George Kamel: Mortgage Free Millionaires From The Baby Steps
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- čas přidán 21. 07. 2024
- George Kamel from the Ramsey Show and his wife Whitney are mortgage free millionaires! Here's how they accomplished this family financial goal in their 30s. Breaking Free From Broke (book): amzn.to/3MAHNqW (affiliate)
CHAPTERS
00:00 - Intro - George Kamel: Mortgage Free Millionaires From The Baby Steps
01:02 - Mortgage Free 3
02:45 - Mortgage Free Motivation
04:25 - Steps to Build the Down Payment
07:11 - Balancing Investing and Mortgage Pay Off
08:12 - George Kamel Income Level
10:10 - Changes After Mortgage Free
13:10 - Generational Wealth Plans
15:15 - Is Saving for College Worth It?
17:30 - Mortgage Free Not Worth It?
20:50 - Final - George Kamel: Mortgage Free Millionaires From The Baby Steps
#MortgageFree #MillionaireCouple #GeorgeKamel #DaveRamsey #BabySteps #FamilyFinance #personalfinance
GUEST BIO - George Kamel
George Kamel is a Ramsey Personality and personal finance expert. Since 2013, he has served on the Ramsey team speaking nationwide and cohosting The Ramsey Show and Smart Money Happy Hour podcast. George educates and entertains on his CZcams channel, exposing the financial system designed to keep you broke.
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CREDITS
Research & Writing: Andy Hill
Video Editing: EditVideo.io
Thumbnail: Ardi, The Thumbnail Wiz
Channel Management: Nev Maraj
Read to become mortgage free like George? Check out our free Mortgage Payoff Calculator here:marriagekidsandmoney.com/calculators/mortgage-payoff/
We literally payed our mortgage off today! When I pulled in the driveway after work it just felt different. I said to myself never again! We are currently debt free and it it such a freeing feeling. I think this should be a goal for everyone.
What a win! Thank you for sharing!
We paid ours off in 2016 on our 15th wedding anniversary. It still feels great 7 years later.
@@Boringcountrylife I love it! And I love your handle too
Congratulations!
I will know this feeling in 5 months (On August 1, 2024). Hallelujah! Praises be to Father God.🙏🏿
@@jillwilliams7554 Awesome! Please come back and celebrate with us!
I love GK. My favourite with Rachel. My down payment was 50%. I will be mortgage free in 3years. Still working on it 😅
They have a motivating team for sure!
I like watching George's content. He is without a doubt the top personality of the Ramsey team.
Agreed! A great example for us all
agreed
We have never hit the 100k income but we did the Dave Ramsey plan and we are completely FI. We were hard core frugal and those base habits have never left. Went minimalist 3 yrs ago and it was like getting a pay raise. As for us we treated the whole thing as a competition game. We had posters everywhere where we marked off the mortgage and other debts. I think the best gift we gave our kid was living at the poverty level so we could put her thru private school. She worked hard and got a full scholarship to Uni. Family and friends thought we were nuts. But now they think we are financial geniuses!😂 You can do it! You really can if you love you more than your image.
You will be so glad you saved up for your child’s college education. My son is a junior in college, and I have been able to pay cash for his education every semester- ZERO LOANS. To encourage him to keep his grades up and apply for scholarships, I told him that whatever is left in his college savings when he graduates will be his graduation gift to help launch him into adulthood.
P.S. I have a Communication degree, and in three more semesters so will my son. ❤️
This is incredible! Thank for encouraging parents like us to keep preparing :)
Comm degrees unite!
I am the same age as George, and I was driving a 09 Hyundai Elantra for the last 15 years.
I just upgraded to a 2022 Toyota Rav4 XLE Premium.
Ahhh you got George on here?! Man, I’ve been with your channel since nearly the beginning. All your hard work is paying off. Keep it up…onwards and upwards! 🎉
Thank you so much for your support over the years!
Yes, it was a pleasure to interview George!
I think George got choked up talking about his ‘09 Civic. ❤️
Hondas are well known to last!
$165K mortgage is not happening in my expensive county in CA. That can be a mortgage on a mobile home. $300K in general buys you a mobile home. Also, he lives in a cheaper area with low taxes (property tax, etc.) and paid off the house before he had his baby. Around $165K was just our down payment plus closing costs on our current house.
Great segment, Andy! Cool to see GK on your show. Happy New Year
Happy New Year to you too Todd!
Ohhh I love George Kamel! Andy this thrills me!
So glad to hear it Carol!
Property values are inflated currently because of the major supply distruptions from COVID, but they won't come down much so George still made out extremely well.
George, it sounds like your forever home!
Gotta love that!
This is awesome! Love from Australia
Glad you enjoyed it!
Such great conversation! George is so funny and smart! Rock on!
Thank you for watching!
He is funny and very relatable!
Good for you George and the rest of the people.
