George Kamel - The Millionaire Career Path No One’s Talking About

Starting point is 00:00:05 It seems like every time I open TikTok or Instagram, it's just this never-ending cacophony of hustle bros and boss babes telling you the only way to build wealth is to ditch the 9-to-5, start drop-shipping, buy some vending machines, and launch your own meme coin. And that's all before your 5 a.m. Cold plunge. But what if I told you the fastest path to becoming a millionaire wasn't starting a business, but simply clocking in at your day job? Today, I'll lay out how working a 9-to-5 can actually be the most reliable way to build wealth. and I promise it's not going to take a lifetime. Now, before you write me off as a boomer in Zoomers' clothing, you should know that I've got research to back this up. Plus, I personally worked as a W-2 employee and became a millionaire,

Starting point is 00:00:45 so I know from experience that not only is it possible, but it's also pretty simple. Now, I'm not slamming entrepreneurs or people who are fired up to start their own business. We desperately need you guys. I mean, if you don't rise and grind, who will, bro? But the reality is most millionaires are not entrepreneurs. They work regular jobs and follow a simple, proven plan. In fact, according to the largest study of millionaires ever done, the top three careers for millionaires are engineer, accountant, and teacher.

Starting point is 00:01:14 Notice it's not laundromat owner, drop shipper, and Twitch streamer. And those normies became millionaires on that income by consistently investing in their employer-sponsored retirement accounts over a long period of time. Turns out the best way to get rich quick is to get rich slow and make it as boring as possible. And social media glamorizes get-rich quick schemes like crypto and day trading and even multi-level marketing. But these are just too dangerous. They come with high risk and your reward is irregular income at best and losing all of your money at worst. Anyone telling you this is the way to wealth is full of more baloney than an Oscar Meyer lunchable.

Starting point is 00:01:49 Actually, way, way more. The portions and those are microscopic. It's sad, honestly. They should be ashamed of themselves. What is baloney made of? Bologna... Bologna... I want to say it's a poor...

Starting point is 00:02:01 A mixture of pork and beef trimmings. If that doesn't excite you, I don't know what will. What parts are they trimming? You'll never know. We want 100% beef. You're angry. Anyway, it's pretty obvious why people overlook the W-2 path. I mean, it's hard to brag when you're just another paper pusher at Dunder Mifflin.

Starting point is 00:02:22 It feels slow and boring compared to owning a business or flashy side hustles, but slow and steady often beats fast and risky. And believe me, I know. I started with a negative net worth, college debt, credit card debt, the works. And I didn't start a company, win the lottery, or get an inheritance. Back in 2013, when I started here, I started as an intern and a temp. And I had six jobs here in the last 12 years, working my way up the evil corporate ladder as a W-2 employee. And within a decade, I went from broke to millionaire through getting out of debt,

Starting point is 00:02:53 consistent investing in my Roth 401K, and buying a house and paying it off early. And this quote perfectly sums up by Financial Journey. most people overestimate what they can accomplish in a year and underestimate what they can accomplish in a decade. So while that might sound impossible to you right now, you've got to think long term and follow a proven plan. So without further ado, here's how to become a millionaire as a W-2 employee. First, maximize your income at your current full-time job. Don't sleep on your salary. If you feel like you're underpaid, either get clear on a growth plan with your leader or you might need to switch jobs or careers altogether.

Starting point is 00:03:28 Listen, working for the man is poo-poohed by social media, but the man can make you wealthy. Thanks, man. You're welcome. You provide something valuable to him, and he compensates you. That's economics, and it's the same way it works if you own a business. So make sure you're compensated as much as possible for the value you provide. And speaking of value, make sure you're as valuable of an employee as possible. Volunteer to jump in, take that opportunity, learn the new skill, make yourself indispensable.

Starting point is 00:03:57 where, as Seth Godin would say, become the lynchpin. And that's what I've done here at Ramsey in the last 12 years. And it wasn't super strategic. I just started in an entry-level role. I said yes to every new opportunity. I tried to crush it in those roles. I learned from mentors and eventually ended up where I am now. So if you need some guidance on how to do this, check out my friend Ken Coleman's show, front row seat.

Starting point is 00:04:18 He loves talking about this stuff. Seriously, he will not shut up about it. Stop texting me, Ken. I don't want to hear it. Stop sending me links to your show. Mm, mic drop. I'm telling you, that's some, that is some serious depth. P.S. link to the episode I was featured in in the description. Next up, leverage your benefits like a millionaire.

Starting point is 00:04:40 Does your company have a 401k with a match? If so, take advantage of that. It's free money, you bozo. Sorry, that was harsh, but it's true. I'm not sure that was necessary. Like I mentioned earlier, most millionaires consistently invest in their company retirement plan for decades. And make sure you take advantage of company-sponsored health insurance, life insurance, disability insurance, tuition reimbursement, and any other benefits.

Starting point is 00:05:02 That can save you thousands every year. Okay, this next one might not seem big, but it sneaks up on you. And that is to avoid lifestyle creep. As income increases, the temptation is to relax your standards and start spending more because you feel like you deserve it. Like you start going to Chipotle instead of Taco Bell, only to realize that Taco Bell is more consistent. Quick sidebar to Chipotle, if you're watching. Can we get a little scoop consistency around here? Is that too much to ask?

