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Ask Me Anything | Real Estate and Saving Money 

George Kamel
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29 окт 2024

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Комментарии : 105   
@isiahpaschal6017
@isiahpaschal6017 Год назад
I love how this channel really highlights George's personality. This is definitely my favorite finance channel on RU-vid
@atorres11720
@atorres11720 Год назад
Yeah great addition
@sydneygray1331
@sydneygray1331 Год назад
Same! The whole production is awesome!
@slippinslidewayz
@slippinslidewayz Год назад
100%. I didn't see someone who had the finesse and personality to take over the media head from Dave but I think we have a contender!
@Richard-pm9og
@Richard-pm9og 10 месяцев назад
Best channel in the Ramsey network.
@brandonbarclow3135
@brandonbarclow3135 Год назад
The math would say don't pay your house off, and invest. But trust me. Living from experience, there is nothing better than a paid off house.
@stephencolor2010
@stephencolor2010 Год назад
George introduced my wife and I before our debt free scream (and kept us from freaking out). Glad he found a platform that suits his delivery and pace so well. Keep up the good work, G! (And maybe consider a smidge more headroom when cropping in on the A cam)
@maddy-zzz
@maddy-zzz Год назад
Haha, I was the maddy with the student loan question vs house saving question. I've paid down that 19k to 14k since asking that question 😄
@GeorgeKamel
@GeorgeKamel Год назад
Way to go Maddy!!
@MassiveJetGrind
@MassiveJetGrind Год назад
Love you, George. We're the same generation. When you throw those references out, you feel like a close friend.
@JRmintful
@JRmintful Год назад
I think we're the same age George, so I appreciate all your references :D Thanks for making me smile and for the encouragement!
@kellenstolp6747
@kellenstolp6747 Год назад
I did it. I rented a house. Without a credit score, as long as you can PAY and pass the background check, it's no problem
@tonysarah1997
@tonysarah1997 Год назад
🎉congratulations on the new baby!
@mayrajaime5004
@mayrajaime5004 Год назад
Congrats to you and your lovely wife, I am sure you guys can’t wait for your bundle to join to arrive! Just curious, what stroller you end up getting? What were some things you guys spurge and what you cut/saved for the baby? I love watching your content, wise advice in a very relatable way and with some humor!
@heidibentz390
@heidibentz390 Год назад
Loved these questions! Thanks for your answers! Loved your answer on teens investing in themselves and embracing their teen years.
@Yo_soy_Annna
@Yo_soy_Annna Год назад
I like this type of video! Thanks for the information guys 🔥🔥🔥
@Sionnach00
@Sionnach00 Год назад
Great videos! My fiancé and I are in our early 30s and live with his parents and it's the smartest financial decision we ever made. We live in Oregon where there are 0 houses under 400k in our area and we are super priced out. There is NO SHAME in compromising privacy (if you can) for a brighter future. ✨️
@JRmintful
@JRmintful Год назад
Ps would love to see a video on how to get your spouse on board with same goals/& the baby steps. That's my current struggle, and the struggle is real!
@Onlythemusic23
@Onlythemusic23 Год назад
Can you make a video about financially preparing for kids?! What to do financially before you have them and accounts once they are born? Or how much to save for hospital bill? 1st year etc.or what you are doing to save for your new addition to the family?? Thank you!!!
@demondragon24
@demondragon24 6 месяцев назад
I have a similar experience having paid off both of my cars as I expect i will with my house. The feeling of not having that car payment makes me happy not to get a new-to-me car again as I am sitting here thinking "I can spend X money on car, but what else could I do now that it doesn't have to be spend on a house?" Nothing like having this feeling I tell you what!😁
@jessicarogers4581
@jessicarogers4581 Год назад
I love George’s giving goals!
@tatedehaanmusic3076
@tatedehaanmusic3076 Год назад
George makes learning about money fun.
@reecebain7904
@reecebain7904 Год назад
George, love your channel. I am 60 years old. I only recently started getting into these shows, so I've already been living my life with MY plan, not Ramsey's or anyone else's. I have been saving in my 401k for 20 years, but I've been putting it all in the traditional 401k. I have the option of a Roth with my employer and they will match 4% in Roth or traditional. Since Roth is post tax, I'm not sure if I should start saving in Roth now or just continue with the traditional. I have about 6 years left before retirement. what would you recommend?
