The Sneaky Habit That Is Stealing Your Paycheck (with George Kamel)
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- Äas pĆidĂĄn 21. 02. 2023
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Don't be impulsive with money, but also don't wait for retirement to do the things you love. You only get one chance on this earth. Your body on retirement will not be the same as your body now.
People should have an outing budget for that very reason! Enjoy life! Plus there are many fun stuff people can do that barely cost any money
Life and money needs a balance. We spent so much on vacations. It was memorable and we did so many incredible things. But wished I had limited it. I canât do any of those things anymore. But now on a very limited budget. Wish I had âbudgeted my Lifeâ better. âWatch Outâ, old age creeps up on you before you know it.
The perception of value is something that I have REALLY thought about these past few days. My friend said the coffee she gets is like $6. I said "Let's see what that is per year." $6 x 5 days a week x 52 weeks = $1560!! Craziness. Then as I thought about it even more, designer bags like Coach are about $300 each. That's the equivalency of 5 Coach purses every year. If you saw someone having 5 new Coach handbags every year, you would say "hhhhhhhmmm, you're irresponsible and blowing your money." But someone buying a single coffee everyday, seems completely normal.
This is a golden example
Except the $1560 of coffee can help people get through the day, providing them usable energy. What does the 5 $300 coach purses do? Nothing. So it's still correct, buying designer bags is blowing your money, while buying a single coffee every day is more acceptable.
That's another perception of value.
@@soapa4279 the point is they are both overpriced. You can make coffee at home for 50 cents if not less and they taste is great too.
@@Churros1616 the OP wasn't comparing the value of coffee at home to bought coffee. She was comparing 5 $300 coach bags a year to an entire year of coffee.
I was making the point that at least even a $6 cup of coffee a day is more useful than 5 designer bags sitting in a closet. Nowhere was this about "oh but you can make cheaper coffee at home" because everyone knows that already.
@@soapa4279 but someone can turnaround and say, "YOU need buy coffee everyday for energy, I don't." Therefore the purses are more valuable to them because they use them every day.
Hi Rachel and George. My Dad must have told me a trillion times "Pay Yourself First". And I did because to me my Dad is the most brilliant man alive and now me and my husband are doing very well. Thank You Daddy!!
We have had term life insurance for 35 years. I lost my 1st husband suddenly and it was what gave the kids and I stability.
My deepest condolences but I'm so happy you were still able to be in a good place financially â€ïž prayers to you and your family đđ»
Some lifestyle improvement is good though. For years I only had basics liability car insurance bc itâs really cheap. If I had an accident, I was out of a car and had to get a loan for $4500 to get another one.
I didnât pay into 401k, I didnât really tithe like should have, I ate the cheapest of the cheap quality food from Walmart. I wore Walmart clothes. I bought one pair of shoes and made them work for 2yr or more.
My life is much improved now. Food is better, money on a gym to exercise and eat healthy. 401k, savings, finally paying on student loan.
Yeah I guess you could call it lifestyle creep, but you canât live like a college student forever.
I could watch George & Rachel all day! đ
I know right lol they are wonderful â€
They are my favorite duo. â€
Me too!
I donât even like going out to eat anymore idk if my taste buds have changed but Iâm not impressed by whatâs out there
And high prices and then expected high tip on top of that! Too much even if the food was good!
As a Zambian, that Samantha Mumba reference warmed my heart (because we claim her). Great insights RC+GK.
I have never used Uber Eats or Door Dash and until I'm physically unable to leave the house, I plan to never open that door because as soon as you try anything ONCE, even for reasons that make more sense at that time, you will feel like it is that much easier for you to do it again even when the reasons make less sense. Draw a hard line in the sand. Don't even do pizza delivery unless you physically can't get over there to pick it up.
George and Rachel - always good together. Great episode đ
Yes the thumbnail is pretty funny. Probably Georgeâs idea
Its hard when loved ones or friends invite to expensive places but they its your life, we had to say no sometimes but it was rewarding after, saying we will have a house soon, wow thats a statement among those that live in apartments for years! Thanks for the video!â€
I'm cracking up at all of Rachel's friends using credit cards. đ
Rachel & George. You two certainly have a "chemistry" that comes across on camera. Always something to learn from watching and then putting into action. Thank You both. Greetings from Ontario, Canada.
You two are pure comedyđđ I love it. I can watch you two, laugh and learn all at the same time haha
Sometimes life happens. I started seperating my money, for clothes and things, while saving for a flat, but then a wedding came up... I needed to buy a suite, hotel, train ticket, then I realised there was a train strikes leading to an extra night in the hotel
The wedding was awesome, it just sometimes life can knocks you back financially. It will only take a few months to get back on track :-)
This is a awesome video. Very true! đ
Iâm living for Georgeâs âfuddy-duddyâ impression. I need that as a ringtone for myself and kids. đ
I could watch you two always! You are my people! â„ïž
My house has definitely experienced lifestyle creep over the last 3 years. I've recently acknowledged that and am trying to get control of it.
I feel like there were two types of people when the pandemic started, those who wanted everything delivered to them at any cost and those who would deliver those goods to them. I chose to deliver those goods to them.
5000 deliveries, only ordered food 4 times and each time I winced at the total đ
This is good!! This is 85% of the country. I also have this issue that we are currently working on
Love these tips! Thanks guys!
In the office Bring your lunch everyday. Your co-workers will be going out ot eat lunch or using expensive food delivery apps. Be the odd one then see who is living paycheck to paycheck.
