As others have said, I'd love to see more collabs with people of differing opinions. Such a good episode, and helps prevent the channel turning into an echo chamber.
You sure it was his idea? Wouldn’t be surprised if it was one of his younger gen workers that pushed it. He has said most of his company’s income doesn’t come from his involvement nowadays
You should interview people who have gone through the baby steps and ar in different parts of the journey. It would be cool to see the difference of how the mentality changes throughout the process first-hand.
Great conversation between the three of you George. I’ve been following Jasphret for years on Minority Mindset, and thanks for introducing me to Humphrey. Ramsey Solutions for the win!
First generation Mexican here, my parents came here with nothing. I saw how hard my dad worked, and I did the same growing up. My big advantage was qualifying for a full ride to a private university since I came from a low income household. Now I make six figures, trying to pay off consumer debt so i can get through the Ramsey Baby Steps!
Ayyyyy! Heck yeah do it Hermano. I’m 3rd generation and I watched my family struggle even though my dad worked hard too. I joined the military to have my education paid for. I hope to be able to make six figures one day too. Took and instructed Ramsey FPU classes so I can at least know what to do with that much money when I get it lol! Good stuff
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
This was a great episode! To create wealth you have to create something that helps a lot of people. We took our household income from $180k to $518k in 3 years by starting a business. We took 18 months to become debt free, saved up another year to save 6 months of living expenses beyond emergency fund to live on while opening the business and getting started. We opened in 2020 and made $32k that year, living on nothing, delivering pizza, working on business at night. We had experience with rice and beans and that was a big part of our success. That’s mind blowing 🤯 now. Now I’m learning about taxes since we paid / will pay over $100k this year. Now it’s time to use our earned income to create passive income, and depreciate assets to pay less taxes and use that to feed the machine. We are 37 and don’t have a lot of time to create generational wealth. Let’s go!
This is one of my favorite shows so far. It was nice to highlight different points of view. This was presented with such grace. Thank you for sharing different insights. Loved it!
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
All my favorite RU-vidrs in one spot! As for the first generation in America, at the least there is a different perspective based on very different past experiences.
As a ninth generation American, I find this fascinating. My ancestors came to America for religious freedom. We have been involved with farming all through the years. None of us have a higher education. We all have a good work ethic. We live comfortably with very little debt. We probably are worth millions because of our farmland, but we are just common everyday people.
By the 3rd generation a family is completely integrated into the culture. I don’t know why you specify 9th generation 😂 that’s like 20 years after America was founded.
I CHOSE to max out my 403(b), chose my asset allocation, got free money - and have built a nice nest egg. I also have a ROTH, a CD ladder, a HYSA, and a brokerage account.
I have a feeling George could be very well respected if he left the Ramsey umbrella. He is very open minded. I watch this channel more than traditional Ramsey now lol
Because they all have a lot of money or so they portrait themselves as such. Houses are bad investments. I bought a house, only because I want to make memories in it with my family.
Well, the *huge* caveat was that paying off your house asap didnt mean stopping other investments. Most people don’t have enough money to fund a 401K, max an IRA, and also expedite paying off a house. To me, several of their answers came with significant caveats to the point where they didn’t seem applicable to the common person. I get that it helps with views though
@@dareeltoro6681A house is a bad investment, so you believe renting a house is better and never see your monthly rent money back and not having the privacy or comfort to do whatever you want? You’d better rent or be homeless? What?
@@everardocalderon8720mortgage monthly is not just the payment you see/pay a month. You have to account for taxes, phantom costs like maintenance. Investing will give you a greater return than a house.
@abrareads decommodifying housing in my mind would be making housing less of an investment by giving home buyers that do not currently own property a better interest rates/ down payment assistance etc. Etc. and giving home buyers that already own property higher interest rates or a requirement to put more money down. In my mind this only applies to single family homes. I dont think this is excessive government regulations. But I don't think people should be able to use an fha loan when they already have a property. Thoughts?
I think that makes sense. I agree that the federal government should not be backing loans for anything but primary residences. There are interesting ideas in the world that could actually help people that governments will not entertain.
I disagree to an extent, there’s a supply issue with home buying. Lots of homes or apartments are owned by foreign investors. I would limit foreigners to buy homes or rentals. Most of the year they’re either empty like in Florida when Canadians come down during winter or other parts of the world to visit. The supply would increase with these empty homes that demand will decrease significantly, therefore lowering home prices.
The fact they give Americans credit that they can save and not blow their money unless its tied up in a 401k is baffling to me. 100% agree with Kamel on the 401k question.
This, more of this please 🙏 liked and subscribed, clips on frugality are all well and good but a 3 way conversation deep diving into the mindset behind financial decisions between 3 people active in these areas now is just wonderful
Great show! Thanks for creating a space for potentially varying perspectives to be shared from very respected voices in personal finance. We learned that there are more similarities than differences, which is cool to see. I often think, what would this expert or that expert suggest about this or that and why. This episode covered the bases well on many of the questions people ponder. George, appreciate you doing this and good job managing it in a creative way.
George - this was great --- we have 1 joint account but at the same bank, we keep 2 separate "fun money" accounts that we can spend whatever we want. When we log on to the bank, all 3 accounts show up and are linked together. Isn't this the same as having 1 account - but it just separates (almost like a bucket account) the balances so we can spend that money on things we individually want to buy?? We generally fund it once a year that covers us for the entire year. She has roughly $10K per year, and I generally fund mine with $7500 per year.
Now this was a great episode. Probably the best financial video I’ve seen in RU-vid in the last 5 years. Would be a great channel with you three together
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
My wife and I are totally opposite about money habits and always argued about this topic, so I decided to open my own account and it was the best decision, I pay mortgage and she pays the small bills and whatever is left we are free to do as pleased
@@obama7325no, those small bills will add up especially if she pays for the groceries. My hubby and I have separate accounts like that but we sit down together and plan what to do with the extra money. We are debt free and have no mortgage so now we have more money to save and invest. They need to learn to work together. We do and are retiring in 3 years (ages 51 and 55). He will get his pension and healthcare is covered. He’s a pastor as well and we can live on that income alone. We won’t need to use our invested money even when we get 59 and a half. Working together works
My family immigrated here from Greece. They had the same mentality. Be a doctor and if you fail be a lawyer. At the same time they sweated their life out in the restaurant business to pay for our schooling and life. By the time my cousins became doctors lawyers and judges the family restaurants were making more money than doctored and masters make because the business was established and the overhead/real estate was paid off. My cousins who stayed in the family business and didn’t go to school made the most money. I am the anomaly who did neither.
I normally don’t comment on videos, but this one deserves a good comment. Excellent video and a lot of good information. It was nice to see people with different opinions/ financial ideas have a respectful and lovely discussion.
Agree. I have several colleagues at work who retired with 401k accounts above $2 million. They plan to use the 4% Rule and have more than their annual expenses
