Run (Don’t Walk) From This Bad Financial Advice 

I feel kinda stupid realizing I was wasting about 200-300 a week on alcohol. Been a month and I already feel more wealthy 💀

"Shop at Costco, and buy in bulk! It costs less over all." Cosmically, yes. Per unit, i would save if i buy in bulk. BUT, Im just one guy, and it costs more in the short term.

The balance transfer for 0.00% - if you’re actually trying to pay off a card with a high balance is factually, logically, mathematically the best option if you can’t pay it all off at once.

I have learned,after getting out of debt 4 times, if you dont feel The Pain of getting out of debt then you will just do it over and over again until you feel the pain.

Those articles are actually advertisements designed to make income for the writer through all of the affiliate links.

He doesn't trust Finance Buzz, but does trust Zander. Zander is an affiliate of Ramsey, so they pay (kickbacks) in order to be promoted. Probably not a bad company, but they're doing the same thing as Finance Buzz.

George, Dave had a brilliant idea when he brought you on! You are SOLID!!!

George is best addition to Ramsey solutions….ever! Between George & Dave you get primo gold comedy & best money advice on the planet!!!! Go George!

I’m super impressed with how natural and fun George introduces the principles of Financial Peace… looking forward to the next video!!

Thank you George for finally explaining IN PLAIN ENGLISH how debt consolidation and home warranty companies work!

I hope he does a video about avoiding certain life insurance policies. With real facts and numbers. And if pogs come back, consider the budget ruined

I 100% agree with this in principle, but if you're in trouble, a balance transfer is not a bad idea. If you owe money on high intrest, balance transfers actually do wipeout huge portions of your debt. A balance transfer to a 0% card paid off in the 0 intrest timeframe will in fact wipe out alot of the money you owe. Way better to stay out of credit card debt, but it's good to be honest when looking at the numbers as well.

You’re killing it George. Loving your stuff.

All good advice but, when I was in my 20s I got into credit card debt hell. The way I got out of it was 1) got a better paying job and used my new higher income to pay the debt down and not start spending more with my new income. 2) I did use 0% credit card transfers. I transferred all my debt to a card with 0% for 18 months and made more, much more than the minimum payment. When the 18 months came to an end and the crazy interest rates kicked in I transferred to a new 0% card. Repeated this over and over. I didn't stick with the first one and pay those rates. I credit card surfed my way out of debt. Took about 5 years but I did it without paying any interest.

Creating the sinking funds is the way to go with repairs

Don't do debt settlement!! Even if it DOES work for you, any amount that is written off is subject to being counted as income and you will be taxed on it. How do I know? I owe the IRS over $9000.00 for 2021, THAT's how I know!! DON'T DO IT!!!!

My grandmother was in an old house with very old appliances, furnace, stove, etc. On a very limited fixed income. She paid a Little monthly premium and had guys over fixing broken furnace, Air conditioner, stove, drier, etc. All the time. They got sick of how much trouble her old furnace you couldn't get the right parts for was causing and costing them and replaced it. She actually made ok.

Years ago I did the balance transfer thing and it saved me lots of money in debt interest payments. You used to be able to get them to waive the 3% fee too. It may not be the case anymore, but can still be helpful to people paying 17-30% interest rates

Hey George!! You should do a show on the latest fad! It’s called a “Car Subscription”. I have noticed TV ads for this which is totally insane! They are pushing a higher payment on LEASING a car but they are putting lipstick on the pig by making it look so amazing because you turn the car in monthly and get to drive a new and different car every month!! I about died when I saw this!! Unreal!! DONT LEASE PEOPLE AND SURELY DONT DO A CAR SUBSCRIPTION!!

I actually had seen that article on the internet and just laughed at it. As soon as they pitched a credit card I knew it was not a serious article. Excellent video exposing the bad financial advice.

