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7 Steps That Can Make You a Millionaire
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- เผยแพร่เมื่อ 16 ส.ค. 2024
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7 Steps That Can Make You a Millionaire
Regardless of who you are or what you learned about money growing up, everyone wants freedom when it comes to money. In today’s video, I’m going to give you the exact plan you need to help you break out of the cycle of financial stress.
Links:
Budgeting For Beginners: • Budgeting For Beginner...
Investing For Beginners: • Investing for Beginners
Financial Peace University: fpu.com/?...
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.
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
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.
Sharon Ann Meny, is the name , Just search the name. You’d find necessary details to work with to set up an appointment.
"Debt is robbing you of your future by demanding that you pay for your past". Solid.
A great video as usual. Everyone should learn to work hard, be disciplined and patient to achieve great things in life. God bless you all.
When you are ignorant, you cannot change your financial situation. While the wise accumulate wealth through high yielding investments, the unwary remain poor because they always have an excuse not to invest. I have achieved high returns on my investment and a steady stream of income working with an investment advisor (Larry Kent Burton).
He's on Instagram ***
@ Larry Kent Nick Trading
George, I love that you make personal finance fun and entertaining. Really enjoy your videos and silly humor! Being debt free with a robust emergency fund and growing investment accounts is a wonderful, empowering feeling!
Great video, trading come with a lot of benefits And 1 have just bought my first house through it. As a beginner I was scared of loosing my savings but l'm glad I took the bold step that is now favoring me.
Investing in cryptocurrency now will be the best thing to do especially with the current rise in the market....
1.Crypto
2. Stocks
3.Shores
people are really making a lot of money from it
I love to be your friend dear as well as sharing some ideas which you're benefiting.
@mateuss.fagundes1872 I know I'm blessed because I wouldn't have met someone who is spectacular as Expert Mrs Kristine she's real and pure heart business woman have ever seen, she's the best.
These habits can be productive.The key to building wealth is developing good habits like regularly putting money away in intervals for investments .I made my first million from diverse assets with the help of my CFA .The stock market has plenty of opportunities to earn... i'm ever grateful to Lisa Rosa Cavanagh..it's been a year of steady growth..
That’s some good values. sounds like you got something going for you
I did read about Lisa Rosa Cavanagh on the web., quite a great resume she has
I also think that we salary earners need to realize that monthly income will not make you rich.
Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.
George I want to be a millionaire. We are debt free and now on baby step 3! 💪🏿
"Roth" with picture of Ross made me laugh..haha
Thank you for the video, I found out that investing is not for everybody, you just need a strong stomach too see your portfolio go down. It might be wiser for a novice to start with copy trading investing, but it is not easy. To invest in growth stocks it is another level, definitely you need to know what are you doing.
From my own point of view, you need to invest smartly if you need the good things of life. so far i've made over $255k in raw profits from just 6 months into the market from my diversified portfolio strategy and i believe anyone can do it you have the right strategy, mutual funds takes long time but investing smartly is the key for short term. Most of us tend to pay more attention to the shiniest position in the market to the cost of proper diversification.
This is a phenomenal advice for a new stock traders and investors who want that quick short term game, but don't see the light at the end of the tunnel.
I've been solely investing in real estate. But with the recent hyper home pricing i've liquidated a few things and have $45k in cash laying around idle. Would love to get your recommendations, I'm in search of something lucrative in the current crazy markets, i will be glad.
My portfolio is very much diversified so it's not like i have a particular fund i invest in, plus i dont do that by myself. i follow the trades of Mrs Karen Gaye Gray.
She is a popular broker you might have heard of. I can correctly say she's worth her salt as a financial advisor as her diversification skills are top notch, because i see that in her results as my portfolio grows by averages of 10 to 15% on a monthly basis, unlike i can say for my IRA which has just been trudging along, my portfolio just mirrors what she trades and not just on some particular industries of my choosing.
Not sure if you've done this on a previous video, but when you say to pay off the debt as fast as you can, you should include a clip of Dash from the Incredibles saying "as fast as I can?!?" and Elastagirl responding, "As fast as you can!"
George, have you run the numbers on what you would have made investing the money you used to pay off the mortgage early? It'd be interesting.
Spot on 🙌It took my husband and I 5yr to pay off all our consumer debt but we experienced job loss and moved across country so it took us a little longer but now we just have our mortgage and man, i just got a $427 medical bill and yeah it sucks, but its just an inconvenience and not an emergency now! Thank God for the baby steps! Its saved our marriage and changed our family tree ❤
Great video George!!! Way to go!!! Congratulations on your baby girl! 💕🙏🏻
Great content. I’ve been working hard to get my emergency savings to 3-6 months instead of paying of my debts first. Might have to try this method
Even though I’ve heard this process a thousand times, always good to get a refresher to make sure I’m on track.
I would max a HSA after maxing out your Roth. So 401k match, max Roth, max HSA.
Is HSA considered retirement to Ramsey?