@ek5384
@ek5384 Год назад
I like this David. He doesn’t call me stupid and he has hair 😂
@je11omo
@je11omo Год назад
1000% agree with George about Home Warranties being NO GOOD. The first year we lived in our house, it was PERFECT. The only reason we had it was because the seller included it, so they paid for it for us. It helped us out during our first year because the hot water heater went out just a few months after we moved in. We still had to pay the $100 fee for the service charge and then the cost (maybe $300?) of bringing the heater up to code, but it still saved us $$$ at the end of the day. SO, we thought when the first year was up, we would go ahead and renew the warranty out of our own pocket. Well, that year, the dishwasher was giving issues. Over and over and over again. The warranty place would have us pay the $100 for EACH service... which was like... 4 trips and then they would cover the measly parts to temporarily fix the issue that kept happening again and again even though we just needed to replace the appliance. They wouldn't do it because it would be temporarily fixed. Finally one of the plumbers was able to say to the Warranty company that the appliance needed to be replaced. The Warranty company gave us a small allowance, after we had probably spent MORE on service charges than the POS dishwasher was worth (sorry, still a little bitter about this 3 years later) and when we tried to order it, they said it would take a few weeks to get there. I AIN'T GOT TIME FOR THAT. So I called the warranty service rep and I let her know how I felt about the service and said I will 100000000% NOT be renewing my warranty and let her know how disappointing their product was and how much it ended up costing us MORE because of their stupid warranty. I canceled the order on the dishwasher and we ate our stupid tax, drove to Lowe's, got a decent dishwasher that WE wanted and my husband installed it. Needless to say, I WAS FURIOUS and I will do whatever I can to tell people to NOT use Home Warranties. Ugh.
@MicahMesser
@MicahMesser Год назад
I did a bit of a project checking my return rate through equity of my home vs. putting it into the market and my house actually had a better return rate than the average market (crazy, I know). Turns out, with us being able to buy the home for undervalue and the market the last few years, my return on investment was considerable. Plus, having peace of mind when we pay the last payment will be extraordinary.
@BlakeLennonMusic
@BlakeLennonMusic Год назад
There has been a remarkable pump in real estate appreciation the last few years. Congrats on buying below market value. That is a great way to build wealth! While it can be exciting to compare short time periods, I’m sure George/finance folks would recommend you take a step back and look at general returns in sectors over the long haul for a better picture of how returns may look in the future. But don’t mind me. I’m a conservative investor. 😊
@ordinaryhuman5645
@ordinaryhuman5645 Год назад
How much is your house value due to drop when the market corrects though? Bigger ups tend to come with bigger downs as values revert to the mean, which is plausible with rates being higher and recession being more likely. My house is almost 2x what it was in 2018 according to some sources, which seems a bit silly to me.
@kwabenaamanfoh6675
@kwabenaamanfoh6675 Год назад
Is it cheaper to build a house you want or find a house that has what you want? And is it cheaper to build or cheaper to buy?
@GeorgeKamel
@GeorgeKamel Год назад
There’s no perfect answer for this. Way too many variables. Very dependent on the city, housing market, neighborhood, and specific home.
@dking1362
@dking1362 Год назад
Thank you for answering my question!
@GeorgeKamel
@GeorgeKamel Год назад
You got it!
@crashtestdummy1972
@crashtestdummy1972 Год назад
Hey George, another good point for paying off the house is, you can somewhat view the mortgage payment as a return now. Lets say you had a $1,500/payment, if your house is paid off and now you have $1,500 extra a month it would be equivalent to having a mutual fund with $250k churn off a 7% return.
@SovereignMoney
@SovereignMoney Год назад
He bought another house and used a mortgage.
@crashtestdummy1972
@crashtestdummy1972 Год назад
@SovereignMoney im sure he will pay it off pretty quickly, though.
@ordinaryhuman5645
@ordinaryhuman5645 Год назад
Or... you could have that money in a more liquid but invested form that's actually generating a return. And it doesn't require completely eliminating the mortgage (and locking the money into house equity) to be beneficial. I paid off my house early (very aggressively, had mortgage from 2018 to 2022) and in hindsight it was a bad call. I'd be in much better financial shape if I invested more instead and refinanced when rates were low.
