4 Money Mistakes You Probably Made in 2023
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- čas přidán 4. 08. 2024
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Now’s a great time to reflect on the past year-the ups and downs, the wins and losses, the good choices and not-so-good choices. And based on the stats we’ve seen about things like student loans and credit cards, it seems like a lot of Americans made some not-so-good financial decisions in 2023. So, in today’s video, we’ll take a look at some of the biggest money mistakes people made this past year so you can steer clear of these financial fails in 2024.
Preorder George Kamel’s new book, Breaking Free From Broke, and get more than $100 in FREE bonus items: store.ramseysolutions.com/mon...
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am 56 no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!
Just buy low sell high. Stick with a good company by either not selling when it’s going lower and/or buying more at that time. Almost always the good well managed companies will come back strong at some point. The other is to get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
@@mariaguerrero08Really? I’ve actually been looking to switch to an advisor for a while now. Just never made up my mind. Any help pointing me to who your advisor is?
GERTRUDE MARGARET QUINTO maintains an online presence. Just make a simple search for her name online.
@@mikegarvey17we found a Ramsey recommended one online. This way we weren’t going to be stuck with an advisor that will sell you life insurance that only helps your kids when you die.
Will be debt free and 2 years clean in August after 15 years of drug addiction thanks to you guys and the good Lord.
Good job
Good job! Be even more proud of you, then you re now!
Bravo, you are an overcomer for sure. You have accomplished more than most people.
Outside my mortgage I have only $5k in CC debt almost there 😭
It absolutely kills me how many people tell me they "HAVE TO HAVE" a new car because they don't want to deal with repairs. Okay... so buy a cheap used car and put a year's worth of car payments away for emergency repairs.
My last vehicle was costing less per month on average for repairs, but it was inconsistent, with several big repairs in one month compared to months without any. My current car isn't new, but much more reliable and suits my usage patterns much better.
That's a great idea. I've seen much newer cars on the sides of the roads the last couple years.
I paid off my last credit card (revolving debt) on December 31st, 2023,
Georges new years resolution..... re-watch 2 and a half men lol
It is always a good day when I see a new George video!❤🎉
We have a 2007 car that goes from A to B and plays CDs! haha
And It just passed on the annual test yesterday so it will keep running until we can pay cash for a better one
Going to be debt free in March.
Nice job! I hope it stays that way, you’ll have a bright future!
That's great, keep at it!
Fuck yes
That's amazing, nice job!🎉
I'm rooting for ya
I brought a CPO mazda 3. Not in cash but put down enough where the car payment + insurance is ~9% of my take home. Could of gotten a nice beater for transport. But after driving a beater for 10 years its time to enjoy a bit of life. I plan to pay off the car in June tho. That's when my CD matures.
Two and half men was the best sitcom since Seinfeld come at me
Finally paid off my car, my student loans, my phone, everything. I am debt free and honestly such a weight has been lifted. To anyone working on becoming debt free, you can get there. Don’t give up.
Good for you, that's amazing
Great job
Heck yea! 🎉 congrats! I’m on the train to be debt free by year end 2024 / early 2025
yeah steve
Whoaaa!!! Calling Steve out like that!? Uncalled for 😂
Best thing I did in 2023 was looked my debt right in the face and punched it.
Way to go!
Your videos are so much fun to watch.
Only a car payment by March! (2015 used, 3.24% interest-paying off by December)
I am so thankful that I was naive enough in college to not be aware that you could use student loans for things besides school. After I had already graduated, I heard a friend talking about how she used her student loan money to pay for a trip. My little mind was blown 🤯
I come away from your podcasts laughing out loud and getting inspiration as well!! Brilliant 👏👏👏
Been debt free almost a year feels amazing 😊
My greatest concern is how to recover from all these economic
and global troubles and stay afloat especially with the political
power tussle going on in US. The government has really called
things more difficult for its citizens, and we can't sit back and
bear all the consequences of the bad governance. We need to
take our financial life serious... I recommend stock market
investment and digital currencies
If you want to be successful, you must take responsibility for your
emotions, not blame others. In addition to making you feel more
guilty about your faults, pointing the finger at others will only serve
to increase your sense of personal responsibility. There is always
a risk in every investment, but people still invest and succeed. You
must look outside if you want to be successful in life..
