George Kamel - Agree to Disagree with Andrei Jikh

Episode Date: May 29, 2024

💵 Create a free budget. Sign up for EveryDollar today! About This Episode:   In this episode, join me and YouTube financial star Andrei Jikh as we bring back the "Agree to Disagree" segment, sharing our honest takes on the latest headlines in housing, crypto and more. Next Steps:   ✅ Check out the latest from Andrew Jikh.  🎥 Watch: Agree To Disagree | The @MinorityMindset & Humphrey Yang (@humphrey)  Offers From Today's Sponsors:  This episode is sponsored by DeleteMe. 🔒 Remove your personal information from the web at https://www.joindeleteme.com/george and use code GEORGE for 20% off. 🙌   This episode is also sponsored by Laurel Road. 💸 Open a high-yield savings account and make your savings work harder for you. Check it out here: https://www.laurelroad.com/george. 🤑    Listen to More From Ramsey Network  🎙️ The Ramsey Show   🍸 Smart Money Happy Hour   💡 The Rachel Cruze Show   💸 The Ramsey Show Highlights   🧠 The Dr. John Delony Show   💼 The Ken Coleman Show   📈 The EntreLeadership Podcast     Ramsey Solutions Privacy Policy  Learn more about your ad choices. Visit megaphone.fm/adchoices

What's up, guys, George Camel here, and I'm super excited because today I'm hanging out with the one and only, Andre Jick. The eye is silent, the H is silent. And as Lil Wayne once said, real G's moving silence like lasagna. Inspiring. I love poetry. Now, Andre's one of the biggest personal finance YouTubers in the biz. His channel has over 2.3 million subscribers. And if that's not enough, he's an amazing magician. And today we're bringing back a popular segment called, Agreed or disagree. So we're going to talk about everything from the housing market to crypto. But before we get started, hit those like, subscribe, and share buttons so maybe one day I can have

2.3 million subscribers. A boy can dream. Make your dreams come true! Andre, welcome to the studio. Thanks for having me. Yeah, so, you know, we did our millionaires and cars getting coffee segment

when we were out visiting you in Las Vegas and now you're on our home turf. How much did people hate that episode? They hated it until you did the magic trick at the end, and then their minds were blown. So we'll have to do that again. It made you instantly likable.

Good. It reversed everything they thought about you. Good. Let's get into it. So a while back we had Justpreet from Minority Mindset, along with Humphrey Yang, and we did this segment called Agree to Disagree, and it led to some great conversation. It's backed by popular demand with you. Great.

We're doing a little spin on this today. We're going to do Agree to Disagree Headlines Edition. Okay. So these are not things that I've said. These are things that the media has said, and you're going to take. Tell me if you agree or disagree with the spirit of the headline. Love it. Let's do it.

Do you agree to play the game? I agree. Who am I to disagree? I travel the world to the seven Cs. Everybody's looking for something. All right. That was so good. That was not planned.

It was so good. We're just two guys who look like brothers from another mother. Brothers don't shake hands. Brothers got a hug. Our first headline from USA Today, Millennials want to retire by 60. Good luck with that. So, agree or disagree that retirement is hopeless for millennials?

Disagree? We're off to a good start. Why do you think it's still possible? I think if you get started early enough and you educate yourself about investing and compound interest and just understand that it's not about how much money you have and how much you save, it's how much you spend. And with enough time, I feel like anyone can retire within a certain amount of time frame. So millennials are generally said to be more.

between 1980 and 2000, which I think puts both of a square in millennial. Yeah, what year were you? 89. Me too. No way. Yeah. Are we the same person? We might be.

Is this friendship? I think so. So this is good. I like this. If you're a millennial, that means you're between 20 and 40. So let's say you're on the tail end of that. You're 40 years old. You have nothing saved.

Can you still retire by 60? Within a 20-year span with nothing saved. I mean, I'd need to know more information as far as what that person's earning and what or spending, but yeah, it's possible. But 20 years of investing compound grade growth, staying out of debt. Yeah, 25 years if you want to retire by 60, you said. So not 65. But 60 is possible if you save what would have to be.

I don't know exactly the percentage, but. Well, you know, based on basic math, it's going to double every about seven years. Seven to ten years. And so if you save up 100,000, it'll become 200. And seven years later, it becomes 400. And so to get a million dollars in a portfolio with little expenses, I think, you know, with Social Security as Gravy on top. You can make that work.

I can already see the comments. But in 20 years, a million dollars. It'll be worth. Thank you. Thank you for that. That's exactly how I feel about all of you. I didn't do anything wrong. All right.