I like George, I find his advice a lot more palatable than listening to Dave. He keeps the same useful, core financial advice but doesn’t seem to push the religious stuff so hard and there’s less ranting about political stuff

I’ve been an AARP member since I was 33. It’s awesome

Another important thing to note is most of the credit cards with 0% intro APR for balance transfers charge a monthly or annual credit card fee. Some cards range from $100/year to $500/year, and some even have a signup fee (Amex, looking at you for that $495 fee).

Before watching GK’s videos, I had to watch my financial advice and my funny shorts separately…Now I don’t have to anymore! Thanks for the great info George!

That Backstreet Boys reference 👏👏

Great videos George ! Always super informative and great humour along the way.

I’d love to see more episodes where you skewer financial companies by reading and explaining the hidden traps for consumers. But I’d also love for you to point out the cheap tricks they employ to snag you emotionally, with terms like “exclusive, “ preferred,” “limited time offer,” and so on.

@George Kamel - A lesser known trick people don't know about the balance transfers... If the 0% on the purchases ends before the 0% on the balance transfers and you have a large purchase balance, guess where your future payments go? The balances are in separate buckets and ALL your payments go toward the lowest APR balance first. So guess what... You're purchase balance sits unpaid while being charged 16-20+ % interest UNTIL you're lower APR balances are COMPLETELY paid off. I learned this while working for a credit card company. So many people called enraged when they realized this (because everyone reads all the terms 🙄). Even if you do see balances with the lowest APR get paid first, this doesn't sound bad at first glance until you really think about it.

I agree with your home warranty advice. I had one when I was a new homeowner and know from experience that you pay way more to own one of these warranties than anything they will cover. I did use it a few times, but when you actually have to use it you learn very quickly how much they don't cover, despite what the colorful brochure says. I would recommend this for new homeowners: get the free one year warranty the seller pays for you, then like George said save your money during that 1st year. Take it from me, they truly aren't worth it after that unless you own a home warranty company-then it's a cash cow! 😂😂

I fortunately have no debt and am in solid financial shape. But I often click on those "things your should to to save money" articles just to see how bad the advice is. As you say, so many of them are just disguised ads for crap products that'll just make things worse.

That Backstreet Boys reference got me laughing.

Working collections once upon a time, these debt companies suck. They allocate like $30/mo per debt, and only offer 30%, when you banked up enough, if ever. They take massive fees, they do more harm than good. You stand a better shot of getting sued than clearing your debt.

A follow up comment on balance transfers, I work in a credit union that has a fixed 9.75% credit card with a zero-balance transfer fee. This option with conjunction of budgeting and financial counseling has saved tens of thousands of dollars when used correctly as a tool and not as an extension of debt.

Thanks for all your work trying to help people avoid these traps, George! I actually noticed this on a Facebook "article" a few weeks ago - every suggestion seemed like a paid advertisement - not a suggestion to benefit you.

That article was not written to help anybody but the author...to make money from people clicking on his affiliate links. That "article" was nothing but advertising.

when my career tanked due to a bunch of illegal actions from the employer (4 yr's later still in litigation with the criminals) a service company that works with chase bank called take charge America really helped me out in a pinch (they're a non-profit) was curious of your take on legit debt service companies (I was able to avoid bankruptcy and get all the debts paid in less then 2 years)

Any posting offering to "help" you is really an ad to sell you something for your hard earned money. The most obvious and dangerous try to instill fear, like leaving loved ones with your final expenses and debts or reading normal sensations as symptoms of a disease, of you never heard. Who are these experts anyway?

Oh man this is scary that that’s considered financial advice. Thanks for the great content George and the team involved! God bless!!!

If paid for warranties were a good deal for you financially the companies selling them wouldn't. Its as simple as that. No different than a casino or the lottery.

1:45 He is right only if the debt is moved then forgotten. If someone takes advantage of the transfer offer and pays it down (ideally off) then it is simply a tool, not designed to eliminate debt.

Thank you for the information. Very helpful advice.

