George Kamel - Americans Need To Earn $$$,$$$/Year To Feel Rich? (w/Ken Coleman)

Episode Date: August 7, 2023

Today is a BIG day because we have our very first in-studio guest: my friend Ken Coleman. Ken is a best-selling author, speaker, and host of The Ken Coleman Show. He helps people find work they love, and make good money doing it. And he’s here today to help you learn how to increase your biggest wealth-building tool—your income. Links: Ken Coleman George Kamel's Instagram I love a good deal, when you sign up using this link, I’ll hook you up with a 14-day free trial and $15 off your first year of the premium version of EveryDollar. Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

You know, a lot of you may assume I have no friends. And while that may be true, I do have people who are willing to be on my show, maybe out of kindness, or maybe for the incredible publicity and lift it gives them. There's the Oprah effect, and then there's the camel effect. Much more subtle, yet just as tasteful. What? And today's a big day, because we have our very first in-studio guest, and it's my friend, Ken Coleman.

And while Ken may look like a rep for Vineyard Vines, he's actually a best-selling author who helps people find work they love and make good money doing it. And Ken's here today to help you increase your greatest wealth-building tool, your income. Ken, would you do the honors for us today? Really? Say that? Yeah, you're contractually obligated. Let me remind you. Okay, only because you asked me to.

Are you ready to party like a yacht star? Well, if you are, please drop a like and a subscribe so that we can keep this channel sailing. And don't forget to share it with your nautical friends who still rock the whale stickers on their Yeti coolers. On your show, the Ken Coleman Show, which you host right upstairs. That's right. You talk to people every day who aren't doing what they want to do. They feel unfulfilled. They feel stuck.

They're unclear. They're not living with purpose. I wanted to hit you with a few stats and get your reaction to them. According to a new Gartner survey, 32% of workers feel like they're paid fairly. Only 32%. Do you think there's an income problem in America today? No. In fact, wages that are an all-time high.

And so where we sit right now, we've come out of a prolonged period of inflation. And one of the reasons that has happened is because we had so many workers go home and then they were being paid unemployment from their state and their federal government. And what happened is people were rewarded essentially during the pandemic, largely 2020, to stay home from work. So that decreased the amount of people that were working. So what happened? Businesses had to pay more to get people to come back in. And so that took us through a three-year period where wages kept going up. And even where we stand today, wages are at an all-time high.

Historically, we don't have an income problem right now. We have a spending problem. And I think that's the nature of who we are. I get more money and the temptation is to get more stuff. Clothes. Treat yourself. Fragrances. Treat yourself.

Mamoses. Treat yourself. Mimosis. Treat yourself. Fine leather good. So I don't think we have an income problem. The data doesn't show that. People are making more money than they've ever made.

But we also see more people living paycheck to paycheck that are making six figures or more. But many of the YouTube comments are going, these guys are out of touch. I make $13 an hour. I can't survive. What do you say to those kinds of guys? Well, you're not supposed to survive on a $13 an hour job. So I would ask them, what stage of work are they in?

You know, those $13 an hour jobs are not long-term job career plays. You are on a professional ladder, if you will. We've got to get past the emotion and the expectation problem we have in this country. The fact is we are the wealthiest country in the world. And because of that, we think we deserve more. and we don't go after and earn it. Show me a person who's griping about being able to live off a $13 an hour job, and I'll say, you aren't setting your sights high enough.

You know, you aren't looking properly at your future to say, this is where I am now. It's not where I have to stay. Next stat, in 2021, 63% of people cited that low pay was a contributing factor to them leaving a job. Is this what this great resignation is all about, where people are fleeing their jobs? It was the number one cause of the great resignation.

we've seen it slow down now, but absolutely, when we saw wages start to go up, so we saw hourly wages increase dramatically, and then we saw salaries increase. And so people were leaving their company to go to another company, on average, getting about a 12 to 15% pay bump. Because businesses are now paying more, they went, hey, I'm here, they're not giving me a 13% raise, but I can go get that if I leave. Yeah, we had less people in the workforce. So what did companies have to do? They had to raise salaries and benefits to attract people. So people started to leave, and they left people behind, and the people left behind and said, wait a second, they got a 12-15% bump.

