your videos. In fact, everyday they ask to watch your video. Love love love that you say choose your spouse wisely😂 it’s real but many ppl don’t even thought/think about it. Please consider to make a video for teenagers to be wise and start life on the right track…
Maybe you, John, and Jade should collaborate on a music project. Haha. Keep up the good work, George. Your videos will hopefully help steer the younger generation in the right direction.
WE George, got to loose the I man. Congrats brother for the great content and solid work.
I majored in Communications too, George... I don't really use it, but I think that will change, some day.
Awesome George! We are wayyy behind you, but hope to catch up some day lol. Both 31 y/o and household net worth of 300K. Had to pay off 120K in student loans and had kids in our 20s doesn’t help haha
I doubt you’re “wayyy behind”
The 🤡 is lying.
Too many holes in his story…
I like the last one, live like no one else so that you can live like no one else.
It's not the sexiest, but definitely a doable strategy! Good stuff George, once you cash out that Retirement Account and Sell that House you're gonna be living like a King! 👏
Every point is right on!!
Congratulations,beautiful gift from God,may He bless ur family ❤️
Sure wish I would have found you and the Ramsey program years ago.
Good job George! 1.1 million net worth at 35 right meow 🎉
Way to go!!
I built a positive net worth for the first time in my life at 32. 💪
I appreciate that there's more and more young millionaires who earned their wealth conservatively
Living proof that you can make it, even if you're young and clueless. In fact, being young is more of an asset
To be a multi-millionaire millennial
That's gotta be a good place to be in the next decade
Thanks for being living proof George
I wouldn’t go that far.
He hasn’t shown any proof of his assets nor has he gave any specific examples of what his income, taxes, contributions, home equity, stock P&L, etc. are.
He essentially just repeats the baby steps but inserts vague anecdotes in between to make it sound convincing to the masses who just take someone’s word for gold instead of evaluating whether or not what’s being presented to them even makes sense.
With little to no hard evidence from George himself backing his claims, if he’s “living proof” of a “millennial millionaire” it’s safe to say I’m Bruce Wayne 😂
Disposable H&M cardigan is hilarious.
My degree is in Communication too. It definitely paid off.
When can you be generous, I have always been generous but also am broke
I completely agree. Its not my money, i just manage it. Really helps my perception on finances
My parents have never told me how to save money or invest. But they taught me how not to spend money on something that I can not afford. That helped me not to owe any money to anyone whole my life. But I wish I knew how to save money efficiently.. I am in my mid 50th, saved up around 450k but I could have done much better if I knew all the tricks.. My way of saving money has been most inefficient way and painfully slow.. Work hardest and just keep money in the bank account style...😂
@Watkinsgorge great info if i don't have to send her my money will definitely speaking with her soon, 41 now, Almost starting from scratch. Have close to nothing in Pension, minor savings, huge student loan, house debt 220 k USD, but valued 300 k USD. Hopefully going forward I'll be able to make some good dividend picks.
I started saving and investing in 1989 at the age of 20... my father forced me to start. I love that man today!!!
I am 54 today and have 2.2 million in my retirement account, 135k liquid and I trade securities with 50-55k
@Watkinsgorge You were blessed with a good father. Mine didn't care about me because he is a misogynist.. I was a good and loyal daughter and never brought shame to him.. he never loved me and was cheap with us as kids. I cut him off when I woke up and so much happier. I started investing March of 2020. I made up for lost time. I had a bunch of money on the side line waiting. Now I’m addicted to investing. Most of my salary goes into the markets
@Watkinsgorge Thanks very sharing, had a great time speaking with her, interested in her strategy and can't wait to start working with her.. happy that i won't be sending my funds over
Same here! I just had funds in a "savings" account. I then tried to invest and have had pitiful returns. I finally just yesterday signed up for a Digital Advisor (AI) through the investment firm. Hopefully I start making progress!!
It's God's money... We are Stewards. Wow! That puts wealth in a beautiful light. Thanks George!
“Pluck yeah”?? 😂 i was like damn George, so it’s that kinda channel now
Finding the right partner is by far the hardest
I 100% agree. Your partner can either upgrade you or ruin your life.
Great vlogs! Which is better in 401 S&P or target date fund . Planning to retire in 17 yrs
@sea-saw In the video George mentioned at 4:43 that retirement savings are about a third of he and his wife's net worth. Having a company match definitely helps. It sounds like most of their net worth is in the house. At 8:45 he mentioned that was what pushed them over $1 million.
How WE* Don't sell your wife short.
Exactly!
Reason #3 can’t be emphasized enough. Having a spouse that is as committed to the marriage and having similar life goals makes everything a whole lot easier than having someone that’s apathetic & it’s especially worse when they work against you.
