George Kamel - How Does Your Net Worth Stack Up?

Episode Date: October 18, 2023

Do you know your net worth? How to calculate it? If it’s above or below average? In today’s video I head to the streets to see if I can get regular, unsuspecting people to reveal their net worth. Then we’ll talk about how to determine YOUR net worth and what you can do to increase it.  Links:  Make Your Brain Your Friend Today With BetterHelp What Your Net Worth Should Be By 30 Ramsey Net Worth Calculator EveryDollar Budget Deal: 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

People keep asking me, George, what's your net worth? So in the interest of being fully transparent, I'll tell you guys right now, about 15 bucks. My net's worth, about 15 bucks. But the memories of catching that brush-footed painted lady with my butterfly bros, priceless. What's up, guys? I'm George Camel, and today we're talking about your net worth. Do you know what yours is, how to calculate it, if it's above or below average?

Well, today I'm going to head to the streets to see if I can get regular, unsuspecting people to tell me what their net worth is. Then we're going to talk about how to calculate it and what you can do to get your net worth up so you can retire a millionaire. If you're watching this channel, like a bazillionaire. We got more money than David Crockett. But first, make sure you subscribe to the channel,

like this video, and share it with anyone you know who wants to buy my net for what it's worth, $15. If you got $15, let's talk business. Crazy. What a deal. All right, let's head to the streets. Do you know your net worth? No. No.

Kind of, but not really. No, but it's probably, pretty low. Is it negative right now? Possibly. I took a little week-long adulting course at my high school, and we talked a little bit about it, so it's in my mind, but not at the top. They have an adulting course in high school? Where was this when I was growing up? That's cool. Have you ever calculated your net worth?

Nope. Do you know how to calculate it? I don't. Not really. I mean, I've just kind of guessed. I don't know, because it's like my parents, like I'd do most of my financial stuff. That's what's up. Yeah. Find you some parents like that. There's like, I have my business partner, sorry, my parents. Money, please. No idea. What would be your guess?

Like, how is this calculated? How much you make and then putting it into a factor of some other thing, I believe? There's factors involved? That hurt my brain. Your net worth has nothing to do with your income. Really? Is that shocking? That's kind of crazy.

Right? Like, you can make a million dollars. Okay. Or you can make $30,000. The guy's making $30,000 could have a higher net worth. Do you know how to calculate your net worth? No. You want me to tell you?

Sure. Or you want to just Google it later? I mean, I could Google it. I could be human Google. All right. Assets minus liabilities. Okay. That's what you own minus what you owe.

Okay. So if you have 10,000 of the bank and your cars are worth 10 grand, that's 20 grand, right? You're 10 grand in debt. So subtract 10 from the 20. You're down to 10. You got my net worth. Boom. It's not a lot.

There'll be a million one day. I believe that for it. If you follow this YouTube channel, we're going to get you there. I guarantee that. I don't think it's too high. Is it negative? Negative? No.

It's not negative, thankfully. You have any debt? Not that I know of. Not that he knows of. That worries me. What could you have that's out there? I don't know. I can pay my credit cards on time.

Okay. Like maybe. No car loans. No personal loans. No. No student loans. No medical debt. No.

That's awesome. What's your ballpark? Like, do you think it's 10,000? Is that $100,000? Is it a million? I don't know. Don't hurt yourself. I have no idea, honestly.

Does it make you want to know? Yeah. Do you have any financial goals? I'd like to have some. money saved. Is it hard in college? Yes. It's very easy to spend money in college. I want to be like not relying on my parents after

college. I want to like get a job and be able to support myself. I mean, I'd like to start saving money instead of having it just flood out of my bank account. That's a good goal. I think it was Shaquille O'Neal who said it. It was every paycheck he would put away half of his money. Oh. Well, if we had Shaq's paycheck, I could probably put away half too. You know what I mean? Exactly. It's a good

