George Kamel - Why Everyone Seems To Have More Money Than You

Starting point is 00:00:05 Do you keep hearing voices? You know, the ones that say you're behind financially, everyone else is winning, and you're never going to get ahead. Well, guess what? Even millionaires feel that way. Seriously, only 33% of millionaires actually consider themselves wealthy, which I know sounds ridiculous. So today, we're covering seven reasons why everyone seems to have more money than you and why you might feel behind. Let's get to it. Reason number one, you might feel like you're behind because you don't own a home. Home ownership is a hallmark of the American dream, of financial success, and it's easy to feel like rent. means you're not making progress. But the reality is a whole lot more complicated, just like my hair care routine. We don't have time for it, not today. Hair is everything. You see, owning a home is like adopting a $10,000 Tibetan Mastiff. It's cute and warm and fun

Starting point is 00:00:49 until it vomits up a $5,000 repair bill and you're half-eaten ugg slippers, which, to be honest, it was time to go. Plus, when you factor in property taxes, maintenance, repairs, and unexpected expenses, the cost of home ownership add up very quickly. Even a minor HVAC repair could cost thousands of dollars but when you're renting you don't have to worry about those

Starting point is 00:01:08 things the landlord does and if you're not prepared to cover those extra costs you could end up living in a van down by the river and not like the local vagabonds who did it on purpose this one accidental renting gives you predictable expenses and financial flexibility to focus on building your financial foundation because when you pay rent get this that's the most you'll pay but when you pay your mortgage that's the least you'll pay because of all of those extra expenses so if you're renting because you're working to get out of debt or get that emergency fund in place,

Starting point is 00:01:36 or you're saving up for a down payment, you're not behind. In fact, I'm proud of you for being mature and knowing that there's a right way to go about homeownership. Just like there's a right way to eat a hot dog. Top down, middle first. Just kidding.

Starting point is 00:01:48 Everyone knows the good Christian ways with a fork and knife. Drop a comment below and let me know your preferred denomination for hot dog consumption. I can do it quick. Okay? What?

Starting point is 00:01:58 I'm just saying. So here's the deal. Don't buy a house just because you feel like you're supposed to or worse that you feel behind. Do it when you're financially ready, not broke. Reason number two, FOMO. That's the fear of missing out.

Starting point is 00:02:10 You might feel like you're behind because it seems like everyone else is living their best life. I mean, on Instagram, everybody's showing off their trips to the Dolomites and their Kea Telluride, which, in a weird turn of events, has become the beacon of luxury. And with that kind of scoreboard,

Starting point is 00:02:22 it's easy to feel like you're the only one who doesn't have it all figured out. But here's the thing. You're just seeing a highlight reel, not the full picture. And if all you saw from the Titanic was a budding love story on a luxury cruise, you'd only be looking at the tip of the iceberg.

Starting point is 00:02:36 Stop it. Get some help. And if you had the full picture, you're probably not going to book that trip. So when you let FOMO in the driver's seat, you're going to spend money to chase a life that is not real, and you're going to end up living in a van down by the river. I'm sick and tired of living in a van down by the river! And if social media is making you feel behind, opt out, log out, stop scrolling. Maybe it's time to focus on what really matters for a little while. Plus, social media does not show you that a lot of people are actually

Starting point is 00:03:04 financing their lifestyle. Which brings us to the third reason people feel behind, debt is invisible. Your neighbors or friends might look like they're doing great financially, but what you can't see are the monthly payments that are eating up their income and adding stress to their life. It's easy to assume that someone's new blacked-out cyber truck or annual trip to Santa Claus Indiana represents wealth, when in reality, it represents debt and poor taste. For example, more than 17% of new car buyers have payments exceeding $1,000 a month. Which brings us to our next segment. How we doing, America? How we doing with these $1,000 car? Who, who, who, who, who, who, who, who, who, who, who, who, who, who's, who, who, who, who, who's, if it hasn't happened now, I don't think the car is going to do it. Okay, so whether it's a big burly truck

Starting point is 00:04:04 or it's the fancy luxury car to pick up your kids from school, stop trying to finesse this life through a car payment. It's ridiculous. And if you're spending any amount of money on a car payment, it's bad news. But $1,000 or more, zero empathy. Sorry about that. Back to the episode at hand. Woof, that was a lot. These car payments add up, which leaves less money for savings and investing, which, by the way, is what actually makes people wealthy. So remember, when you're making financial comparisons, you're only seeing the results of someone spending, not the true cost behind it.

Starting point is 00:04:37 And yes, some people do have true wealth, and they're not propping up their image with debt, and they have nice things that they paid cash for. But it's still easy to look at someone else's life and think, why am I not there yet? And what you're often seeing is the result of years or even decades of effort, not an overnight transformation, not luck. And sure, maybe they do have a trust fund and good for them.

Starting point is 00:04:57 And if you're so jealous, work hard to do the same for your kids. Which brings us to the fourth reason you feel behind, you're comparing your beginning to someone else's end. Someone cross-stitch that on a pillow, will you? It's a good line. Most millionaires did not reach that number quickly. In fact, the average millionaire worked, saved and invested consistently for 28 years before they hit that milestone.