Starting point is 00:05:29 I mean, weigh it out on a scale like a protein bro if you have to. Just don't jimp me, okay? A rant over. But in all seriousness, scoop consistency is not talked about enough. But in all seriousness, W-2 millionaires don't start buying flashy, unnecessarily expensive clothes or take out a loan on a new Mercedes to impress the neighbors. When I got a raise or promotion, I kept my lifestyle in check. I budgeted every single dollar and I drove a paid-for car.

Starting point is 00:05:56 That's it. Now, I'm not saying you've got to live like a Franciscan monk, but stick to a budget, live well within your means, and use the difference to build wealth. Now, if we're talking millionaire status, this next one goes without saying, invest consistently. Once you're financially ready to invest, start putting 15% of your household income into retirement accounts. I know, it's slow, steady, and boring, but it works 100% of the time, even if you make a below average salary. I'll prove it. I'm going to use the Ramsey investment calculator here and punch in some numbers to show you, what it takes to become a millionaire, even if you don't make a whole bunch of money.

Starting point is 00:06:30 Now, the average salary in America today is around 60 grand, depending on where you look. So, let's go with 50. So 15% of $50,000, $7,500 a year, or $6.25 a month. So from 25 to 65, that's a 40-year period. I have zero in investments. I'm going to contribute $625 a month. My average rate of return will be around 10%. That's what we've seen in the stock market.

Starting point is 00:06:54 And bada-bbing, bada-boom, you get $4 million. That was easy. Now, I know what you're thinking. Well, George must be nice to be 25. I'm 35. Okay, well, let's play that out. 35 to 65. That's a 30-year time period, a whole decade less of compound growth. You still end up with $1.4 million. Now, let's say you're 45. Well, you might not hit the million dollar mark, but you will have about half a million there. And that's a 20-year time period, and you probably are making more money by 45 than you were at 25. So we'll can up your numbers to let's say a thousand bucks a month and that gets you to 750 and if you decide to go to 67 working that gets you to 950 you bump this up to 1200 bucks to make up for

Starting point is 00:07:38 lost time and you're over a million and that's just in that one account this is not counting social security pension a Roth IRA this is just a few invested in that 401k and part of the reason this works is you have the time for compound growth to do its thing as you can see the older you get the more you'll have to invest to achieve the same result. So get started early and invest often. And investing isn't the only way to increase your net worth. The next step, pay off your house early. A paid-for home is a huge net worth booster.

Starting point is 00:08:08 Why is that? Because every month you send part of your income to a lender, you're making them richer instead of you. And if you choose your neighborhood wisely, the value of your home will likely increase over time. And as the value of your home increases, so does your net worth. My wife and I paid off our home in our early 30s by being super intentional and deciding we didn't want to be in debt for the next few decades.

Starting point is 00:08:29 It was definitely a sacrifice, but it was totally worth it. On top of increasing our net worth, it gave us a ton of flexibility and financial freedom. But here's the deal. Before you start doing any of these things we've talked about, there's one major thing you need to take care of first. And before I tell you what it is, I want to tell you about my next season of life, cozy boy fall. That's right, the temperature has dropped two degrees, there are seven leaves on the ground, and I want to get cozy. And I gotta say, the women have owned this season for far too long. It's always Gilmore girls.

Starting point is 00:08:56 Never Gilmore guys. So it's time that we reclaimed it by wearing the jogger set from Cozy Earth. The only way I like to set in to Cozy Boy Fall. And the good news is they make them for guys and gals, and you can get 40% off everything on their site right now if you go to CozyEarth.com slash George and use promo code George to get the discount. Let's reclaim the season, guys.

Starting point is 00:09:16 Get the link in the description below. And you know what's always in season? deleting your personal info from hundreds of data broker sites. And that's exactly what Delete Me does, another sponsor of today's video. You'll get way fewer spam calls, way fewer phishing emails, and you don't have to worry about hackers finding your info and selling it to the highest bidder. So join me in a world of digital peace, because DeleteMe will do the tedious work for you and send you an easy-to-read report

Starting point is 00:09:38 so you can see exactly what they did. And right now, you can protect your data and get 20% off by going to joinDeletMe.com Or if you don't want to type all the words, just click the link in the description. below. Okay, before any of the things we've talked about, the first thing to do if you're going to leverage your W-2 status into millionaire status, get out of debt ASAP. If you don't stop sending your paycheck to Sally Mae, Visa, and Klarna, you're going to have less of a chance of becoming a W-2 millionaire. So attack your debt using the debt snowball method. It is hands-down the best way to pay off debt, and you can knock this out in 18 to 24 months on average if you get

Starting point is 00:10:12 serious about it. Now, look, you don't have to start the next tech unicorn or gamble in the stock market to become a millionaire. You can clock in, do great work that you enjoy, manage your money wisely, and hit millionaire status faster than you think. America's millionaires were predominantly made on W-2 jobs, and one of your biggest assets going this route is time. So you need to start now. Get serious about this. Figure out your next career step, get on a budget, and start investing today. And by the way, becoming a W-2 millionaire is way easier if you can steer clear of the sneaky financial traps out there designed to keep you broke. If you want to know what they are and how to avoid them, be sure to check out my book Breaking Free from Broke. I'll drop a link below to the

Starting point is 00:10:50 audiobook version so you can hear it read by yours truly. And if you want to see the exact steps I took to go from Broke to Millionaire, check out this video up next. Click right here or use the link in the description. And if you enjoyed this video, you found it helpful. Hit the like button, hit the subscribe button so you don't miss the next one. Thanks for watching. We'll see you next time.

George Kamel - The Millionaire Career Path No One’s Talking About

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