Why “Finance Experts” Want You to Stop Saving Money 

They have to say saving money is stupid, otherwise they can’t scam you into shelling out money for their courses.

When I totalled my car, I had all sorts of unexpected expenses. Because of my emergency fund I was able to buy a used car in cash and cover all of my medical expenses without getting into debt. It turned what could have been a life-altering disaster into just a bump in the road. I only make 45k a year. Believe me, saving up an emergency fund is worth it.

Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.

I started investing in dividends with my taxable account. I used the buy and hold strategy in my Roth, adding some Berkshire B stock, SCHD, and S&P 500 and total market exchange-traded fund.

I would rather live in less than I make them work 12 hours a day 7 days a week. Burnout is not my goal

I just want my money to keep outgrowing the inflation rate. That’s why I'm looking for companies now to invest about 150k in savings i have parked in the bank. Just don't know strategies to employ to make significant gains with steady cashflow.

The secret to being rich is not being poor. Boom maybe I should be a tic tacker

I totally agree lifestyle creep is probably the #1 mistake high income earners can make with their money. But just spending less is not always the only answer. Educating yourself to how our financial system works is also essential…particularly for minorities or people coming from poorer backgrounds. Even with high paying jobs many times these demographics are the first in their families to graduate college, start careers in corporate America and have jobs paying well enough to even have lifestyle creep. And the more money you make the more complicated you find out this system is…not to mention all the misinformation that’s out there these days. So definitely live on a budget but also educate yourself and connect with people you can trust! Because there are many wolves out there…especially in an inflated economy.

That first "financial advisor" was great. "Want more money? Then, you should try earning more money." Brilliant! Why didn't I think of that?!

Influencers: "Don't save money" Also influencers: "Make more money so you can save more money"

To all these "experts" saying dont save what is there solution when my HVAC goes out? My refrigerator goes out car needs new tires. Put in on a credit card and pay 27% interest. NO THANKS

My dad is a police officer saved all his life and lives on less than he and his wife made. Got 2 houses fully paid and all his 3 cars, plus saving in the bank. I don’t understand what anyone would think saving is not worth it. So wrong. Thank you George for this video. 💗💙💗

I am saving $300/month for retirement since I was 16 years of age 😊

One thing that helped me build my emergency fund was separating everything into "wants" and "needs". The needs were 100% budgeted out and taken care of before I even thought about spending on wants. For everything I simply just wanted but could live without, I committed to not buying it unless I saved double what it cost. So, if I wanted a new pair of headphones that cost $300, I saved up $600 and put away the extra into savings. If I still wanted that pair of headphones by the time I got to the savings goal, I went for it. If I came to my senses or realized I could live without them, I just grew my emergency fund by $600. Took a bunch of discipline, but it really showed me how much the shiny new things I get excited for aren't all that necessary.

Some people just read a book and are now gurus. Our generation is easily bamboozled by some good lighting, cinematic audio, and somebody with decent 11th grade vocabulary

If you are working 4 jobs and still only 12 hours a day you got 4 part time burger flipping jobs

Imagine saving money for years and ending up with a savings account that has $70,000 in it. Then your car ends up wrecked and you need to buy a new car. Instead of taking on a loan or a financing deal with interest built over 5 years, you can instead just borrow from yourself and pay for that car with cash, pay zero interest, and you have full ownership of the car immediately. From there, you just keep saving, and the amount you borrowed from yourself will eventually be put back with no strings attached. Saving money is worth it.

Money saved is money NOT spent. That doesn't help the economy, but it DOES help the individual. Partly why some of these MSM financial experts want people to stop saving.

I am a Nurse and have been saving for a few years. I've reached a point where I could benefit from financial advice to invest my $200,000 cash savings for retirement. What is the best strategy to invest in stocks with low risk and high yield?

The 4th Reason to Save = Opportunity Having the money on hand to Seize an opportunity is key at times

George is the goat. The content, studio, and production is unique and well done. Positive messages that help real people unlike the *sticky/aspirational/get rich quick* content that is so prevalent today.