Starting point is 00:05:16 So wealth building is a long-term process, and comparing your early steps to someone else's finish line will only lead to frustration. So instead of focusing on where others are, celebrate your own wins. where you are today compared to a year ago. Whether it's paying off a credit card, saving your first thousand dollars, or sticking to your budget, those steps matter. Remember this. Wealth building isn't a race. It's a journey. Another cross-stitch worthy line. I'm on a roll today. Someone get me an Etsy

Starting point is 00:05:41 store stat. But it's going to be hard to make it past that first leg of the journey if you're always having to make a pit stop to pay for emergencies. Which brings us to the fifth reason you might feel behind financially. You don't have an emergency fund. Without an emergency fund, every unexpected expense, like a flat tire or a chip tooth, can make it feel like you're one step away from living, say it with me, in a van down by the river. Great job. Well, Lodi Freckin' So without this emergency fund, what should have been a minor inconvenience becomes a full-blown crisis. That's why having an emergency fund of three to six months of expenses saved is so powerful. It's a safety net that catches you when life doesn't go as planned. Let me tell you,

Starting point is 00:06:22 at some point, life will not go as planned. And one of the best things you, you're you can do with an emergency fund is to park it in a high-yield savings account like the one offered by Laurel Road. They're not only a sponsor of today's episode, but they're also a great tool to keep your savings safe and sound. And they offer top-tier rates that make your money, make more money. And there's no minimum deposit, there's no sneaky fees, and your money is FDIC insured, which means you'll sleep easy. And if you ever need help, their premium care team is made up of real-life humans that you can actually talk to. So if you want to check them out and get started today, go to Laurelroad.com slash George or click the link in the description below.

Starting point is 00:06:57 And before we get to more reasons you feel behind, you know what's worse than feeling behind? Feeling insecure because your data and privacy is being bought and sold to all of the worst people. And that's why you've got to check out, delete me. They're another sponsor of today's video, and they'll give you peace of mind. Because they scour the internet to find and remove your personal info from these data broker sites to keep you safe. They do all the hard work and they send you a detailed report of what they've done and how much time they've saved you. So far, they've saved me 66 hours of work it would have taken me to do it myself,

Starting point is 00:07:25 which is great because ain't nobody got time for that. But Delete Me apparently does. And you can get 20% off any of their plans by going to join DeleteMe.com slash George or just use the link in the description below. All right, another reason you might feel like you're behind is because the wealth you're working toward doesn't look like what other people are showing off.

Starting point is 00:07:42 Which brings us to reason number six, true wealth is also invisible. So much invisibility. There's a cloak joke in there somewhere, but we've got to move on. Cars, vacations, and fancy dinners, that stuff is easy to see. But real wealth, the kind that builds lasting security, that's usually tucked away in a 12-year-old Camry,

Starting point is 00:07:59 a stack of coupons, and a paid-off ranch home. Mmm, ranch. Ranch. Give me that ranch. Dipping a pizza. Don't dip your pizza in ranch. That's faux pa. Get a bunch of ranch, dip it in pizza. There's a hidden rally ranch party in my mouth.

Starting point is 00:08:14 The truth is, most millionaires are not driving flashy cars or posting picks from a private jet on their way to Gail King's Surprise 70. birthday party. They're quietly investing in their 401ks, paying off their homes, and living below their means. And guess what? Those things don't go viral, but they're the foundation of true financial success. So if you're feeling behind because your progress is invisible, remember, the best kind of wealth isn't always obvious. It's just like what Gandalf always said. Keep it secret. Keep it safe. Stay wealthy. Which brings us to the seventh reason you might feel behind. You're not following a plan, so you don't know where you stand, which is so obvious

Starting point is 00:08:50 it hurts to say out loud. But without a plan, it's easy to feel like you're just treading water. And it's harder to move forward confidently when you're not sure what direction to take. But a plan gives you clarity and control. Budgeting, saving, paying off debt, they're not just financial habits. They are the roadmap to financial peace. When you have a focused plan to do those things, you're no longer comparing yourself to others because you have your own benchmarks for success. So it's not about what someone else is doing. It's about making progress and taking the right next step for you. And that's the kind of clarity that makes all the difference. So if you're stuck in a cycle of comparison or feeling lost, here's your way out. Start with a proven plan. If you're not doing a

Starting point is 00:09:24 budget, start one. It's the best way to know where your money is going. I'll drop a link in the description if you want to check out my favorite budgeting out. Next, you've got to do one thing at a time with focused intensity. So if you're trying to pay off debt, be very aggressive about paying off debt. If you're trying to save up that emergency fund, be very aggressive about saving up that emergency fund. Do one thing at a time instead of 17 things at once and you'll make way more progress. Most importantly, find contentment. Whether you're making 60K or or 100K, learn to live on lesson you make. Learn to live a life that's below your means instead of above it and your life will be way better. If you want a clear picture of where you're at and a

Starting point is 00:09:58 clear plan, I'm going to drop a link in the description to take a free three-minute quiz. You'll answer a few questions about your life, your money goals, and I'll get you set up with a plan that meets you where you are right now. If you want to learn how to build a simple budget that actually works that you can actually stick to, keep watching this next video or click the link in the description below. And if you enjoyed this video, be sure to hit that like and subscribe button and share this with a friend. Thanks for watching. We'll see you next time.

George Kamel - Why Everyone Seems To Have More Money Than You

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.