@crashtestdummy1972
@crashtestdummy1972 Год назад
@ordinaryhuman5645 but you are forgetting interest saved on the mortgage, especially if you had a 30 year and could pay it off in 10 or 15, second, your entire equity of the house now is considered towards the net worth, and if following the baby steps, you'd still be investing 15% until the home was paid off, so it's not like you are having a missed opportunity you are still having compounding in your favour.
@crashtestdummy1972
@crashtestdummy1972 Год назад
@ordinaryhuman5645 also, dude you have a paid off home. If you really feel like its not the best thing wait for rates to go down and refi your home and invest that. But that sounds incredibly risky just to make a extra when you are already in great shape.
@perfectlymprfct
@perfectlymprfct Год назад
Thank you! Excellent info. ❤
@WilliamPeytz
@WilliamPeytz Год назад
If you have debt while in college, do you think you should start paying it off right away, or is it fine to wait until you are done with college?
@robbiewhite8383
@robbiewhite8383 Год назад
"Stealth Wealth"
@s.benn4233
@s.benn4233 Год назад
George I would really like for you to explain in more detail about renting without a credit score. I live in NYC there is more buildings apartments than house to rent from . They require credit scores.
@ordinaryhuman5645
@ordinaryhuman5645 Год назад
When I did it, they just required the last month of rent up to be paid up front. That might be an option that isn't explicitly mentioned because they assume you're broke. For credit problems, the solution is usually throwing around more cash than what is required from people with good credit. A different example is roof replacement - one company I spoke to would do the work without financing if I paid at least 50% up front (~$10k). But usually people borrow and finance because they don't have that much cash lying around.
@s.benn4233
@s.benn4233 Год назад
That is a given most apt now are asking for 2 months rent and 1 month security. I am trying to find options for a family member he is young no debt no credit score. He has a job meeting most requirements but has no proof of ever renting due to living with family.
@terrinadickinson3358
@terrinadickinson3358 Год назад
Love your channel! There are tons of videos up to retirement. Would it be possible to make some videos once a couple is in retirement and living on a fixed income?! Never knew about Ramsey baby steps, unfortunately...maybe some big kid steps lol for retirement years?! And at home extra income ideas for an occasional boost? Thanks!!
@aweisen1
@aweisen1 Год назад
@GerogeKamel 2:30 is that why there are landlord who will include utilities? To "prove" they were living in the house during the two years? I assume it can't be that easy right?
@PrestonPoe-v6d
@PrestonPoe-v6d Год назад
Always love your videos George keep it up!
@seankirchner2378
@seankirchner2378 Год назад
Stork Mode is great for those that are expecting. Now my question. How do I get into Stark Mode?
@agingacademy
@agingacademy Год назад
George....when is your book coming out?
@Dannyvm27
@Dannyvm27 Год назад
Hey George! I was wondering what online banks you would recommend for a high yield savings account right now?
@GeorgeKamel
@GeorgeKamel Год назад
Check out my video on worst places to save - I’ve got a link in the description of that one
@michellemurray4044
@michellemurray4044 Год назад
Great show!!
@HarryLime777
@HarryLime777 Год назад
George knows what's going on. Fo sho
@Emerica771
@Emerica771 Год назад
Liked and shared. Appreciate your videos!
@lindadorman2869
@lindadorman2869 Год назад
If you are debt-free with an indeterminable/no credit score but buy a home and then have a mortgage, does that kickstart a credit score?
@cassidy745
@cassidy745 Год назад
Good question! I would assume yes because you are taking on debt and how you handle the debt is essentially where the score comes from. I’m curious to know too!
@aliciaeasterwood
@aliciaeasterwood Год назад
Yes it does kickstart a credit score
@cassidy745
@cassidy745 Год назад
@@aliciaeasterwood Thanks!
@fasteddy3336
@fasteddy3336 Год назад
Nice tele in the back ground.
@evandavis2362
@evandavis2362 Год назад
This really is my favorite RU-vid channel now! Keep up the good work! 😁
@ThePrinceAJShow
@ThePrinceAJShow Год назад
“Paying down your home is like a forced savings plan.” 😊
@grantwalker9952
@grantwalker9952 Год назад
Hey George, are you able to withhold taxes that employers take out and pay it all at once to earn interest throughout the year? If so how does this process work?