I am a youth pastor, making 30k a year with $6000 in self emp tax yearly. BUT I still own 3 duplexes w/ over 100k in savings for a down payment on my forever home bc I started SAVING when I put my down on my 1st duplex & lived in the other side. I didn’t have collage debt, in fact I paid my husbands collage when we got married IN FULL w/ my minimum wage job earnings. SAVINGS is the way to grow

Saving money is not about investment but about freedom and peace of mind.

Your combination of humor and financial wisdom gets the message across superbly. Love your style George

The greatest marketing scam is to make the public believe that being rich is a goal. That makes them obedient consumers ready to sacrifice their lifes

Remember, the gamer mentality of "Save Often Stupid", also applies to finance.

The true power of Ramsey's "live on Rice and beans while you pay off your debts" advice is not as much "save a little money" but readjusting your entire set of money habits so you can actually save money when you start earning.

I love the old 'if you're poor, just make more money' advice. So helpful!

I saved and invested my way to wealth. The idea of “don’t save just make money” is the dumbest thing I’ve heard in a while.

It’s like that first guy doesn’t realize you can both save and seek higher compensation… at the same time. Truly incredible, I know.

No wonder so many young guys are so lost, there are so many bad "mentor" types giving such bad advice.

What these influencers don’t tell you is that: To build a business or to enter real estate you still will need some money to put down. Nobody is going to give, lend or invest money on you if down have at least 10% to put down.

well done on using Grant Cardone as an example of what NOT to do. I see him as a scammer, and not good with money. Good video George.

FDIC won’t protect you against hacked account credentials. I’ve seen people get completely cleaned out. You all really should do a security episode on how to fortify online accounts.

Focusing only on money coming in and not money going out is the equivalent of those weight loss “experts” who focus only on diet and ignore exercise completely, or vice versa.

As a saver, I don’t do it in order to get me rich fast. It’s done so I can be prepared and grow reliably in my finances. Yes, good income is also a great thing if you can live on less than you make. But that being true doesn’t mean saving isn’t also important.

It's a huge relief to have a stash. But it sucks knowing that your dollars are worth less now than before.

I understand lifestyle creep, but when annual raises don't keep up with inflation. The lifestyle hasn't crept up, just the cost of everything has. You're paying more for things with an income that hasn't kept up with those expenses. Budgeting and cutting unnecessary items is the way to help that.

I am single income on a clerk salary debt free, house in California no family no government assistance. Today, my net worth is > $1 million, and I lend money to entities at 5% interest. I am very confused when these people tell me that I am being "slaughtered" for being debt free. I am a clerk that is lending money to others! This is why I love America. Still the best county in the world! Being in debt only makes you a slave to someone like me. Stop borrowing money. Always pay yourself first by saving a portion (30% in my case) of your income. Imagine, you can be a janitor and lend money to doctors/engineers!

Babies are living paycheck to paycheck. I died at the family guy clip 😂

This video is truly awesome and much needed given all of these online scammers posing as financial gurus.

Thank you...I've been at folks for months telling me having a saving account is wrong...I had a headache since the first time I heard it

My current savings goals is paying off my student loans and having a down payment on a house.

I always avoided lifestyle creep by just living on my first salary out of college. I felt like a king ten years ago and while I'm skimping more because my rent is way more since i dont have roommates it resulted in all my raises going to my investments

I saved for 5 years to buy a new truck. Friends and co workers mocked me,but I paid cash for my Toyota and I am still driving it 10yrs later. Some of the ridiculous things people say on TikTok are just dangerous if folks follow advice like “saving money won’t get you rich.” my wife and I have a net worth of a few million dollars and I promise you,we acquired that by saving money and investing. Of course saving money leads to wealth! What a stupid thing for people to say that saving doesn’t lead to wealth.🤦🏼‍♂️

So, my husband and I began teaching FPU in 2015. We were hooked. We began budgeting and working the debt snowball. Fast forward we are debt free (except the house and working on that). We have a fully funded emergency fund. We are doing great. When the hot water heater went out we paid cash. We save ahead for things we want and pay cash. Saving works.