Principal, Shaq, we stand by it. Do you think you'll be a millionaire? Like a net worth millionaire? Yeah. Love that. If I was able to become famous and rich, that would be incredible. And I would love that, and I hope that happens. But if it doesn't, I mean, as long as I'm able to make a decent amount of living

and not be a horrible amount of debt, I think I'll be okay. That's reasonable. I think for me, it's basically as long as I make enough money that I can live, like I can cover my expenses. and then, you know, have some leftover. Just living on less than you make, enjoy yourself. Yeah, that's all I really care about. I love this energy. Do you think you're behind or ahead when it comes to where you're at financially,

your net worth, all of that? I think I'm in a good place. That's awesome. Well, your confidence in poise tells me you're going to place. I'm not worried about you. How old are you? Can I ask? 24.

24. You got plenty of time. Yeah. But we've got to start making the right habits, you know. Right. I've got to keep getting the salary. No more spending willy-nilly, just traveling in Nashville. We're not going out to eat tonight.

We're going to do ramen at the Airbnb. Sorry. Just ruin the party. Don't be such a square. I think I'm like in the middle. Like, I think I'm doing better than some people because I don't have the debt or the student loans. That's true.

But I'm also, you know, I'm not making bank here. I think I'm doing all right. Are you subscribed to the George Campbell YouTube channel? I will subscribe. George Camel on YouTube. With a K, don't wear it out. Tell your friends. They're right there.

That's my name. Don't wear it out. You follow George Camel on YouTube? Let me do that right now. This is the energy we need in 2023. That level of urgency is what's going to make this guy a millionaire. One by one, we're going to get there. Talking about money, like, does it give you anxiety?

No, it makes me really excited because my parents never talk to me about money, so I love to learn about all the things. That's what this channel's all about. We're talking about it because no one else is. And the people that are talking about it are spewing a bunch of trash. Well, and I feel like the older generation told you like you're not ever supposed to talk about money. Like it's rude, it's a pocaw-paw. You don't want to...

And I'm like, no, you should talk about it so you can learn and grow. Where have you been all of our life, Skyler? Thank you for talking with us. Of course, thank you guys. Hey, we'll get right back to the episode, but I want to give a quick shout out to our friends at BetterHelp who are sponsoring this episode. Listen, sometimes we know what's good for us,

but it feels like we just can't make ourselves do it. Like, I should just go to bed, but I'm a new dad, and my baby just got a diaper rash, and it looks really red. And sometimes my brain convinces me to check WebMD, and then I click another article and another article, and suddenly it's three in the morning. If your brain tends to work like that, therapy could help.

So your brain works with you, not against you. And sometimes it's just as simple as talking things through and learning strategies to be intentional about doing the things you know you should. So if you're thinking of starting therapy, give BetterHelp a try. BetterHelp is flexible because it's 100% online, so it fits your schedule. Just fill out a brief questionnaire to get matched with a licensed therapist, and you can switch therapists at any time for no extra charge. Make your brain your friend with BetterHelp.

Visit betterhelp.com slash george today and get 10% off your first month. That's BetterHelphelp.com slash george or click the link in the description. All right, back to the episode we go. Okay, so there you go. A lot of people have no idea what their net worth is or how to calculate it, which is fair. I mean, if some handsome stranger came up to me on the street and asked me what my net worth was, I'd probably just run away and hide behind a pedal tavern. And for those of you who don't live in the Bachelorette capital of the world, Nashville, Tennessee,

A pedal tavern is like a street legal picnic table powered by the leg movements of inebriated bridesmaids. Anyway, let's go over exactly what net worth is and how to calculate it. So your net worth is simply what you own, aka your assets, things like your house, your cars, your investments in your retirement accounts, the cash in your bank, and your purple princess Diana Beanie Baby, bear with a rare misprint on the hang tag, minus your liabilities. Things like credit card debt, student loans, your mortgage, the remaining $3.27 you still owe after pay because you buy now pay later a jar of pickles. And they weren't even kosher.