@ryandimento6351
@ryandimento6351 Год назад
My question is: if you currently live with your parents after you graduate from college due to everything being so high in price still (apartments). How much money would you save if you make close to $2k in each paycheck?!
@ordinaryhuman5645
@ordinaryhuman5645 Год назад
Probably nearly all of it? What do you have to spend money on in that case? Br sure to thank your parents, and cover some of the bills or groceries at least, lol. I did that until I found a good apartment for me. Had my student loans paid off within a month of graduating, and had built up $20k in savings and maxed out the IRA contributions (Roth at the time, because I didn't know better). Then started funneling the excess money into taxable investments because I didn't have a 401k to max out yet.
@justincaldero5174
@justincaldero5174 Год назад
George, when is the collab video with the deal guy coming??? You both are Costco junkies. Make it happen!!! Lol
@Kornheiser10
@Kornheiser10 Год назад
Instead of saving tax$$ in a separate account, particularly if you get a large payment, just send it in to Uncle Sam, he'll take it whenever send it, not just quarterly
@Gwillis7
@Gwillis7 Год назад
George!!!
@heathervenkat1414
@heathervenkat1414 Год назад
Perfect references 😂
@sameasnone
@sameasnone Год назад
Are you making your videos more than once a week?
@larryhill7834
@larryhill7834 Год назад
What is Ramsey Solutions working on to create an equivalent to the credit score? I hate that I have no credit score but get penalized on things like car insurance because I have no score so I pay more for auto and home insurance. Little more info for you. My wife and I paid off our house in June of 2020. A month after, at the age of 40, she was diagnosed with breast cancer. After 3 years of treatments and surgery’s we are in the clear and she is in good health. Finally had a minute to look up and started thinking about how high my auto insurance is and my brother told me his insurance company uses credit score to determine the rate they charge for insurance. I wondered how to work around that and thought y’all probably thought of this and had something in the works.
@brad_0531
@brad_0531 Год назад
Maybe someone can help me answer something regarding buying a home. I understand saving up a 20% down payment to avoid mortgage insurance, having a 15 year loan, etc. but is that necessary if the home is not going to be a forever home? For example, let's say my wife and I buy a 170k home with a $34,000 down payment, knowing we may need a bigger house in a few years once we have kids. If we find a larger home for 210k and put down $42,000, was it really worth it to put down 20% on the first home we bought? Is it worth it to put down 20% and have a 15 year loan on the starter home that will eventually be sold in a few years? Hopefully that makes sense. Thank you in advance.
@GeorgeKamel
@GeorgeKamel Год назад
It’s less about the down payment amount, and more about keeping the total monthly payment to 25% or less of after-tax monthly income. Whether you keep the house for 3 years or 10 years is less relevant.
@getinthespace7715
@getinthespace7715 Год назад
If you are adult enough to get married you should NOT be moving in with parents unless there is some sort of disaster/tragedy.
@JonaaBLKWL
@JonaaBLKWL 4 месяца назад
That's silly. I've been with my partner for 10 years and we're living with his mom. There's lots of reasons for that but I wouldn't judge anyone in this day and age for living with family, married or not. It's hard out there. Atomized living is less than a century old, for most of human history, multigenerational living arrangements were the norm
@meganvangundy7388
@meganvangundy7388 Год назад
Asking out of curiosity, why are time shares a bad idea?
@ordinaryhuman5645
@ordinaryhuman5645 Год назад
Just rent Airbnbs as desired instead to avoid sketchy contracts and excessive costs and commitments.
@GeorgeKamel
@GeorgeKamel Год назад
You can’t get rid of them, the math is horrific on what it’s actually costing you per night, you’re locked in to certain dates and/or location, and maintenance fees go up every year
@meganvangundy7388
@meganvangundy7388 Год назад
Thanks,@@GeorgeKamel I'll be sure to stay far away from them.
@rossmcgreg6r642
@rossmcgreg6r642 Год назад
I'm a landlord and I'd probably rent to you, George.
@chrisfrederic2514
@chrisfrederic2514 Год назад
92% of millionaires use credit cards. I noticed this is a fact Ramsey solutions never brings up we are supposed to study rich people right?
@cakedupkevin
@cakedupkevin Год назад
Source?