Next headline. Five reasons Bitcoin is headed higher, whether you like it or not, said the motley fool via Yahoo finance. So do you agree that Bitcoin is headed higher whether we like it or not? This is an I don't know. Oh, I like it.

that. Yeah. That's an honest take. I have no idea. I said disagree that it's headed higher whether we like it or not, because what if you do like it? Yeah. Well, I think given enough time, a long enough time horizon, I think it is going to go higher. But like short term, I have no idea. It could go down. It could go up. It can go sideways. Yeah. Yeah. But 10 years from now, I think it'll be worth more than where it's at today. Similar to real estate. Similar to gold, real estate, really anything. I think Bitcoin's the fastest horse in the race against, you know, printing money and. But horse is die. They do. Luckily, Bitcoin's not a horse. Well, we'll see about that. What if it unzips one day? And it's like, jokes on you guys. I'm equestrian. Okay, here's the reason I disagree. Bitcoin,

as we know, it isn't, I know it's finite, but it's not based on anything similar to a company. Like Apple is based on products, revenue. Bitcoin is sort of based on all of our collective agreement that we're going to go in on this. Right. And so it wouldn't take much to cause a collapse of Bitcoin. Maybe there's fraud, maybe, you know, who knows what could happen. And so the idea of this is going to go higher regardless of what happens, there'll be dips, still be crashes, but I don't know. I just don't know that 10 years from now we'll still be talking about Bitcoin specifically. What has to happen to Bitcoin for people to lose faith in it? Because I would argue that Bitcoin's already lived through fire. It's like, what more can it happen to it has been forged by fire?

Like, what more can happen to it to the point where people lose their faith? I just don't see it. You ready for the next headline? So here's an article from CoinDesk, from a quote from the decoder. Here it is. Have fun staying poor. Here's the spirit of that, if you don't know. The new mantra of the crypto bro. It's a taunt.

Call it a tantra. Is crypto is going to always go up. Fiat currency will collapse along with the U.S. dollar. And therefore, have fun staying poor if you're not in on the crypto train. Right. Agree or disagree that you will be poor if you don't get in on the crypto train. I guess we'll have fun. not staying poor.

What's your theory behind this? I think there's lots of ways to get wealthy. If you're invested, Bitcoin is just one of the things to do it. So in my portfolio, I love Bitcoin, but Bitcoin still represents like 10% of my net worth. As much as I love it, as much as I believe in it, there are things I don't know that I don't know. That's an honest take. That's why you don't have 90% of your portfolio. Exactly.

Even if I believe that there's truth in what they're saying, it could probably appreciate the most in 10 years. That's true. But something could also happen to where we didn't anticipate for it to happen. And so I don't want to put all my eggs in one basket

no matter how much I love it. And there's more than one ways to build wealth. So that's how I think about it. More than one ways to skin the wealth cat. That's what you always say. Yeah. Always.

But yeah, I'm with you on this. And I don't like the fear and aggression that there is toward, you know, the U.S. dollar is going to collapse. And this whole, like, apocalyptic scenario, they're sort of trying to play up

in order to get more people into crypto. It feels very MLM-E. It's funny because when I make my videos, it's interesting because I would sometimes clickbait the videos into that because people play into. And it's not something I believe. We click out of fear. Well, it's also the media saying that,

or it's some article that I read, and I'm like, oh, you know, your dollar is going to be worthless. And I'm not saying that. It's just I'm addressing that. And at the end, I'll say, no, the dollar's going to be fine. Okay. So usually we have the same conclusion.

your way of getting there might be a little different. We were like, have fun staying poor. That was a quote, it wasn't me, bro. Don't come at me. That's the Andre Way. That's a good book title for you. That's the Andre Way. I get credit.

I write the forward. Please. All right. You ready for this next one? Let's do it. Headline from CNET Money. Today's American Dream is renting, not buying. And the spirit of the article goes on to say, you know, renting gives you a lot of flexibility and freedom.

And a lot of people are, even if they have the cash to buy real estate, they're going to the renting angle. So agree or disagree that renting is better than buying and gives you more freedom. Okay. We both disagree. We both, yeah. What's your take on this argument? Because I believe renting does give you, in the short term, more freedom, more flexibility,

and if you're not in a financial spot to buy a house the right way, then renting is great. I have no qualms with renting. I totally agree. But a long-term wealth strategy to rent, I don't see that as a good move. I would want to see you own a home. So I was with you up to that point. I'll say right now is one of the few times in U.S. history where it makes more sense financially to rent, right?