Yes if its invested. They mentioned it a few times. Search ramsey hsa@@Melanierose.821
Thanks George for this video. I’ve been watching DR for a while now and because of him, I cleared my own credit card debt so quickly , the kids felt they were next… now I’m left with 2 loans that I know I can wipe out soon. Can’t wait to be debt free! God bless you for sharing
I basically did all these steps even before I discovered Dave Ramsey. It does work, but it takes time and effort. I fully retired at 58 financially free and waiting 2 more years before I collect my max SS at 70. Thanks for the excellent and humorous video.
Love the charisma, and spot on advice!
"If we were doing math, we wouldn't be in debt." Gotem! Lmbo 😅
Have heard about the baby steps about a million times, but watch anyway because we love George and his humor 😂
Great videos. What is something you disagree with Dave about (financially speaking)
Everytime I get my emergency fund to 1k something unexpected happens and cleans out my bank account. Takes me months to rebuild my emergency fund.
You need more than $1000 for an emergency fund. Should be 3-6 months of expenses.
I was hoping someone would mention this. Every time we start on Step 2 we have an emergency & get kicked back to Step 1!
Thanks Georgie 🎉
@ 3:37 I'M GLAD YOU USED THE VIDEO CLIP!! 😂😂😂
Finally got my answer as to why you don’t hit the highest interest rate debt first. Made me laugh!
I have student loans still but I've also saved 6 months worth of expenses too, should I use some of that to chip away from the debt and rebuild after it's paid off?
I love this. Now on step 4,5, and 6 as of this month.
thanks george and team for content. always great
George, what should a 72 year old retired debt free person do in relations to investing who has never invested before?
🎉yay a George K video *watching intently*
I wonder how many viewers of this checked out once they realized it was just the baby steps? I swear to god I'm not being critical. The baby steps changed my life. But I do wonder how many viewers over here are independent of The Ramsey Show, etc.? Preaching to the choir most likely.
Funny how people say $1000 isnt enough for a starter emergency fund for people that dont even have an emergency fund to begin with.
I'm 20, live with mommy and daddy (for now) have a reasonable job (with career plans later), and have $30K no debt! $12.5K of that is in a Roth. Thanks George!! I look forward to my 30's.
Hey George! When in baby step 2 do you still give and tithe? If so, continue to give 10% or what is your recommended percentage?
Yes
10% all the way
When I get to baby step 7 I’m going to buy that massage chair just so you can judge me
@-GK-YT no
😂👏👏👏
“Struggle bus…”😂😂😂
What is that growth mutual funds ?
Picture of Ross with Roth 😂
I swear to God, if those 7 Steps are the Baby Steps, I’m gonna scream! 😭🙄. Speaking as one of the regular viewers, there’s only so many times I can hear the exact same thing 😩
Maybe just click another video?
Start with a billion spend one dollar, voila you're a millionaire
Traditional IRA has its plus. People withdraw less to save on taxes.
Great video Mr. Kamel. Questions on 529s. How much would you recommend on contributing per child? Dollar/percentage amount? Also, would you stop contributing to a 529 once it his a certain number? Thank you sir for the great information!
Zero...as in let him order WORK for it and Pay for it himself or her cell.
There are few more valuable lessons in life than the ones involving earnings something.
When UF had to work, bleed and sweat. To earn something to pay for something yourself, you value it more, and you 10 to want to put your better efforts into it more.
Most kids these days don't have that natural sense of discipline within them because most idiot want to be parents. Just hand them a damn smartphone at the age of 2 instead Of actually parenting and guiding them.
They specifically don't give a dollar amount on this step because there are other ways to pay for college. There's not other ways to retire.
AFTER YOU ARE DEBT FREE EXCEPT THE HOUSE AND HAVE 6 MONTHS EMERGENCY FUND.
The way to decide how much is right for college savings is to first write a much comfier budget than getting out of debt, some people say cap your wants or fun at 30% of the budget. Subtract 15% of your gross income from the income line to factor in investments. Then figure out how fast you want to pay off the house and divide the extra amount over 12 months, adding it to your mortgage line item. Look at what's left over every month. Congratulations. You have a college savings line item. If you are over budget, trim wants, extra mortgage payment, then college savings in that order.
@@motoryzen ok boomer
It's fascinating to me that people can look at the current higher indoctrination system and still plan on throwing away tens or hundreds of thousands of dollars to put their kids through it.
I just started having kids a couple years ago. I've got two kids now. It doesn't really matter how much dollar amount you contribute. Personally, I started out doing 60 dollars per month for my first born and I recently just raised it to 80 dollars for both kids. The key is to start investing as early as possible. Much like a retirement account you want to be in the market as long as possible so that you can benefit from compounding interest. That is what really makes 529's worth it in the long run. I also put money into the account that they got from their baptism. They have tons of toys and clothes and stuff so whenever family wants to know what to get them I'll tell them to just make a donation towards the college fund to give it an additional bump every now and then.