I used to see how family and friends were spending money and I wished they’d ask me for advice, but I don’t like to give advice to people who don’t ask for it. But lately I’ve had a lot of ppl reach out asking how we got to where we are.. takes some time to reach the boiling point, but once you are there ppl will take notice

Had a millennial conman come onto the farm back 10.5 years ago and he couldn't stand the sight of unspent money going to waste. He was horrible.

Just read richest man in Babylon. Everything your teaching is in that book. Great read. Highly recommend, not just by me but many actual successful people

It’s no different than football. You have to play offense (making money) and defense (spending less than you make). You may win sometimes by being good at one or the other. But if you really want to win, you have to do both.

The Blackjack analogy is actually a great one. Playing by "the book" means you're statistically making the best move in order to win money by the end of the session, without cheating. Sometimes people that play blackjack in weird ways end up winning more than people playing the best way. But usually they end up losing all of their money. Just like life.

So I guess if I make my own coffee and have old jeans I’m “struggling” 😂 people crack me up. I say as i drink my yummy coffee and wear my super cozy second hand pants

I focused on changing my spending mindset to a saving mindset. After I changed this mindset, I worked on increasing income, which allowed me to increase net worth faster because I kept my savings mindset and pushed that extra income into places to work for me

One thing I have to give the UK lady; she touched on debt. Not so much as to say it's the biggest impediment to saving but at least I heard the word! Once we decided to eliminate debt about ten years ago, we've been able to save, invest, and even buy a decent car; all for cash.

Currently, I’m saving for trips and adding to my EF. It’s at about five months of expenses and I’d like to get it to six. I also increased my 401K contribution to boost retirement savings.

Thanks to saving and having a strong budget, I know have more power to say "no" to situations.

The guy had 4 jobs, worked 12-14 hours, 7 days a week and then invested the money in his "businesses" how the f^%$ did he have time to run businesses while working for other people this much? i guess he's super human and doesn't need to sleep ever.

I feel so worry for people especially young people in this generation and those to come. We growing up our elderly told us to work with good attitude, don’t spend unnecessary and save money. There are so many lies this days.

Thanks for this! It’s crazy what’s on the internet and social media now. People who aren’t experts or knowledgeable claim to be and finesse folks.

Haven't seen the old lady clip since Ebaumsworld.

Man i really enjoy the way you explain this big and confusing topic making it simple and fun.

What is so hard? An emergency fund is a financial seat belt, not the whole car (net worth). 🤦

I'd rather make my own coffee than burn myself out.

that guy really laughed at flying economy, crazy.

One of the benefits of working more is that the "free" time you have to spend it is drastically reduced

Having savings prevent incidents turning into crises.

I don't think it's lifestyle creep that is the main problem, it's just the spending in general that is the problem. The lifestyle creep just allows the spending to continue.

It seems to me a lot of people get "saving" mixed up with "investing". When Dave, George, and Rachel say save 15% they aren't saying to put it in a savings account they are saying to invest it in the market or in real estate.

The Stewey "where's my money" clip was perfectly timed and utterly gut busting hilarious 😂😂😂. Great stuff as always George, love your content.

if you are broke, but at least have a job.... get that 1000 saved...it's the first step. When you accomplish this step, you'll want to repeat the feat. And before you know it you'll be able to handle an "emergency." Keep going.... you'll be able to afford things that used to pull you into debt. Keep going, you'll find that it's addictive. Drug abusers spend 100s of thousands of dollars on their habits.... you will be spending money into your habit of saving!!!! YAY. you got this!!!!

Financial "experts" on tiktok sounds like an oxymoron.