The first step to successful investing is determining your
goals and risk tolerance, either on your own or with the help
of a financial professional, but it is highly recommended
that you use a professional.
There is nothing better than hiring an expert in any trade,
selfishness and greed have deterred many from doing this
and they ended up suffering a huge loss.
Spoiler-vote responsible
Well l've been trying to get a good broker who can be able to
tell me how to go about digital currencies. Can anyone tell
me about one?
We started beating the debt matrix and it feels amazing! Stay strong debt free warriors
Debt matrix??
I made none of those mistakes in 2023 and won’t in 2024 either! Instead saved for a downpayment for a house
That do not be bussin😂
I'm looking forward to the book!
Lol @ the Monty Python reference
Most of us had made even worse mistakes last year
I got your hidden meaning in your video George. I will now withdraw all my superannuation savings to start a reptile farm ASAP! Imma be rich! 😂😂🤣🤣
Just want to point out that in order to save 6-8k to buy a car, you need to have a job. In order to get a job, you need to get to an interview and then to work. In order to do all of that, you need a car. Happy New Year!
Usually before kids get their first car they can borrow a family car to get to that job. And who's talking about 6-8k? There's plenty of fine old Toyotas and Hondas out there for 3-4k. Or even less if you really wanna get a beater.
Yes, nice idea to borrow a family car. I didn't have that option so walk to work - you can do it!
@@Peter-kt2gb Not all kids have a car they can borrow. And where do you get 3-4K without a job?
@@jandkhilbert There are no sidewalks where I live and any job would be at least 10 miles away. I guess you can start walking a day before.
@MilaN-lt2mq true, but a lot of them if not the majority can. And if not you can bum rides from friends or co-workers. Or walk. Or take the bus. And besides all that, how are you gonna get a car loan without proof of income?
I didn't make any of these mistakes in 2023. Hope to make it through 2024 but not too confident about 2025.
I didn’t make any of these money mistakes in 2023. Thanks tho.
Hi. When you are saying we should put 15% of our paycheck in a retirement account, do you count the employers match into it and HSA? In my case I have 7% match in my 401(k), does that count as 14% in those calculations? I do put way more than 15% overall in other investment instruments - bonds, funds, stock, etf....even a little bit into crypto, but there is something about putting more into an account that makes it difficult to access the money, that makes me not want to do it.
Another thing, about credit cards. I never before had any credit cards, just last year I got my first one at the age of 34. And I have to admit, getting the 2% cashback on my purchases is quite nice. I always pay off my card the same day I pay with it and I never buy anything with it I wouldn't be able to buy with cash ( debit ). Do you find this kind of credit card use bad and not worth it? I was reluctant to get a credit card but the extra couple hundred dollars per year seems to be worth it.
Kept $105k in CIT Bank HYSA at 5.05% but i now plan to invest in the stock market. What are your thoughts on that? What stocks should I look out for as a newbie to safely grow my money?
Its best if you buy growth/blue-chip/large caps stocks only. Also, as a newbie its advisable you work with a financial advisor to help set up a well-structured portfolio.
Apt!! I was self-managing my portfolio but suffered heavy losses in 2022 and i knew i couldn't continue like that, so i consulted a fiduciary advisor. By restructuring and diversifying my $250k portfolio with dividend-paying stocks, ETFs, Mutual funds and REITs, I significantly boosted my portfolio, achieving an annualized gain of 28%.
Impressive! How can I contact this advisor? My portfolio has underperformed, and I need guidance.
I don't comfortably throw recommendations around on the internet, but I've been working with 'Theresa Dana Peek'. God, she's brilliant! I'm sure there are others who are good.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
I have proof of this cheap reliable car! 2006 Honda Civic. I bought it for $4k and have put over 50k miles on it.