Because of the home prices, the market, interest rates. Yeah, home prices, everything. So rent, go for it. But long term, you said that it's a bad way if you want to build wealth. You should probably buy a house. And I'd say, I don't know if I'll follow that logic there. Because I've met plenty of wealthy people who rent in like their entire thesis about life and wealth building is rent everything.

They just want the freedom. They don't want to be bothered by anything. So again, maybe more than one way is to skin the wealth cat. Well, the way I look at it, rent could be double a few decades from now. So if your rent's $2,000, it could be $4,000. Your mortgage payment is fixed, and I would encourage everyone to pay it off within 10 or 15 years. That's what we found in a millionaire study. Millionaires paid off their house in 10 years.

People following the Ramsey plan paid it off in seven years. That gets rid of your largest fixed expense, which then allows you to build more wealth on the back end. I would say that's because it's a forced savings plan for most people that don't understand that there is a, you can also invest the savings that you would from renting because I imagine the place that you rent isn't necessarily the place that you want to buy. You always buy up from where you rent. So you rent maybe for $2,000 a month, a place, and then the house you really want to buy is maybe $3,000. So you're increasing your expenses too. What most people don't realize is that by renting, it gives you obviously that flexibility,

but by saving the difference in investing it over, say, a $20,000. year period, you're probably going to end up with more money than if you were to buy a house anyway. If you're doing the nerdy math on it. Yeah, exactly, which most people don't. Which is a hard thing to do. We don't know. We don't know.

That's the end of the day, we don't know. We're just speculating here. Yeah. Next headline is from U.S. News and World Report. So it's not just U.S. News, it's also the World Report. Yeah, yeah. Why you shouldn't dump your brick and mortar bank. So they go on with a bunch of reasons, the value of having a physical bank in your life.

do you agree that it's wise to have a physical bank? I'm going to say agree that it's a good move to have a physical bank. I have no idea. What's your take? Are you unbanked? Are you like a mattress guy? You know what? I don't really have an opinion on it.

Oh. I don't know. I don't really go to my bank very often. So here's my stance. I think everyone should have a brick and mortar bank that they can go to when they need it. But having an online bank for a high-yield savings account is a great move. And that's why we've partnered with our friends at Laurel Road. a sponsor for today's episode. So they're an online bank. They offer a high-yield savings account

where you can earn some sweet interest. So right now, your balance would earn 5% APY. So if you've got your emergency fund there, three to six months of expenses, that could add up quick. You're basically making money while you sleep here. And with their high-yield savings account, there's no minimum balance, no monthly maintenance fees, and your deposits are, of course, FDIC insured, so you can rest easy. So it's time your money started making money. Go to laurel road.com slash George or click the link in the description to get started. And before we jump back into the game, I want to tell you about how you can keep your personal info away from scammers, spammers, and big data brokers. And that's by using Delete Me.

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by going to join DeleteMe.com slash George or just click the link in the description. Back to the headlines. Yeah. You nervous yet? It's shaking. You're about to be. Actually, because it's actually kind of cold.

This one's going to be what we call the biz controversial. Oh, snap. This is getting interesting. From financebuzz.com. 14 reasons married couples should keep separate bank accounts. Do you agree that married couples should keep keep separate bank accounts. Just a gut punch right there.

Yeah. To make it clear to the audience, are you married? I'm not. So that's why I'm not really qualified to answer this question. What do you think about it? Hypothetically speaking. Hypothetically speaking, I think you can go either way if it works for you to keep it together, keep it together.

If you want to keep it separate, the way my girlfriend and I, we keep him separate. Which is good while you're dating. Sure. It's one less. Well, we've been together for a while, but it's one less issue I feel like that you need to figure out. and we were both on the same page about finances. So if we were to combine our money,

I don't think I'd feel any different about it. I guess I'm kind of... Because the values are the same, the goals are the same, and this is a byproduct of that is how we do our banking. Exactly. So you're saying it's less important.

Yeah. Okay. My first thought was, whoever wrote this article has been hurt. Yeah? You know, they came up with 14 reasons to keep it separate. Like, that's pretty aggressive.

I don't think I can think of more than like three. I could not. And here's my wife and I, we've had combined bank accounts and joint checking since we've been married since day one, and it's been a blessing. And here's why. I think the accountability, the transparency, the trust, the communication that happens when we all have access to everything.