Yup. Those are pretty much the worst calls Dave Ramsey takes when they can't get on the same page with money.
All the reasons listed are manageable, BESIDES this one! Both a divorce and a financially, irresponsible spouse will devastate you. This isn’t taught enough to young people. It isn’t a “shallow” deal-breaker. Marrying someone with a shopping habit is just as crazy as marrying a drug addict. They need help, but that doesn’t have to be at the cost of your happiness.
That’s why I’m in so much debt. Been single last two yrs and slowly digging myself out. It is much harder with two kids though. If I didn’t have kids and never met my ex I would be a millionaire before 40 too
George forgot that french bull dogs go up in value too lol (i’m a previous owner of 2 Boston terriers)
I'm calling George "Chuck" moving forward 😂
I'm so close at 34, hoping to hit it by 35!
Excellent George. I took the long, meandering road because I danced with debt: investment properties, lines of credit, helocs, new cars, credit cards, same as cash my entire adult life until I did the Ramsey's baby steps. Now BS7 and BSM with only $2M. Could have been a deca millionaire by now. 😅
similar to me actually with the investment properties... sounds good on paper but creates a mess of work to get even less results..
Wish Alex was still alive, I would’ve taken “Things That Never Happened” for $400.
@@15KHPCLUB lmao 🤣
George makes learning about finances fun!
Was that you singing?. Not bad at all. But keep your day job. Learn some lullaby’s for that cute baby!
For our clients, we do personal net worth and household net worth. He is a household net worth millionaire not a personal.
George we miss your singing commercial, why is there not ramsey commercials anymore?
Rachel- is that you in the chicken line that wraps around the building twice?
Take it from someone whose older, did not invest at a young age, knew nothing about investing and had no confidence at investing, George is so right! Start investing when you’re younger, give your money time to grow. Time is the one ingredient in the investing formula that makes a huge amount of difference. Huge. I didn’t start saving for retirement until later ( at age 60). To get anywhere with investing I had to put large amounts of my income into 401k, ROth IRA, and investment accounts. It made life very uncomfortable to live that frugally. And when an unexpected family emergency came up ( I ended up raising and adopting my infant grandson) it meant I had to stretch my dollars further. At 68 I don’t have a million dollars, well over a quarter of a mil, not counting house. But it’s been a tough road. If I would have started younger these past few years, and retirement would have been so much easier. Listen to George!
@Georgekamel-_ hi. Women of my generation, the ‘Barbie’s’ of the Boomer Generation, were taught we were suppose to be decorations and the men were suppose to take care of the money. Then, too, before the internet investing was a cumbersome proposition, you had to physically go to a broker and once they saw it was a woman more often than not she wasn’t taken seriously. Now with the internet the process is so easy, just click a couple buttons. Despite how easy the process is, the first time I invested money online, my hands were shaking and I was very anxious. Gradually as I read books, explored websites, watched You Tube videos, I slowly gained a little confidence in investing. Luckily, I was raised to use little debt. I’ve never had more than $3,000 on a credit card. When I figured out that at minimum payments it would take about 10 years to pay off that $3,000 I cut up the card. The younger generation is so lucky to have technology that makes investing so easy, and guidance from people like the Ramsey group to help and encourage them.
Well if you lived in Australia🇦🇺, you would have 11% compulsory employer contribution to superannuation (401k). Just add another 4% pre-tax (salary sacrifice) and pay less tax as you build your retirement wealth. Sounds good to me✔️😃
I have a Roth IRA. But how do I decide what to invest in? Are there some automatic investing options with fidelity? Or do I need to read a book to understand what investing options are? What is that book?
I build wealth by having a decent job, investing in real estate and index funds.
I have kids and a teacher wife.. been working for 8 years... significantly less net worth.
Because you have kids. That’s what George didn’t mention. Not having kids.
Basically they went from debt free to NW millionaire in 7 years. That take discipline but also a hefty salary. He’s basically saying he did and you can to and makes it seem that you to can do it in 7 years by following those rules but it isn’t happening nearly that quick without the very large salaries
1: live on less than you make.
2: you and your spouse both make 200k+
Number 3# !!!!!!!!!!!!! 🇯🇲
George forgot the most important factor for him:
1) huge salary as a Ramsey personality.
I’m 37, been making 6 figures as a senior engineer for many years and fully paid for college. Been investing religiously since the age of 22 (15%-17% of my income). Rarely ever bought anything. My net worth is only $600k
Would love to know his income history here.