I want to get that. That created the musical chairs, if you remember that childhood game. I was never good at it, but I remember. I imagine you got squash a lot. It was traumatic. Thank you for bringing it up. Here's another one. On average, Americans say they would need to earn $483,000 to feel rich

or to achieve financial freedom. Why do you think people feel that way? Half million dollars is what they need. Because they're focused on stuff, not significance. Ooh. Here's what's crazy. Most people don't realize that very few people ever make six figures. There's only about 18% of Americans right now that are making $100,000 or more.

That's a pretty staggering stat. So it's all about mindset. What am I focused on? And a lot of it, you're right, is if I can make more money, I could then prop up my lifestyle, regardless of whether or not I like this job. Yeah, but I'd love to get into that survey. We took a $400,000. It was near $500,000, yes?

We're talking about they want a boat, they want multiple cars, they want a second home. I mean, it's all great. to want those things. And if I want that, I'm going to have to earn that money. And I think you've got to get mature and go, as I look at my finances and my life, what do I deserve versus what do I need? That's really good. Oh my gosh. What is this? Oh, my gosh. Is there a bird in the studio? Is that what I think it is? Well, Ken, that kaka sound means it is time to play word watching. Okay, now how does that work? Any guesses? I see some folded pieces of paper here, and I assume you want me to get out and there's a word I'm supposed to. Here's how word watching works. I've got a bowl

here with a bunch of words in it that has phrases in it. As we continue the interview, you have to work in your word into the conversation naturally. And the viewers have this word on their screen right now. All right, here we go. And to make matters more interesting, I've got to do the same. And whoever gets there first gets a point. And whoever has the most points gets a prize at the end. Oh, we're competing to use the word quickly. You're a competitive guy. Can't work it into the question because that wouldn't be fair. Fair point. All right, here we go. All right. First question. First, question, what are some signs you're actually being underpaid? Because people think they're underpaid. What are some real telltale signs where you're going, no, you, that's true.

Well, the first thing is, is you have to know what fair payment is. So you've got to do your research based on your job, your experience, and your skill set. And then you have to look at one other variable, and that's the area that you're in. So for instance, salaries in California are going to be different than they would be in, say, Alabama. And so you look at all that information, there's a lot of information out there. And you've got to look at it and go, okay, based on all those variables, am I truly underpaid? Am I on the low, medium, or high side of pay? So it starts with actual facts, not how I feel, or that I found out that my friend over here makes more money than me. So let's look at that. A lot of people go, well, I found out

that a cohort makes more than me. Well, here's a deal. You may be a sugar cookie. They may be a snicker doodle. And everybody wants the snickerdoodle, not the sugar cookie. A little spice. Never heard anybody. So maybe you don't deserve to make as much as them because they have more qualification, more skill set. So this isn't just about this spidey sense, this tingling sensation. You've got to look at the real facts here.

Yeah, because you're going to look like a fool if you go in and go, I feel underpaid and they go, what evidence do you have? And you don't want to put them on the defensive and have nothing to come back. If you go to your boss and you're just like, hey, I feel like I'm underpaid. They don't laugh you out of the room.

I'm going to say, I feel like you need to go back to your cube. You got to be careful with that. Cube shot right there. All right, next question. Another one? Okay, this is exciting. How about this? Oh, you gotta be.

Oh, you gotta be kidding me. I've never had more fun in my entire life in an interview. And I'm only second card in. That's very sad. Here we go. You need to get out more. This is kind of fun. Find some hobbies.

Here we go. Find some hobbies. All right. How should you go about getting promoted at work? This is something a lot of people are like, it's awkward to just go ask my boss for a raise. What is the right way to get that promotion? Yeah, well, the first thing is I want people to hear me say this. Don't ever ask for a raise.

Don't go in and go. I'd like to talk to you about getting a raise. The reason I tell people that, George, is because it immediately puts the leader on the defensive when they don't see it coming and you kind of plan it in their lap. Because many times your leader, your manager, isn't the sole voice in deciding whether or not you get a raise and how much. So let's start there. You've got to know what you're dealing with.

What I coach people to do is go to your leader and talk about a growth plan. Hey, I want to be here and I want to grow, but I'd love to ask you to work with me to come up with a plan based on some things I need to improve, maybe some new tools to add to my tool belt. Could the company help me get those? Would they pay for those if I'm willing to do that? And then how do we measure my growth so that I can get more responsibility here? And then, of course, with more responsibility, more money. And I'd love to work with you on that so that we can be an agreement and I earn it. That kind of conversation will freak out a lot of leaders because nobody talks that way. Well, that's so mature, right? It is mature, right? It's not coming in with a lot of,

I done this and I've done that. You know what that is? That's brouhaha. That doesn't have any actual weight to it. So you've got to have them bought into what you're doing. That's really good. Because a lot of people go in and they're just like, hey, I feel like I should be getting paid more.