I am debt free myself at age 56. No more mortgage, truck payments or stupid investments, hyped up getting rich quick, now it is slow and steady at a 6 to 8 % return on my money. Yes I live a completely stress free life.
Gotta love that feeling! Nice work!
I paid off my house, and then bought a new one. Having no mortgage was nice… but the improvement of my quality of life is priceless (bigger yard for my dog, a designated home office, etc) ❤
My hope is to pay it off in 10 years!
I love this! It sounds like your choice was a great one!
George's real wealth is that he doesn't hate his job. I'm basically just building a nest egg that's big enough to retire early and then going to do something I enjoy a lot more. Theoretically I can hold my job down until then...
Enjoying your job is real wealth ... absolutely.
Hey thank you both for a great show. Another thing to think about is how the words economy and ecology have the same Latin root word, eco, basically translating to home. This helps to show me that we need solutions that are both economically AND environmentally intelligent. The Federal tax credit for solar electric panels and hot water panels is 30% and I haven't had an electric bill to pay in almost two years. Lastly, my mortgage will be paid off in 14 months.
Excellent point -- I would love to be electric bill-free as well!
Kudos!
George is an unusually, almost maniacally, driven person. He was able to put more every month into paying off his mortgage than I gross in a month. In George's world, if you are not working 7 side hustles, you are slacking off. More power to him. Living in Minneosota, with even 5% interest in my savings account, after inflation and taxes on the "paper profit on the savings interest" you still lose money every year. However, the e-fund is insurance, not investing.
Nope he is a person with higher income than expenses...... Look at all the cash millionaires on CZcams!!! WTF these people clear 6K to 10K on their worst years while the median income earner is not so whatever!!
Love brother George ❤
❤❤❤ love love love George
I can attest to the value of prioritizing a large down payment and reducing your expenae footprint. It makes a major difference in paying off your mortagage. However, I can also attest to the impact of overextensing yourself with side gigs. In a world where doing more is always the answer, being smart should be discussed more. Burnout is real and because you'll never know the salary of someone on CZcams burning their amortization schedule at 100mph, its wise to be measured and push within your own limits. Be inspired but dont copy stroke for stroke.
Hear hear! Inspiration is what we're after on this channel -- not exact emulation.
I tried exact emulation for a while and got burned out myself.
❤this is awesome
So glad you enjoyed it!
Great video, Andy!
I appreciate the support!
When will debt go from the norm to the exception?
We gotta get a pony fund now ❤ love it ❤😂
He's in trouble! haha
Love the plan but doesnt apply to people who live in a high cost of living
15:37 It depends on the car.
$165,000/26 months = $6,346 per month on the principal. Interest, taxes, and insurance is extra. He must be making $150,000 per year gross if not more.
Makes sense!
For reference, we paid off our mortgage in 4 years and we were making $170k per year on average during that time.
Here are more details with numbers
czcams.com/video/nPXXHTMHlxA/video.htmlsi=cYOlFdGYqarPk044
that's if he didn't put a big chunk down to start with. When I paid off my house, I dropped $26k on it to start. Then paid an extra $2400 a month to the principal.
If him and his wife both have decent jobs, even $200k a year isn't unheard of.
@@stevenbeach748 Right but how often does he talk the wealth needed to do stuff? Instead he is telling people to work 24/7 while he makes 150K+ while they likely make about 1/2 that!!!
@@donaldlyons17 it's not impossible to do. You just have to want to. I did it with one income.
@@stevenbeach748 Impossible depends on factors..... Just because you did something does to mean it is impossible for others to do. I don't think everyone can live on $600 a month now that I have lived with others who could not all do it..... Lived experience dealing with just one recession has shown me not to assume anything is ever possible!!!!
😊 I would love to know how I could email him to ask him a question?
Check out George's CZcams Channel @GeorgeKamel - maybe leave a comment for him?
The “low interest mortgage rate” arguments drives me crazy. You know what’s better than a low interest rate; having a zero % interest rate. When I don’t have to pay principal or interest to the bank for 20+ years, all that money I get to keep let’s me control where I want it to go vs. making the Banks richer with interest. Plus once I own the house, I have 100% equity of the property plus its appreciation. Just go find your mortgage paperwork and see the monthly principal/interest breakdown for each month that you will pay over your mortgage term, then calculate what your 401k/IRA could look like if you had invested that money vs giving it to the bank? It should make you sick to your stomach that you are robbing your future self. BLUF: play chess, think strategically, forward think, ask what your 62 year old self would want your 30-40 year old self to do.
I like the spirit here!
300k?? 😂😂 u can’t buy a tent in the Bay Area for that 😭 😭
❤❤❤
Thanks for watching!
300k for a house is so little. I bought my home 700k in the northwest. Way more costly out here lol I’d have my home paid off already if I was in Nashville. 😂
Very true! But that can give people pause who are living in HCOL areas and think ... what if we lived in a lower cost of living area? How could life be different for us?