Another great episode!!! 👏🏼

I signed up for one of those debt settlement companies a year ago and as you said, it ruined my credit score but at the time I was in a terrible situation and needed lower monthly payments. I’d love to get out of it now but not sure how without getting sued or having my wages garnished

Thanks for being 100% correct in this age of false information

One thing I think you guys miss all the time with credit card balance transfers is there is usually a fee to do the transfer. That fee ends up being pretty close to the interest you would normally pay if you make minimum payments for the year.

Great job George! Man I tell ya, after sprinting through baby step two all of these “good ideas” sound about a smart as responding to that Nigerian prince in your email who only needs a small sum of your money to unlock his money and then he promises to pay you back 10 fold 😂! How did he get my email again 🤔.

Similarly, whatever Jim Cramer from the business channel says, do the oposite.

I used a balance transfer to make a bunch of headway on debt. It’s a great option if you can pay off the entire balance transferred in the amount of time. If you can pay back 10k in 12 months, transfer 10k and pay it off. Zero interest.

Bro the entire article was just an ad for their crappy financial products taking financial advice from broke, nameless, internet newspaper rejects is not a good idea

hey man regarding AARP , it’s $12 a YEAR and it can get you $10 off your monthly AT&T bill. customers sign up for it all the time for that discount

Love the content George! Thanks

Good video George!

I had an individual come in with an investment plan that she found from someone on TikTok. Being a financial counselor and having access to an investment advisor in banking it was a nightmare! We got it 100% figured out and she is super happy!

I allowed a company to talk me into stop paying my credit cards and they would help me write documents to use when they sell the credit debt off to a 3rd party to invalidate the debt. And I only had to pay them $310 a month to do this for me... Worst financial decision EVER. I was sued by all 3 debtors and was able to make arrangements with them to pay the debt off at a lessor amount. Which is what I should have done in the first place. Aside from never charging up the cards in the first place. Fast forward to today. I have $2100 left that will be paid off by the end of the year. Great video George!

First! Watching from the Philippines! We don't have these "products" here (thankfully) but I'm still learning and the last part of the video is definitely advice for everyone, regardless of where they're living. Awesome video as always, George!

Awesome video . “Love it “ George had 26k subscribers yesterday , 18 hours later is at 27k . Great work here .

I love the video and advice brother!

Thanks George ❤

Yes Sir! Amazing work. I read the tittle and thought it was Andre from Don’t walk run youtube channel 😂

Thanks, G.

Please listen to him. Yes he’s is young but he is Right. I wish I had this knowledge when I was younger. I’m now trying to catch up which is no fun. 😢😢😢. I know I‘ll be ok but I’m nowhere where I need to be at ALL. So please please listen to him all of them. If you have a favorite personality listen to them educate yourself. I’m having to learn this at a older age. I was dumb but actually a lot of this I didn’t know. I still don’t understand investing in mutual funds. It’s just Greek to me. Someone said to go to the website but the three people they recommend were 8 hours away from me. And I wanted to talk to someone in person.

Your videos are amazing

I knew someone that had the house warranty. The air conditioner broke, they have to wait 2 weeks to get help. Mine you it was the middle of the summer and the inside of the house was over 90. They had to leave the house until the air conditioner was fixed.

Love the videos and thank you

Home warranty plan with CenterPointe energy $13.50 mo covers drain back up and pipe replacements. I live in an area with mature trees that cause drain backups at least twice a year. It saves me hundreds every year and their service is impeccable. During a time when you can't get anyone to help you because of the labor problems this company arrives within hours. Their plumbers are trained by the best educators and I never have to worry about their character because they are well vetted.

Use balance transfers responsibly. I used the feature to save interest for 1 year on $12,000.(misc credit card expense from death of a business partner, rising utilities with inflation, car repairs) I paid it off in 11 months.

OMG THE BSB REFERENCE MADE IT ALL WORTH IT

The 0% interest transfer offers ive gotten charge a fee.