Same, bought a '99 Crown Vic in 2009 for less than $5k with less than 50k miles on it, still driving it and it has 165k miles on it now. That's 14 1/2 years driving one old used car, counting purchase price, repairs and maintenance over those years I've spent an average of well under $1k/year on this car, or about 10 cents/mile. Even riding the bus is more expensive.
A very overlooked reliable option. So many people think you can only buy a Honda or Toyota.@@dkstudioart
I bought a brand new car 17 years ago and it’s still going strong. 😂
Two and a Half Men had 15 million viewers on average so....... a LOT of people lol
i have been in that pool!
I’ll take the $20k student loans I took to start my career as a nurse over no student loans and working retail/warehouses the rest of my life with no growth opportunities or solid income. Hated that life. Love my life now. My income justifies the schooling. Those who go into $100k+ of debt to make $50k, now that’s a mistake.
good luck...
Owe 34k of 83k almost there 🎉❤
My grandmother still regularly watches 2 1/2 men for some reason.😂
I love it
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year... Investment should always be on any creative man's heart for success in life..Thanks to Fergus waylen
YES!!! That's exactly his name (Fergus Waylen) so many people have recommended highly about him and am just starting with him from Brisbane Australia
Wow. I'm a bit perplexed seeing him been mentioned here also Didn't know he has been good to so many people too this is wonderful, i'm in my fifth trade with him and it has been super.
Same my friend, No doubt many people from around the world also trade with him!!!
Life is easier when the cash keeps popping in, thanks to Mr Waylen. Glad he's getting the recognition he deserves.
My brother and I also joined his strategy and we made massive gains at the moment while under training. I am forever grateful to Mr Fergus Waylen
1. Credit card debt - Avg 22%
2. Student Loans - $44M
3. Car Loans - 107.8M Loans
4. HELOCS
Debt is literally a tool known as leverage.
In 2023 the S&P500 was up 25%. You would have been an idiot to pay off low interest debt instead of throwing any extra money into the market.
You gonna play that Tele for us or nah?
George, I feel really called out with all the lizard comments lately 😢 I like breeding my lizards
I passed the test George. No debts. House paid off. Just use a debit card. Confession: Years ago did borrow 45 dollars, zero interest 30 day emergency student loan. I was going to Mexico on spring break spanish class trip. I also needed to register for classes. If i registered late a 5 dollar penality. So was able to borrow for 30 days. Paid loan off 4 days early. Only student loan i ever took out. Saved the 5 dollor late fee too. Bought Dave's book the total money makeover for one dollar at a public library used book sale.
Was considering buying a small truck with cash a year ago. Bought a 15 month penalty free 4.5 % CD instead. This means i could take money out anytime and no surrender charges. Comes due to reinvest in April. Actually 40,000 invested but was looking at blowing 25,000 on a small truck. Kept old reliable 2005 , and recently turned 140,000 mles Chrysler Sebring convertible. Live in the mountains with lots of snow . But this winter no snow to speak of. The excuse to buy the small truck went away. What else could i do to achieve having a small truck and not blowing the 25,000 George if you please?
Turns out the biggest mistake I made was not buying BTC early in the year! 😂
Bitcoin will go to 100k before the end of 2024!!
@@skotthomas6810 RIP whoever listens to this.
Lol I’ve always wondered that about Two and A Half Men. Idk anyone who watched it
Don't pull a Steve in 2024😂
❤❤❤
I am a baby boomer. No credit card debt, no student load, no car loan, no helot, in fact no mortgage. So why do I feel so broke all the time?
It's certainly possible to go to *college* debt free, but what if you need more education beyond that? Can someone go to medical school debt free?
The best way to become a doctor or even other medical is to do it through the military or the VA (veterans affairs). There are also scholarships for well qualified candidates. While hearing military scars a lot of people it's the best financial option to become a doctor especially for someone from a low-middle class family.