@chrisfrederic2514
@chrisfrederic2514 Год назад
@@cakedupkevin montly fools survey
@christinab9133
@christinab9133 Год назад
❤❤❤
@stevenporter863
@stevenporter863 Год назад
5:49 How about not having kids until you are at baby step 4?
@athrunzala798
@athrunzala798 Год назад
The only one that I would say it depends is the home warranty. Some plans are good and others are meh. I'm in Houston so our AC gets a hefty workout in the summer. Recently had to replace some parts that would've cost $3k+, and we just had to pay the $75 service call and $1k deductible. The annual premium is roughly $750/year. So right now we "up" $1k compared to if we just paid out of pocket.
@joysilas4724
@joysilas4724 Год назад
George?…. What’s your favorite color?
@freedomring3022
@freedomring3022 Год назад
the needing a credit score to rent may be one of the dumbest pieces of advice people handout. As a landlord I have never, ever run a credit report on a potential tenant. Do they have a job? What is the annual salary? How long have they been at the job? etc.
@teddyruxpin7876
@teddyruxpin7876 Год назад
you are but only 1 landlord
@agingacademy
@agingacademy Год назад
Why do you and Dave talk about mutual funds but not ETFs?
@oli1682
@oli1682 Год назад
Don’t ever live with any parent in law, it’s a recipe for disaster!
@GabrielMartinez-sd8pc
@GabrielMartinez-sd8pc Год назад
Here’s the thing, we are not in normal housing market times. The medium price for a home is $338k at 8% interest and climbing. You cannot apply past experiences to future expectations that’s investment 101. You can say, “oh back in the days interest rates were 10-20%”, yes but the market wasn’t inflated nationally to this extreme. 25% of your take home pay does not get you anything in job stable areas. I think we need to be reasonable and go for what can you afford. My wife and I did 31% of our take home pay and we live comfortably in that. You don’t have to do 15 years, a 30 year will be fine. Why? Because the average placement of a person in a home is roughly 5-6 years. No point taking out a 15 year for that. I don’t think 25% is a hard rule, but pretty conservative in risk. However, in TODAYs market, be reasonable and realistic. Don’t do the max of your budget obviously, but don’t think if you go over 25% you are sinning against God.
@JakeDenning
@JakeDenning Год назад
Landlords are all companies now, George. They’re gonna want 2.5x the deposit since you had no credit score.
@GeorgeKamel
@GeorgeKamel Год назад
Dare you to call 10 and report back your findings.
@darrenjackson1981
@darrenjackson1981 Год назад
George the early u start investing the better I am angry with what u said George
@GabrielMartinez-sd8pc
@GabrielMartinez-sd8pc Год назад
It’s the Ramsey script man. It is what it is.
@angelachapman4415
@angelachapman4415 Год назад
I really like George but I wish he didn't always have to stick to the Ramsey script. I realize he's employed there. There's just no nuance. Paying off your house may or may not be a good goal to pursue depending on your circumstances, and I just get tired of the Ramsey-verse "this is the answer" with no exceptions.
@GeorgeKamel
@GeorgeKamel Год назад
There’s no “script” to follow. I just truly believe paying off the house early in Baby Step 6 leads to the best quality of life. No nuance needed
@GabrielMartinez-sd8pc
@GabrielMartinez-sd8pc Год назад
Eh, there’s a script. I remember a call where a gentlemen asked, “since student loans aren’t owed, isn’t it a good idea to put it in a high yield savings until it’s due? I don’t want to lose (x) amount of money if it’s forgiven”. Y’all came out and said, “yea pay it, because even if you lose out $50k, then it sucks but you’ll know you paid the loans off”. I’m thinking it what universe would it be okay to pay money to the government when they aren’t asking for it instead of putting it in savings until they decide what to do with it. And also, thinking in what universe would anyone be okay knowing they are out $50k and sleep better at night? It’s a script. Y’all don’t leave room for alternate solutions that may be better.
@angelachapman4415
@angelachapman4415 Год назад
@@GeorgeKamel But what if you didn't start following the baby steps until you were 40+? In that case even if you paid off all other debt, and made it to baby step 6, I still would not suggest saving only 15% in retirement and putting the rest on the mortgage. If you're 20 doing the baby steps that might be fine. If heaven forbid you're 50 and just got to baby step 6- no don't pay off your house in lieu of aggressively catching up on your retirement savings. This is what I mean- nuance is needed here.
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