George Kamel - Do These 5 Things And You'll Build Wealth Every Time

Starting point is 00:00:05 If you want to build wealth, there are five rules you need to know about. We're going to cover that in today's video. Before we get to that, there are four other rules. Number one, like this video, number two, subscribe, number three, share, number four, have fun. All right, so five things to build a level of wealth. And I say a level of wealth because I can't predict the future. I don't know what's coming your way. I mean, who knows?

Starting point is 00:00:25 In 2031, Subway might be charging $12 for a foot long. You give them an inch, they take a dollar. Simpler times back in 1997. You got two inches for every dollar. But I can tell you from experience that if you're doing these five things, you will build a level of wealth 100% of the time. The first thing is to get on a budget. It's simple, yet very effective. Now, when I say budget, I'm talking about a written plan for your money that you recreate every single month.

Starting point is 00:00:50 This gives you visibility and controls. You can stop wondering where all your money went and start telling it where to go. You see, most people fly by the pleaded seat of their khakis and have zero organization when it comes to their money. So you've got to ask yourself, if you were the chief financial officer for a company called U. incorporated, would you fire you? Don't answer that, but also, pack up your stuff, Bozo. Fired? I can't fire me. I quit. Now, the interesting thing about this is, you can just decide today to make a budget. You get out the yellow pad or an Excel doc, or even better, use a budgeting app like every dollar and decide, I'm going to start managing money better, starting today.

Starting point is 00:01:25 Because otherwise, you're going to keep getting what you've been getting if you keep doing what you've been doing. So to build wealth, you've got to have a budget. The second thing is, you've got to get out of debt. And Jamal, don't. Don't act like you didn't know I was going to say that. You saw that little R at the beginning of the video. You know what that stands for. It's not razzle-dazzle. It's Ramsey, buddy. Maybe both. Give him that Ramsey, razzle-dazzle. And I'm not just saying this because Papa Dave tells me so. The Bible tells me so. It says the borrower is slave to the lender. Period. Well, the period's not in there. That's the message version. For make that clear, don't want to be heretical. Look, your most powerful wealth-building tool is your income. But you're spending about 500 bucks of that wealth-building tool on a car payment every month. But if you owned your car outright and instead invested 500 bucks a month in a mutual fund from age 30 to age 65, you'd have $1.9 million, assuming a 10% rate of return. Again, that car loan is costing you almost $2 million. Time to rethink your debt. But lest we forget, someone is still getting rich in this equation, and it's not you. It's the auto lenders and the car companies. All the while, you're driving along

Starting point is 00:02:25 wondering why your kid's college fund is unfunded when you're giving your money away to somebody else who has nice furniture, latte machines, and hordes of printer-in cartridges in their tall building. Liquid gold, Jamal. And maybe you don't have a car payment. But maybe you've had student loans for so long, you think it's a pet. I'm telling you, when you're in charge of your money and your life, it changes everything. So how do you get out of debt? Well, first, you have to decide not to borrow anymore.

Starting point is 00:02:47 And I know, it's not normal in today's world. People tell me all the time, you're weird, George. And let me tell you, normal is broke. So I'm totally fine being a weirdo. All right, I promise you're not going to guess the next thing on the list that will guarantee that you build wealth. Before we get to it, I want to give you a couple bonus wealth building tips. And the first is that if you're starting,

Starting point is 00:03:04 showing away your savings like an emergency fund in a regular savings account, you are missing out on some serious interest. And that's why I recommend keeping funds like that in a high-yield savings account, like the one offered by online bank Laurel Road. With Laurel Road, your money earns 4.8% APY. Plus, there's no extra maintenance fees to worry about, and your deposits are FDIC insured. So if you want to get your money working harder for you, be sure to go to Laurelroad.com slash George to learn more or just click the link in the description below. And the next bonus tip is to be a smart spender. Do your research, compare your prices, and don't settle for the status quo. For example, by switching your phone plan to Tello from the big