😊
What number did buying too many beanie babies come in?
Can I BNPL your book?
not buying enough crypto
You guys have been quiet on Bitcoin lately.
Bro I didn’t go to college. But I went to trade school. I make $84K a year. I eliminated a $96K mortgage with interest in two years and seven months.
For every single one of you who didn’t capitalize on your student loan debt while not paying interest I need you all to hold this L. The big L. I couldn’t imagine how faster I would have paid my loan off with no interest on my mortgage. Mind you I made $67K first year. $73K second year. $78K third year. And now making $84K.
Yup that was me, I have 5k left on student loans and didn't make any payments. Paying them back now but hopefully I can knock em out this year.
How to trade to generate such returns? @RewindBack
Charlie Sheen fan here.
Yeah I’ll stick to following Graham Stephan’s advice on credit cards. It’s working out great for me
That is usually how advice works. You use some self evaluation and use the one that works for your situation the best.
Going to be debt free in February
I spent ~$40,000.00 using credit cards last year. Current credit card balance is $20,000.00. I sleep fine except when my dog wakes up to go to the bathroom.
I spent about the same amount on my credit card, but my balance is zero - i pay it down to zero every paycheck. Love cashback :)
First
2024 - Featured on Caleb Hammer, Iced Coffee Hour, Get a Graham second channel video reaction and be featured In Cars Getting Coffee with George - Spoken/Written into existence 🙏🏾💯🥷🏾
I love how his solution to money mistakes require having more money. While he's not wrong, he's not practical for minimum wage earners.
Well who said they have to earn minimum wage?
What about "good" debt?
Imo, debt isn't 'good' or 'bad', the motivations behind it matter. Credit card debt is usually taken for selfish reasons. A car loan for a good reliable car that will do what you need is different than a loan for a pickup that won't leave pavement or haul anything.
Why do the buttons on your shirt look so far apart?
Send newts
Sorry George but the banks do not lend out student loans.
Mine was with Welsfargo.
I’d rather be a barista in a hcol area than a millionaire in a place I don’t like 🗿
Okay, I hope that plays out well for you when you’re reaching retirement age.
The people who would benefit from this sound advice do not watch your channel. your wasting your time and breath. Younger people live for today and aere not concerned with debt, credit cards, etc. They have no concern about paying them off as they have always been able to get more and more credit. Personally, i don't care cause i have been following John Cummuta's transforming debt into wealth since 2021 when i sold my NJ home for almost what i got it for in 2005, (covid was great for me!), moved down to Florida and live without state tax, no mortgage, no snow, no oil heat, no commute costs, etc. All my income goes into my long term savings plan and 401k, and with this scheme I have now been able to afford 3 convertibles paid off completely as I cruise trouble free across the beautiful roads of the sunshine state. Good luck to the rest of the ignorant people, as there are none so blind as those who will not see!
Paraphrasing: "HELOCs are bad because they are a form of secured debt and if you don't make your payments, the lender can foreclose on your home."
That applies to a mortgage as well. Your argument is weak and unimpressive, George. Do better.
This from the dude who had $40k credit card debt! 😛😛😛
@@sniggitty: LOL! $20,000, not $40,000. I often make large purchases and immediately make a payment equal to the transaction.
I just watched an ad where you recommended buying an 08 Honda. If your broke ass calls off work when your 08 Honda lunches a transmission, I'll fire you. An 08 Honda needs more than $5500 in maintenance, and an 08 Honda in the rust belt is thin pieces of rust hed together by lage holes.
That was *the* absolutely most useless and profoundly *dumb* and uninformed advice i saw on the interwebz today. The cam chain and brake lines a 15 year old car need are above the book value of that car. You might drive that car for a month and have to scrap it.
Honest question: Why would you recommend cutting up the credit cards? Credit cards are a tool for wealth. You don't just throw the tool away when you can't use it properly, you learn how to use the tool properly! common sense.