Money is rapidly losing value sitting idle in a bank account

Saving for relocating to another state. Have sinking funds for vacation and miscellaneous stuff that comes that are not emergencies. We have a three month emergency fund, would like to get it to 4 months by the end of the year and 5 or 6 months before the end of next year.

The British woman contradicted herself so hard so often I was getting whiplash trying to follow her. George, you are so incredibly kind to these people. lol

My kitchen caught on fire. I was able to refurbish it with zero debt because my wife and I had saved a solid emergency fund. We've been saving for the past three years.

Investing and saving are different. Neither is bad as long as the ratios and amounts are right for both.

You truly have your finger on the pulse of today's average 40/30 year old - great references, humor, and practical advice. Keep it coming!

I love when 25 year olds give life lessons about how to create wealth. They are successful with their channels , good looks, charming personalities ( some ) but you wanna really know how to get wealthy I’d say look right in your own family . See who is well off that you know didn’t get an inheritance and ask for private advice and ideas from them. They’ll probably be happy to share their ideas. A family member like this would be your own private financial fiduciary. You may have to humble yourself asking but that’s when you know you are ready. God bless.

To become wealthy, the first thing that needs doing is LIVE BELOW YOUR MEANS. You do this by writing a budget. Then using your willpower to stick to it. Lastly, invest the savings that exceed your emergency fund. Regular saving and investing will make you a millionaire by the time you retire.

Grant C is only saying “don’t save” so that you don’t object to spending money on his course 😅

That fellow in the red shirt wasn't saying "don't put money in savings" he was saying "pinching pennies won't overcome an income problem" It is fully possible to step over a dollar to pick up a dime.

Wise words. So many people think that the world is their oyster without to bits to rub together. Subscribed!

Buy now pay later or broke now broke later 😂

I had a few moments in life where my emergency fund saved my butt. Recently. I had to move immediately. I had to spend several thousand dollars already. If I was dumb like most people,I would be in a bad situation. Also, these dummies are not looking at the savings are SEPARATE from the money for investing and building wealth.

People can outspend their income regardless of their income. I strongly agree with George on this one.

I have never heard anyone ever say you could save yourself to wealth. I have not even heard bankers say that. That's not the goal of saving. The goal of saving is to keep your money safe (and slightly growing) until you need it, or a good investing opportunity comes along. The reason all these SCAMSTERS are so opposed to you saving is because if you're saving your money, you're not sending it to THEM!! The reason they are targeting savers (as opposed to investors) is because savers are the most liquid. These are all sales pitches for some "wealth-building" course you are going to be told about later.

Your video is a breath of fresh air in the midst of all these conflicting financial advice videos. Your down-to-earth and relatable explanations cut through the noise and offer clear, sensible insights. If you could give one piece of financial advice to your younger self, what would it be, and why?

“If you find yourself in the majority, it’s time to pause and reflect”- Mark Twain

My wife and I have been saving. We paid off our debt and now are saving for the next 3 years to buy our house cash! Probably around $300k

Brandon Carter is the best! Great wisdom he shares and keeps it real!

The easiest reason to why they do this is simple Put them in financial ruin then sell my course. There isn’t endless capital so making more is not always a option. Less debt to income and invest what you can afford to lose.

i agree with u george, my parents always remember me to saving money first, and next spend for living cost

3:00 I just want to say, as a blackjack player the guy who “went against the book” was actually the only guy following the book. 16 v 7 is a hit, you only stand on 16 against 2-6

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future..

I get the save a nickel vs the make a buck mentality but some people get by on saving nickels and are happier.

8:00 George this might be the funniest response I’ve heard to one of these. You crack me up, love it

Congratulations on the birth of your child!!!!!! 🎉🎉🎉 Great video!!!!!!!

We actually need this advice to keep the world turning. We need the proponents to live this lifestyle because it transfers wealth indirectly to the top 1%.

Love this vid, George. Love your channel. The way you incorporate pop-culture makes it fun. Can never go wrong with Always Sunny and The Office.

The one guy is right about them printing more money tho, that’s exactly why our US dollar is losing value!