And the leader's like, dude, get out. Yeah. Well, you might deserve it or you, you know, you might have done it. But what you've got to do is get their buy-in so that they go, okay, they're not forcing this on me. I've got some time to figure this out. Because remember, they've got to make the numbers work. It isn't as simple as I've been here.

here for a year. I've done a good job. Where's my bump? You got to earn it. Yeah. Next word. Okay, this is very exciting. Are you working your word in it at all? Oh, am I ever? Oh, okay. I'm keeping up. Really? You're in the running, though. I'll tell you that much. Okay, this is related to the promotion, because a lot of people want to increase their income. What are the mistakes that people make when asking for a raise? So we talked about how to do it the right way. I'm the leader. You walk in. What are the mistakes people make? Well, the first thing is, is they go in and they demand it, and they start off with making their case. They don't even bring up, you know, hey, I want to grow here, I've enjoyed being here. There's no gratitude. A lot of hunger.

And hunger's good, but hunger absent humility, it's just too much. I've done this, I've done that, I deserve this, and it starts to feel like a demand. And you don't want that demand. Because again, when you start demanding, they haven't even had a chance to consider this idea, they start feeling like, you've got a bad attitude, and I don't want to help you. Versus when we see someone who's hungry wants to do something, but they're humble and how they present it, then you take on the posture of I want to help them get there. But when we demand it and we kind of act like

we deserve it, it's really, really bad. You know, I'm trying to think of a metaphor here. Yeah, give me something. Give me something a little more tangible, a little squishy, something moist and juicy. I'm thinking of a winter sport where it's a real team activity. You want the leader and you to feel like a team, right?

And I can't think of a more team sport than bobsleddy. You know, they're all crumpled in there, together. Everybody's got a role. Even the dude in the middle and the three-man bobslet. I'm not even quite sure what he does, but there's got to be a role. And so you want them to come along with you, get in that bobsled and we want to go forward. Just straight, cool runnings. You're the greatest movies of all time. Well done. I love it. Oh, man. All right, we're crushing it. We're starting to sweat, folks. You got this. Oh, my gosh. This is a phrase. This is a phrase. I told you could be words or phrases. This is word watching. Oh, my God. And right now it's

phrase watching. Okay, here we got. I think I'm sweating. How do you know if it's time to switch careers, roles, or workplaces. This is a question that comes up a lot on your show, even on the Ramsey show as we co-host, and people have a lot of fear. They're not sure when that right time is. So the primary reason, it's time for me to move on, is I've hit a lid. I cannot, I can't remove the lid. It requires leadership to do that. I've done everything I can do. I've attempted to do it. And there's not a path upward for me. And then the second reason is you see a completely different ladder that you want to climb. So it's usually, I want to to grow in this space, and I'd love to do it at this organization, but it's not there.

I've tried, and I just keep bumping up against that lid. And then that second reason is, you know what, I want to pivot into something completely different. And I'd add a third reason. I think when the culture is just so negative, it's not inviting. There is backbiting in the form of gossip. You've got some dishonest leadership, and overall, the culture, you come in every day, and it's just not inviting.

You want to be in a place that smells like a vanilla pumpkin spice Yankee candle. That invites you in. And that's the other reason why you'd want to leave. There's a workplace hack leaders. Go get you a little Beth and Body Works Yankee candle. By the way, would it have killed you to have a nice candle right here? I don't know if it's, I think we'd break some fire cones. You got some great environment, but you know what we're missing?

Well, no, a good Yankee candle will smell whether you're burning it or not, you know, just kind of emit. That's true. We'll work on that. Maybe they'll get one of those wax ones that's more safe. That's right. I'm very excited. What I'm hearing from you is that you want to get the boat close to the dock before you jump. Otherwise, you get a little wobbly dock.

A wobbly dock. Nobody wants that. Nobody wants to be on a wobbly dock and you're like, I wasn't ready. How does a wobbly dock make you feel, George? What is the emotion that is omitted when it comes to wobbly docks? Insecure? Yes, yes, yes. Oh, Ken, you know what that means?