Also he doesn't mention it here but congress just approved that any 529 account that doesn't get used can be converted into a Roth IRA up to $35,000. So if your child decides to not go to college and join the military or start working or they don't use all the money in the 529 they can roll it over into their retirement and get a head start on saving for retirement. Hopefully this helps you. Like I was saying even just contributing a little bit as early as possible allows the compounding interest to really make them worth it.
Ms. Frizzle 😂❤
Most people out there doing the maybe steps.
Was my mother in law was an alien? That would solve all the mysteries. LOL 😂
How does the average household save $2,800 in the first 90 days of the program? When they should only be saving $1,000 for bs1
@5:24 is EXACTLY why a $1000 starter emergency fund isn't enough George. What good does it do if you are trying to pay off credit card debt only to have an emergency and go further into debt? This is really the only BS with Ramsey that doesn't make sense. I really wish you all would reconsider giving this advice given all of the changes with inflation. Other than that, love your content!
$1000 is definitely not a encouraging but it’s definitely supposed to feel that way. They want you to be super aggressive on step 2 so you can have a strong 3-6 month emergency fund in step 3
Don't have an emergency. Most of them are a result of human stupidity. I don't have emergencies.
Thank goodness I've never been in debt.
Maybe your are watching a video done by an alien. Who knows. I am just kidding.
Watching this while I have a 3rd serving of baked beans.....
+1 Like just for the Mario 64 clip.
George is the best; end of comment.
The baby steps work but they should stop at 4. Unless someone is a mindless lemming they learned enough to know what is next for them and what can be skipped (if no kids can skip saving for college). If they can't think for themselves then maybe, just maybe, they are not ready to be financially independent.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $100k now to put in the market.
Understanding personal finance and invsting will likely lead to greater finanncial independence. By being knowledgeable about money and invsting, people can make informed decisions about how to save, spend, and invst their money. I know of someone who made over $350k in this recession influenced market, but to my knowledge it was through a finanncial advisr.
@kumarsingh.. Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation
@kumarsingh.. this recommendation came at right time, very much appreciate it. curiously inputted her full name on my browser and found her site top search, no bs.. over 20 years of experience is certainly striking!
You don't loose the money unless you cash out. The market tanks, and thats means a big sale! Buy low, sell high.
No tip for the single dad at ihop?
How many times can we talk about the same thing
Challenge accepted
I’m currently at step 4 and I’ve been hesitating to invest given the market and my lack of understanding. My job does not offer a match so I only put 3% into my jobs 403b. Also my job offers a pension. I did open a Roth IRA but I have not invested because it’s more than opening up the account. I don’t know what sticks to invest in especially if I’m going to invest the remaining 12%. I don’t make a lot of money so that’s why I have not invested more than 3%. I have my fully funded emergency fund and I have no debt and I have a piece of mind. To invest into stocks just seems so risky
For the roth, a lot of people go through vanguard and buy into either the VFIAX (S&P500) or the VTSAX (Total Stock Market Fund). I max the latter of the two for both my wife and I, then get the minimum match. Many different routes to go though.
Just choose an index target retirement fund with the brokerage you opened your Roth with until you get more comfortable. Give your best guess as to when you retire, and the fund will take care of your glide path, or gradually make your investments more conservative overtime. As you get more comfortable investing, you can exchange those assets without any taxes because they are in your Roth account!
It's riskier to retire broke with not enough.
I started off when I graduated college @ 24. Now at 40, I'm a millionaire. Followed the baby steps, it works.
The market is down, it cycles up and down, but I play the long game. I don't check it every day, try maybe checking in 6 months or a year. You'll be up.
Right now everything's ON SALE!!! BUY, BUY, BUY. I mean, unless you like to pay full price
Just buy VTI, and don’t worry about it, it eventually will go up.
Find a Smart Investor Pro that has the heart of a teacher. Investing for your future is important. You can do it!
🤷♀️ those of us regular Ramsey listeners are tired of clicking on "New" videos which are yet again just another baby steps explanation.
Hey that means couples shouldn't have a baby unless they are in Baby Step 4.
I hope you all value investing more than saving
6:17 stop George 😅
BAYHive?! What?!
Travel relax and not report to the man
😂🔥
Going mgtow should be baby step number one.
Bby step number 8 should be marriage or kids. And if the divorce laws do not obey to pay half of your networth
I’m sorry that some woman hurt you, but I’m happy to be going through this process with my wife
@@Daim_0nic and hwo told you that is "your" wife? Haha naive
Your wife belongs to the state, you are just paying to mantain her.
If you stop paying a judge will take her from you. And obey you to keep paying even if you can not even see her, and quess what, is going to take half of your stuff too. Sooner or later
That shaming tactic is too old and coming from ignorant people, not that smart...
Stop being a simp
Mgtow is playing the game on easy mode. You're not a filthy casual, are you? Do it with an ex-wife and child support payments like a real man!
✌🏻
Maybe I am an alien. But nobody told me. 😂
Third?
>Roth
Kinda wish the Roth beats Traditional meme would just go away. That's not how marginal tax brackets work.
First?
Are you an alien?
That 🪴 is looking good must be getting plenty of water and sunshine