George my mega broke co workers hate Dave Ramsey I found out today. Wanted to shout at them and flex my own financial success using his plan lol. But I resisted

But George, you do have an affiliate link. An affiliate link to my heart

The home warranty is a complete joke. Unless it's paid for by the seller.

Love this

I’ve never liked this many RU-vid videos back to back

Let It Be! 😮

Gracias 🙏

Love your videos ❤. I have a home warranty for my rental and have been thinking about it. How much of reserves do you recommend if I cut the warranty?

Regarding credit card transfers, you did not mention that most offers charge a 3% transfer fee.

1:31 Stop it hurts to know how much I screwed up. I’m trying! 32k/100k paid off in 4 months.

So, I love on Colorado and I keep getting marketing phone calls about a government relief group that is gifting $26k per employed persons within my company if they stayed working full-time from 2020-2021. I’m the only employed person within my company as I hire out all other needs via independent contractors/freelancers. I’m attaching a screen capture of the phone message script:

Great video. Although I don't judge things by wondering if they're making money off me. Because everyone is technically making money off everyone in one way or another. I hope this triggers a long thread, which will have a positive effect on youtubes algorithm, resulting in ramsey solutions making money. You can thank me later George.

I use Allstate auto insurance because I paid by the mile

Don’t know a thing about finance buzz, but kamel Says that finance buzz is shopping their affiliates, and then Kamel goes ahead and shops his affiliate Zander Insurance.

“ as long as you love me” -- >tang tang tang tang tang tang 😂

does the emergency fund have to be separate or can it be in other assets that could be accessed quickly, like stock accounts or retirement funds if you are of retirement age?

What is wrong with 0% balance transfer? What's wrong with online shopping? Shopping online does not mean to to by clothes and stuff that you don't need. Nothing wrong with cash back.

I actually have been able to save thousands by having a home warranty over the past year or so. My water heater, microwave, and mini split heat pump all have needed to be replaced which would have cost me thousands.

How about getting a saving account with Capital One?

I don't have debt but I have rent to pay which taking too much money...how to save more money

What is the Canadian equivalent to the every dollar app? I don't think I can get it in Canada.

You’re hilarious 😂

George, can you please interview someone knowledgeable about bitcoin, someone like Saifedean Ammous, author of The Bitcoin Standard. Dave Ramsay is doing a disservice to his listeners by telling them to allocate absolute 0% of their net worth into bitcoin (some exposure should be recommended, i.e. 5% of net worth). Please consider. Thank you.

Happy late late Birthday! 🎉😂😂😂😂😂

So, Balance transfers. While the cards do have high interest (like all cards) they do serve a purpose. Lets say I on the debt snowball and I’m now hitting my credit card with everything and I want it GONE. Lets say I have a £4000 balance thats adding 23% interest every month, every payment I make is being chomped into by the added interest. Every payment I make is worth less. But if I balance transfer and halt that added interest every month for 12 months I can have that card paid off FAR quicker because every penny goes on the balance and not additional monthly interest. You could save hundreds perhaps thousands during the time your attacking that debt. And once the debt is paid….. cut that card up. Cut it up straight away if you want, your going to be making bank transfer payments Balance transfers ARE NOT BAD But only if you use them to CLEAR DEBT

Does Zander get an affiliate fee from Ramsey for referrals or do they just benefit from the increased, possibly free, promotion?

I fell for the balance transfer lie 😩 now I’m under Discovered bondage.

More 3rd Rock From the Sun / Dick Solomon refs, plz 😂

Can you do a video specifically about buying a house with no credit score? But make it the explain it to me like I'm five version😂

Personally, I believe that the CHIP reverse home mortgage, is a scam. It sounds good, but you're leaving a lot of money on the table.

Whats it matter if you wreck you credit score, you all are against em anyways?

A lot of these financial advice listicles are advertisements for credit cards