Starting point is 00:03:40 name companies, you can save a ton of money. Tello offers the same high-speed nationwide coverage for way cheaper. I'm talking 25 bucks a month for the unlimited everything plan and plans as low as five bucks. Plus, there's no contracts, no sneaky fees, and you can upgrade or change plans whenever you want. So to be a smart spender when it comes to your phone bill, go to tello.com slash George and you'll get an extra five bucks off the unlimited data plan for your first month of service. Or click the link below. All right, back to the list. The third thing you can do to guarantee a level of wealth, make sure you foster high quality relationships. What's that got to do with money? Everything. I mean, the same principle is why your mom wouldn't let you hang out with

Starting point is 00:04:16 the delinquents behind the school bleachers at home games. She knew if she let you run around with troublemakers, you'd eventually land yourself in trouble. Yeah, who'd have thunk it? So face it, you talk like the people you hang around with. You watch the shows they talk about. You wear your socks like they do. Mid-Cath for Gen Z, ankle for millennials. You become who you hang around. Now, I'm not some kind of jerk who only has rich friends, but my closest friends are people I want to be like. They're responsible, they're hardworking, they're lifelong learners, they listen to pop punk, and they're intentional with the important things in life, including their money. The fourth thing is you need to save and invest. Again, taking this back.

Starting point is 00:04:51 to the Old Testament. The Bible says in the House of the Wise are stores of choice food and oil. You see, back then, if you had a caraf of oil, you were ready to trade and do business, and it was a sign of wealth. But let's be honest, the scene and Godfather wouldn't have been the same if Sonny was slamming a vat of choice oil on the table. It's different. So it's basically saying, in the House of the Wise are stores of money, treasures. And just by the way, the rest says, and a foolish man devours all he has, aka if you spend everything you make, you a fool. Been there, Not going back. Never doing that again.

Starting point is 00:05:23 Wise people save money. It's as simple as that. And if you don't know where to start, let's try an emergency fund. Because you're going to have a car wreck or lose a job or lose a digit on the 4th of July, and you're going to need some money so that you don't go back into a cycle of debt to pay for it. Then once you have an emergency fund of three to six months of expenses, you should begin to save and invest 15% of your income so that you can retire with dignity and take care of yourself. Because Lord knows if you spend all your money and hope the government has your back,

Starting point is 00:05:47 you're going to be up a creek without a paddle, or your CPAP machine. Both equally important when you're on the river. All right, the last thing that will help you build wealth is all about generosity. And I'm not just talking about a transfer of funds here. I am talking about a spirit of cheerfulness where you decide to be a generous person.

Starting point is 00:06:03 Because for one, generous people are more attractive. They smile. It's not all about them. They're always looking for ways they can help. When the grocery bag bottoms out, your garbonzo cans are rolling in road juice, they're the ones out there helping you pick it up. Generosity is a spirit that changes everything in your life.

Starting point is 00:06:18 and it will put you in a position to build wealth. Think about this. If you're not generous, you're stingy. You're closed-fisted, and you don't want anything to leave your hands. But when you have your hands open, more can flow out, but also more can get in. So that's it. Those are the five things that will help you build wealth. And it's not because it's magic or something.

Starting point is 00:06:36 It's mostly because it's common sense. But common sense is so rare now. It's like having a superpower. But if you commit and decide to do these five things, it will change your life. And it will change your family tree. It's changed mine. Heck, in 10 years, I went from a broke hipster with a negative net worth to a net worth millionaire, all thanks to these five things. And, you know, God, that's my Emmy speech.

Starting point is 00:06:57 If I ever win. It's just very, very unlikely. And if you want to learn more about what each step in that journey looked like, plus see a snapshot of what I looked like in a sad H&M cardigan, keep watching this next video where I share my broke to millionaire journey, or you can click the link in the description to watch. Make sure to let me know in the comments which of these five things you have the hardest time with. let's be hashtag vulnerable with each other. Thanks for watching. We'll see you next time.

George Kamel - Do These 5 Things And You'll Build Wealth Every Time

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