I’m not sure what makes you just assume George has some outrageous salary as a personality. Most of the upside with the personality job on top of the salary would be commissions on books and other products and George is about to release his first book. The reality is that he makes a decent income and also has a wife who makes a great income. You’ve done great but you sound like you’re making excuses and trying to downgrade the hard work that George has put in for over a decade. Not a great look.
I’ve been a personality for 2 years out of the 10 that I’ve been on this journey. Didn’t have a six figure household income until my wife and I got married in 2018. While salary is a big component of building wealth, it doesn’t tell the whole story or guarantee wealth.
I 100% agree with you. I’m a data engineer and I’ve been in the tech industry for 5 years now. The only way to make that much so quickly is through an extremely high income and adding the total value of your home as opposed to subtracting the outstanding mortgage balance from your net worth. This is still good solid advice though regardless of how much income he makes.
He left that crucial piece of info out because it would debunk all the silly lies he’s feeding you.
Don’t think they are as well remunerated as you think. It’s not hedge funding, or investment banking. They aren’t board members (possibly Rachel maybe). John I think only works on commission from book sales and maybe gets an OTE/bonus package that I’m sure is large - but he has to perform.
I didn't become financially independent till I was ,in addition to buying my second house, I'm also making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future! By participating in the financial market, I took a significant decision.
George, put that Apple Watch on Theatre mode before you record!
$250k at 34, I'm a little behind you 😢
I was able to pay my house at 32 and was a millionaire at 34, by myself 😢
I’m on my journey! Been DF now for 18months 🎉 amazing how much I can save and invest. I can’t believe how I lived the last 3 decades in debt and enslaved to a JOB. Biggest down to this all is , I loss many friends because I don’t spend like use to. I’m all about using cash and saving for something I want. I share my journey with friends and they want NO part of my journey ( most still maxed out on CC and still buy fancy cars(100k plus). Granted I have a fancy car but it’s paid for now and will drive it till the wheels fall off.
Congratulations 🎉
This is me.
I like George, but not everyone (few folks) get jobs with Dave Ramsey in mid 20s. I am 38 with a PhD and actively looking for work. My point is George got good opportunities at a younger age. It couldn't have happened to a better man (I like George) but this is a fact.
Thanks Dominic. To offer a counterpoint, you spent a lot of time in academia while I got into the workforce. Not sure what your PhD was in, but I hope it was in a marketable field and that you land a related job soon!
@@GeorgeKamel My PhD is in public administration with a concentration in organizational behavior from Florida Atlantic University. Actually, is there any way I can work for Dave Ramsey? I am not kidding, I listen to you guys all the time and I would be all about that! I actually emailed my dissertation 'Exploring Employee Turnover during the Great Resignation' to Ken Coleman b/c it goes along with with he discusses on the show, so I figured he may have been interested in talk about it. I did not hear back. I love Dave and would love to discuss.
Anyone can do this. You don't need that boat (bring onboard another thousand) or that five bucks (Starbucks) every day or that new truck to haul mulch twice a year.
I have a Donzi 38ZX Daytona, Sea Ray SDX 270, and two Yamaha FX Cruisers.
Put them to good use, maintain them, instead of showing off to your Instagram followers and they won’t break.
George, this is good info and all. However, for those of us who are older and are starting out over again, like myself. Maybe could you do a video or, videos about groups of people in their 30's, 40's, 50's, 60's per say. Or age group by decade starting over or, who are beginning the baby step program. People who might have something yet, in the middle of a 30yr mortgage, kids, no kids, married, not married. I realize there are many ways this could go that being said. A marked path in the woods is better then wondering around aimlessly. I have a hard time putting thoughts into words. I hope you understand what I am trying to say. Peace.
Video coming soon on what investing required to have a $100K income in retirement by age!
I’ve said for years people’s opinions don’t pay my bills
Truth is my life was way better before debt….
Why were you singing with your eyes closed? Never understand why people do that 🤔... great video, keep it up!
You know how insane it sounds to say that you need to find a spouse with similar goals to build wealth? Once again, this was not the case for our elders, quite the opposite actually, husband went to work and was able to provide for the whole family
I didnt know people considered their pension (401k) in their net worth
Of course 401k is part of the net worth, you are entitled to withdraw now if absolutely needed with penalty.
I have net worth of about 1million, but I still feel broke cause of house payments. My 60% of my worth is house.
George’s recommendation was to buy a house you can afford.
@@eloisepersson939 But didn’t he also say in another breath if you can’t pay cash, you can’t afford it?
Where is the best place to get/start a Roth IRA?!
You should talk about how you went to college debt free. More people need to talk about this. So many think it’s not possible.
I didn’t go to college debt free. I wish I did!