Now I'm getting emotional. I'm a little forklamped. Now we've got a handy-dandy net worth calculator to help you do this and make it easy. I'll link that below. You can click it now and follow along. So once you've done the math to find out your net worth, how do you know if it's even good or if you're on track?

Well, in my last video about net worth, I created a fun, albeit a little informal, scoring system to help you self-assess where you're at. And I lovingly called it the camel financial scoring system, or K-F-S-S for short. Keep in mind, this was for people around the age 30, so it's not gonna be as relevant if you're old enough to know who Johnny Carson is.

Or Carson Daily, really. Either of those could work. Now here's the grading scale. If you have a negative net worth of $100,000 or more, that's an F. If you've got a negative net worth of up to 100K, that would be a D. If you've got a net worth of $0 up to a positive $10,000,

that would be a C. If your net worth is somewhere between $10,000 $100,000, that would mean you've got to be. And finally, I'm going to give you an A and a gold star if you have a net worth of six figures or more. So why six figures? Well, think about it this way. If you've got a net worth of at least $100,000 by the age of 30, and you're doing the right things with your money, like avoiding debt, investing 15% of your income into retirement, paying off the house early, that pretty much sets you up to retire a multimillionaire. So let's say around half of that $100,000 net worth is in your retirement accounts, like a 401k or an IRA.

Well, from age 30 to age 40, that 50,000 could grow to 300,000 thanks to compound growth, without you adding anything to it. And by the age of 62, you would have over $3 million sitting in that account if you just left it alone. Now, if you're looking at your net worth and thinking, well, George, I'm nowhere near six figures. Don't freak out. Relax. Take a seat. We're going to walk you through this.

How do I relax? I pet my dog. You see, petting the dog is one of the most relaxing things you can possibly do. Here are a few things you can do to get on. track and start building wealth. Number one, live on less than you make. That means you're making a monthly zero-based budget and taking a good hard look at your take-home pay and your expenses each month. If you outspend your paycheck, you're going to remain broke for a long time. Number two, you got to buck the system. You got to stop following the trends and the money

hacks that broke people are doing. Stop believing that your credit score is an indicator of your financial health. You can have an 800 score and not have 800 bucks in the bank. That's a bad financial plan. And stop thinking that leveraging debt is some kind of wealth-building hack. Which brings me to my next point. Number three, ditch debt. All of it. Student loans, credit cards, car payment.

We're getting rid of this stuff to free up our greatest wealth-building tool, our income. And finally, number four, invest the right way. There's a lot of wrong ways to do it. You've got to do it the right way. And this is a whole lot simpler than you might think. It doesn't involve picking the right stocks or cryptoing the right coins.

All you need is a retirement account, like a 401K or a Roth IRA. That's what real millionaires use to build wealth. And do not put this off. Get started now. The earlier, the better. If you're out of debt, you have an emergency fund, it is time to invest. And I've got a video called Investing for Beginners that will walk you through everything you need to know. I'll link that below.

All right, people, I hope this video was helpful. I'll drop a link below to that net worth calculator so that you can calculate your net worth to see where you're at. And let me know in the comments where you fall on that KFSS scale, that Camel Financial Scoring System. Did you get an A? Did you get an F? Was it somewhere in between? What did you think about your grade? As always, be sure to like, subscribe, and share this video with your friends whose largest assets are Beanie Babies. My Beanie Babies aren't toys. They're friends.

Guys, give it up. It's over. Give up the goose. Or in this case, sell gobbles the discontinued turkey and use that money to buy my butterfly net. I'll leave the tag on so it's even more valuable. And if you're envious of my net's worth, go get your own net, okay? I'll drop a link below to my telescoping butterfly extendable net with a textured super grip handle for little hands. Not that minor little. They don't make them bigger and You don't know that. You see his hands and they're beautiful.

So go get your own net. Thanks for watching. See you next time. My arm is legitimately tired. All right, well let's get you a great thing. I don't know how you do it. Yeah, I don't know. I drank a lot of milk and just kind of...

That helps. That helps.