Now that he has a child
He can start his baby's retirement now. Have a million by 20, have over 6 million by 65
Not everyone can find love like u G.
Most ppl get divorce. Hard to find that special someone
So which baby step is actually having a baby??? 😛
Good question!
As a Dad who couldn't imagine his life without his kids ... whenever you feel ready :) No monetary number or no baby step in my opinion.
Here's a fun conversation about how to financially prepare for a baby -- czcams.com/video/zgTdYBOKehA/video.htmlsi=G3gJ9jH6uFLbZA7B
George although he means well. Isnt too good with math. I calculated him investing 5k for 15 years instead of paying down his mortgage. He couldve put in Spy. He would already be a multi millionaire lol. But its his money, just dont be telling me its the better option when its objectively not the best option with a 3.25 interest rate. He said live in reality but deep down he wishing he wouldve just invested and made more money
Is it possible 2 be a millionaire working A Job that’s impossible don’t believe that
lol what
Not sure what you mean having money is a number issue not a behavioral one 100%!!! I work with multiple people making 40K a year and yet none of them are rich and many live with (off of) others!!!!
I am not in the early mortgage payoff camp especially for these young people. I just don’t understand why you’re encouraging it. I am in no hurry to pay off my half million dollar mortgage at 2.75% for 30 years fixed. My wife and I make a quarter million annually and we save $60,000 annually, but I just can’t bring myself to pay off such a low rate mortgage any faster. I’d rather retire that much earlier by saving more. My wife does think we should make a little extra payments, so instead of making those extra payments, we agreed to put them into a joint brokerage account so our money can grow faster than the mortgage interest rate we’re paying. At retirement, we’ll have the option to use those funds to pay off the mortgage.
Everyone's situation is unique.
For us, we wanted to work less and experience life more.
Reducing our expenses (through debt freedom, mortgage freedom and Coast FIRE) allowed us to work part-time. It's been great for our marriage, our relationship with our kids and our health.
Here's more details from our side: czcams.com/video/NF3VNces4YQ/video.htmlsi=ShJIgmTB6fqzbvcP
@@MarriageKidsandMoney that’s cool, but I don’t see how an automated payment is hard to manage and how you can be ok with a lower net worth. I focus on net worth. Maybe I don't need to "feel" free. How does having a lower net worth allow you to work less and experience life more? Seems opposite to me. Maybe it's because I also don't subscribe to coast fire either. I'm retiring ASAP! Big fan of your content though. Thanks for the vids.
@@iggman1 I understand what you mean. I don't believe there's a wrong way or a right way.
If you're up for it, I'd love your feedback on the book "Die With Zero". It helped change my perspective from growing my net worth forever to enjoying more life today.
Here's my review of the book and thanks so much for commenting, having a civil debate and supporting our channel!
czcams.com/video/RRgS2VzU5tA/video.htmlsi=BNRvmG5hW2tNl8Vs
@@iggman1 "How does having a lower net worth allow you to work less and experience life more?"
It isn't the lower net worth that allows it, it is the reduced need for cash flow when you don't have to pay a mortgage.
I agree. If your rate is that low it's stupid to pay off the mortgage.
Oops I’m not in the income range to be watching this show- bye
without kids? sure...piece of cake....oh...in Tenessee.....easy peasy....
Well I am sure there are other factors but yeah Ramsey clowns don't talk numbers in so far as it being the most important factor besides spending..... I was able to live off 20K a year and save 35K in just 5 years because the income was high enough and expenses were low enough. These clowns don't explain how factors and math matter more than behavior!!!!
$165??? I wish. Not where I live.
It was 300K. They paid 135K down, so their loan was 165K.
I agree. It's all in perspective and situational. Them making 6 figures with no kids is the biggest factor that is not realistic for most average Americans.
I'm glad for this couple, but it is not for the common folk to pay off a mortgage in the single digits.....9 years is the minimum and just for a small percentage of the average Americans. Can one pay off a 30 year mortgage in 15 years?....Yes, that is more realistic. Paying off a 15 year mortgage in 10 years, the same....more realistic.
Again, these videos exaggerat a bit too much sometimes.
Don't buy too much home is Key in life. You should easily be able to pay off the 30 year mortgage while still enjoying your life and kids. The 15 year mortgage is also possible just more work to make it happen.
I advise to not get mislead or discouraged by videos like this. Look at your situation and see how you can make changes to best progress Forward while still enjoying life a little each day. Last thing you want is to die at the age of 35 debt free and little enjoyment while you were alive. Find the Balance to Peace. God Bless
You should have done some research- he’s not mortgage free. He has a 15 yr $200k mortgage on his current house
Now he paying more property taxes.
So he paying 3k more a yr, the important thing is, it's paid off
Congratulations. Paid home early 30s