@@GeorgeKamel😅LOL👍🏼
10% belongs to God
I am 32 and I feel like I’m really stuck :/ i know this doesn’t sound like a lot but I have a credit card that was at 8,000 I just looked last night it’s at $4900 it’s been between $5200-$4900 because of interest it’s soo hard for me to pay off and move on sometimes I just wish someone would come by and pay it off for me
@GeorgeKamel-_- ???
Take up a part time job to whittle your credit card debt down!
Do you give 10% of income earned?
Avoiding debt, living on less than you make, and investing 15% of your household income is not overly difficult when you have a healthy six-figure household income. Yes, I know there are plenty of "broke" people earning $200,000+ per annum, but those people obviously have no financial plan and/or self-control. I'm not trying to be a hater, but context is important.
We did it with much less. Concept is simple, putting it in practice is hard. Keep on trying and do better it'll come.
And there are plenty of families with high household incomes who’ve done all the right things yet still went bankrupt.
No one talks about those stories but I will since I’m not one-sided.
Jade Warsaw and her Husband Sam had 460,000 Consumer Debt......(See their story on TH-cam ) Their combined income was about $36,000 starting out ....
Big Hole/ Little Shovel.... They found creative ways to get that income up....
It took them 7.5 yrs to pay it all off.
This was BEFORE she became a Ramsey Personality...... 😊
So no excuses Folks ........
"Jade Warshaw"
Don’t go into medicine then… most doctors are done with training at 30-34, about 300k in debt, missed out in your 20s and entering a career than demands average 60hrs of work per week.
And live life like a pauper
Ugh. I’m so close but I’m 33 😂
My partner and I have 5 degrees and 2 diplomas between us and you know what that means.. a copius amount of student debt. Our net worth was negative $150K at 27. After years of hustling, we managed to increase our net worth to $1.5M at 37. None of it was accumulated using my qualifications.. the irony 😅
Is it 15% of your own, or 15% to include the match?
15% on your own regardless of match
100% We have a family to support, not a community to impress!
Dual incomes
Don't have kids and a dual income well I'm screwed.
😂😂😂
By the time the little one gets potty trained you’ll have changed so many diapers you’ll be wondering why you didn’t invest in a diaper company. Baby Kamel says she’s investing in them. Oh, George, don’t poo-poo that idea. Oops, well maybe she did!
I wonder what part of that net worth is just house value.
More than you’d like
@@GeorgeKamel ?
@@GeorgeKamelit’s a perfectly valid question to ask. Don’t need to be a snarky jerk about it
Buying stock is easy, tho picking the right stock without a time-tested strategy is incredibly hard. I'm trying to grow my portfolio to $250k for sometime now, but I’m either buying at market tops or selling at market bottoms, and that's quite pathetic!
The issue is people have the “I want to do it myself mentality” but not equipped enough for hard times, and that’s why they get burnt, no offense. In general, advisors are ideal reps for stock investing, especially during uncertain times like now, at first-hand encounter, I've subsequently compounded my investments to a ballpark figure around $1M, since the rona-outbreak in Jan.2020 to date. I intend settling retirement with home in Hawaii, quite pricey but perfect climate.
Well, I've shuffled through a few advisors in the past, but settled with Janet Santa Sherry, she's a renowned advisor and her qualifications speak for itself. Most likely, the internet is where to find every info.
"Smart Vestor Pro" or Financial advisor as Dave recommends with a heart of a teacher ....
George I love the videos but I am a nerd. I would love to see the numbers year by year. What was coming in and going out and how much did your net worth grow each year. Only reason I ask is that is incredibly impressive especially at such a young age. I think more detail is always better.
So, this is good advice but not relatable. What was your yearly income after you graduated college until 32? I've never made over $100k/year, so don't think this applies to me.
You and your wife 401k are third of your net worth, what are the rest? Can you give numbers? How much is your house worth? You and your wife gross income?
Why a house ? Try buying a flat. Its still a home, isnt it?.
A House without Payments Factor into your total networth.....
Im guessing that you have equity in yiur home bit its not paid off Yet.....
Are you Debt Free exxeot your Mortgage.
Once you get to BS6 and can oay extra towards the House you will feel so much better.....
We are debt free except the house, investing 15% and paying double , sometimes triple payments on our home that we purchased 3.5 yrs ago.
Im 60 and spouse is 69 ( and retired on SS). We started investing late, but we are doomg it by the Grace of God....
Our goal is to have paid for house by year 7.......
Paid For before I retire....with Dignity....
The best time to starr investing was 20 yrs or more ago. But NOW is a good time.
Plan, Vision and Most important Gods Grace......