And there's not this like his and hers and sort of like, well, that's my money and your money and that's your account. It's just been so much easier to talk about money. We've had less money fights because it's all in one place. Yeah, but I also disagree with the notion that if you keep it separate, there's some like cloak and dagger operation. No. If my girlfriend wants to look at my finances or what I'm spending, and I, like, go for it.

The thing is, we found as I take real calls on the Ramsey show, it creates an environment that's easier to commit this financial infidelity. So it's not saying that that's what's going to happen, but I think it creates the environment where it's easier to sort of brush things under a rug. And it's not always malicious, but I found that you have so much more unity when there's just full connectivity. But could you say that it can also create issues if two people who are otherwise in the... love don't agree necessarily on how they want to spend their money, but they're both entitled to spend it the way they want to. They both make an income, so it's like I don't want a say in this. And that doesn't make me irresponsible, right? I'm not a big spender. Well, my wife can spend her fun money however she wants. So I don't, I'm not looking over his shoulder go, well, I disagree.

You should have bought a purse, you know? That's fair. And to be fair, my wife just stayed at home with our daughter. So she ended her nine-year career here at Ramsey and retired to be a full-time stay-at-home mom. So she doesn't provide an income. And there's no difference. and how we see money, what she gets and doesn't get. And I think that's where it really gets tricky when you have separate bank accounts and one spouse doesn't provide this much income or no income. I think it creates less resentment, guilt, animosity down the line. Would you say it could still work if we're separate?

I'm sure there's couples that are separate and have great marriages. So it's not to say you have a terrible marriage. Okay. But I think it will create more unity and you have a higher chance of success by doing it. I could see that for most people, yeah. We got there. You talk me into it. Glad we landed somewhere.

Still not combining my finance. That's fine. You do what you want. Mr. Unmarried. Next one from CBS News Money Watch. Six reasons for seniors to add gold to their portfolios now. Sponsored by a company that probably sells gold. That's right.

I love gold. So agree or disagree that seniors should be adding gold to their portfolios. Just two young guys telling old people not to buy gold. Gold. Look at us. What's your take on gold these days as far as building wealth? Well, I don't own any personally, but I can see how gold could be a good use of, if you're already wealthy and you're old and you want to put it into something, maybe that's stable. But if that was the issue, I think treasury bonds right now are way better. But you don't get to show off your treasury bonds on display.

Yeah, but when you say gold, do you mean like physical gold bars? Just like, hey guys. Well, that's true. You could be buying like the stock of gold, the gold, the gold ETAs. You know, the gold ETF. Yeah. But I would say treasury bonds just make so much more sense, right? So you're saying bad investment.

Here's my thing with gold. I found that when the economy gets a little shakier, there's fear around it, we see gold being peddled by these fearmongers and people who have a vested interest in you buying gold. Right. That's the part that makes me run away fast. Now, Andre, before you go,

we need your help. You are a YouTube expert. You know how to title things, and so our team came up with some great titling options that I thought you could help us with. So you can just hold up your paddle and agree or disagree based on the title. So you'll probably going to hold it up on the disagree side for the entire time. Okay.

My Dinner with Andre, based on the 1981 comedy. No. Jicks and Giggles. All right? We got one. Just for Jicks. Jicks are for kids. That one sounds creepy.

Yeah, that's a little weird. I don't like that one. Jicks' pants, none the richer. Jicks' pants are none the richer? He's not a six-pence-non-the-richer fan. Kiss me. Oh, yeah, yeah. Been neat.

Okay. Jickflex. Jick flicks. Jick Magnet. Oh, I like that. Jickey Minaj. Jick Filet. Jick and Nugget.

These are golden. Jicket to ride. Based on the smash board game, Ticket to Ride. Involving trains. Unlimited soup, salad, and breadjicks. That's a stretch, even for me. I like breadsticks. Jickel ball, based on the hit game pickleball.

Huh. The Ballad of Jickey Bobby. And a nod to Dave, Andre Leadership. I quit. That was awesome. Well, Andre, that was fun and also not fun, if you know what I mean. The titles, not to hang with you. But thank you for playing along.

It's great hanging out with you. Where can people find you? Likewise. You can find me on YouTube and my name, first name, last name. Well, it's always fun hanging with you. I'll see you again in Vegas. Pleasure. Thank you.

Doing business with you. All right, I hope you all enjoyed this video as much as we enjoyed making it. Huge thanks to Andre for playing along and hanging out with us today. And if you liked this video, please check out the first time we ever played, agreed to disagree with my friend Desprete from Minority Mindset and Humphrey-Yang. It is absolutely worth the click, and I'll drop a link in the description below as well. Thanks for watching. We'll see you next time.