More words? Wait, let me make sure. Yep. That is a yellow rump warbler over there, and that signifies the end of word watching. Can I reveal what this next word would have been? It would have been giggle-snort, and I'm not even sure I know what that means. Because it's one word. It's when you giggle but snort at the same time, I believe.

Oh, okay. I don't think I ever beat you to the punch on these words. And you know what that means? What? You win the prize for today. What's the prize? Well, this is a little awkward, because I was hoping to win, but I got a copy of your book, the best-selling book from paycheck to purpose.

That's great. I need one more to play strategically around my house. You have many of these. I have them all over my house to remind me that I'm in office. To make it more awkward, I was going to make it a signed copy. Yeah. And this one's not signed yet. Why don't I sign it? And then we give it to one of your awesome viewers who feels really stuck, scared, confused, whatever.

This is a great idea. Let's give it to them. Okay, I love this. You're going to DM me. First person to DMs me and tells me, hey, I'm stuck. I want this book. They're going to get it. There it is.

Before we go, Ken, I like to do another segment called Rapid Fire. I said, Oh, Lord, Jesus, it's a fire. So I'm going to ask you a question. You have to answer it as fast as possible. Oh, okay. Rapid Fire, as quick as I can. Go. What was your lowest-paying job?

$4.25 an hour. Was that legal back then? Yeah, it was 15. 1989, George. The year I was born. Oh, boy. What are some high-paying jobs that don't require a four-year degree? Heard one, heard about one the other day, a underwater welder.

They're making upwards to $180,000 a year. Underwater, welding, very highly specialized. Big money doesn't require a degree. That hurts my brain to think about how they even do that. Very impressive. I have a quick list here. Any of these you'd recommend. Real estate agent, surgery tech, firefighter, electrician, occupational therapy assistant,

police officer, dental hygienist, web developers. I'd recommend them all if it's something that you really love, you know? If it's work that you enjoy and it has a result that really matters to you. real estate, you can make crazy money. Absolutely crazy. But fact, there's no lid on a real estate agent. What should you do if you feel underpaid? We mentioned this, but give me the one-liner. You got to figure out why you're underpaid. Let's just get to that. Because feeling underpaid, that turns into a narrative that goes on and on in your head and it just, it'll end up just crushing you and you just never get out of it. You're resentful. You've got to figure out, are you actually

underpaid and why? And then what can you do about it? And it may require that you go somewhere else. It may require that you get some more skills. It may require that you be patient long enough to see yourself begin to get promoted. Wisdom right there. Should you do a job just for the money? No. That was easy.

Unless, one caveat, unless it's a second job or a third job and it's to get you out of debt or you're saving money for something. But every day of the week for years and years and years and that's just about money, no, it'll kill your soul. All right, web developer or hairstylist? Hair stylist.

I knew it. Yeah. Because it's a creation. I'm not a... You're a talker, you're a people person. Oh, that's what it is. You know? Okay, last one.

Okay. Would you rather manage an IHOP or a KFC? Uh, IHOP. Wow. Yeah, I'm a sucker for the syrup. That one shocked me. Really? Yeah.

I love fried chicken, but I think syrup and pancakes, it makes any pain a little bit duller. What happened again? Yeah. Just drown in a pool of syrup. There could be worse ways to go. I'm so glad that was the last line you said for this interview, because that is all the time we have for today.

Or all the time that we want. So much wisdom imparted, and he ended right there. There it is. This has been a lot of fun, Ken. I hope to have you back very soon. Where can people find you if they want to learn more? Well, sitting next to you, first of all, we sit two feet away from each other, but Ken Coleman.com is the website.

We have free resources all over the place, articles, great things to help you figure out what you want to do and then do it well. And if you want more of this dynamic duo, you can tune into the Ramsey Show. one to four central time weekdays, Ken and I often host together. But I'll be honestly, it won't be this good. This, to me, was fun. I think we start to bring this to the big show. Yeah.

Bring a little word watching, if you will, to the masses. I think that's what they want. Well, Ken, it's an honor. Love you, man. Thanks for being here. Appreciate you. Huge thanks to Ken for hanging out with me and being on the channel today. And here's what I want to know.

What do you do? What do you make? And is it enough? Drop that in the comments below and let's start a little friendly conversation. and share this with your friend who may need a little more money. That's pretty much everyone you know. Thank you guys for watching. We'll see you next time.