Correct!! I see my upper management team complain about money and paying the bills. They make more money than I do. They rather spend it on food and new cars and bigger homes. Iâm here older car paid off, I travel 2 times a yr via plane save 15 percent in my 401k and have 15 k in savings. Ppl just want to follow what they see and hear on tv!!!
There was a time I saved a bunch of money buy getting just the kids meal at McD instead to grownup meal, so I thought lol. Well what I really.notice months later is that I had gained weight and dint connect the two until I emtied my trunk with all these mcd toys I had no use for! đŹ so thats where all the money went and the weight came. Hey I paid to gain weight!
I made my budget in excel, but would switch & pay for every dollar if yâall add the EveryDollar Year-End recap like Spotify. Great idea Georgeđ
You can see your recap for the last 12 months at any time with Every Dollar Plus.
You guys are very nice. I shared Georgeâs information with my Arabic and Syrian community đ hope your getting a lot of views.
Haha that's awesome
I am really struggling with this now! Thank you so much for this video. Had to watch it twice to motivate me to look at our lifestyle creep đ
Same!!!
I did that with Pampered Chef and I am still paying for it. Love you guys!
I love these two together đ
I just shared this with my 2 young daughters 16 yr and 18 yr. I hope they listen.
At first glance I thought you were telling this to your two year old đ. I thought man its good to start early but that might be a bit to soon! Lol
I have a rich friend. We joke about her Loius Vuitton bags. She's a very humble person and I never had to overspend to hang out with her. We both like doing the same things, so she was a budget-friendly friend.
So agree with social finances - really tough to find people that are where you are at - probably staying home like us!! đ
Weâve never had delivery. Know that sounds really odd but we only do pickup and the odd occasion dine in which we donât like to do as much due to added cost of tip. Honestly been cooking so much at home - a healthier chicken tikka masala with all the ingredients on sale at a deep discount and already in the pantry last night! Holla to our path to FI!!!
Careful with the take out. Alot of olacing have a paper on the entrance desk/order place stating that take has includes a mandated tip, even some at 20%!!) AND additional charge for the boxes/bags to go in!!
I have never been influenced by others and followed the sheep..I guess I've always naturally been a saver not a spender. I still treat myself but its very rarely as I would rather save for the future especially for our children.
Lifestyle creep is SO real. Regrouping here lately to get my life (money!) back on track! We donât need more âstuffâ for heavenâs sake!
Iâd love to see a video on lifestyle creep with kids -what is necessary, expected vs not as you are growing a family, and what that has looked like for you all as youâve become parents.
Omggg this totally called me out đ€ŠđŒââïžđ€Ł although I shop at TJ maxx, donât die my hair, do my nails, get food delivery, I love a new car not gonna lie! Lol
Thanks for sharing awesome tips! I'm financially free and currently growing a solid retirement plan. It takes a positive and consistency to learn new things, unlearn the old habits is important to get a mentor/coach to lead you all the way. It's great to start young too!
Hi, I'm 43 working on my retirement fund too. What do you think is the best target for retirement?
@chris malt personally i think 1m is the goal to overcome inflation and having them in an investment portfolio is a perfect plan. I'm half way to my goal
A lot of people find having a coach a luxury.
Rachel, Are you wearing a sweater from Walmart? i have a very similar one in red that I got from Walmart and it feels/looks like something from White House Black Market for a fraction of cost!
Grocery delivery is actually pretty good value in my opinion. It barely increases the overall cost and saves you at least 30 min. If you make $50k a year that's about $25/hr so you are in a way saving at least some money with such a service.
Only if you actually use that time to make more money.
@@alanj9978 perhaps. Or if it gives you more time to get other things done around the house thereby reducing stress levels. Is that not in some form a sense of payment?
@@jaredbills72 If you can afford it, sure. But it is in any sense a waste of money. I mean, I pay a housecleaner, so I have no room to talk, but it does leave me with less money at the end of the day.
@Alan J I also find it quite humorous that some common advice from Ramsey Solutions is to find a side hustle and perform duties such as grocery delivery or meal delivery. Yet their ideology discourages the use of those services. It's a two way street for those things and I find it hypocritical to encourage the provision of the service but discouragement of the purchase of the service. It's a two way street and you can't have people getting these side hustles without a clientele that is willing to use it.
@@jaredbills72 You're right, it's a two way street and it's more sensible to travel on one side than the other. Calling it hypocritical is like blaming a rock star for not buying tickets to concerts.
Where can we find a clip of that video they played? Iâd like to send to my 20yr-ish old kids!
I LOVE these two so much!!!!
How mutch does it coast to Be your friend? Do I have to send a lot of money on expensive dinners, cars or image? So it is a great idee to have tell your friends about your goalđ Thanks for sharing great tips đ lots og love from arctic Norrway at -22.5 đđŒđčđ»đșđ”
âItâs a special occasionâ and âitâs on saleâ are pretty dangerous, too.
There's something that never really gets brought up with lifestyle creep - cutting back on what's crept in SUCKS. It can be done, but once you've adapted to the nicer lifestyle, your old lifestyle seems hard
Last raise I got I added to my roth 401k contributions to net a $23 increase in my take home pay . That's how I lifestyle creep.
George Kamel is stealing my paycheck. Got it.
A raise? What's that? I only get raises when I change jobs. Otherwise it's just yearly inflation increases.
Great vid , but @ 14:42 Who gets a $10,000 raise??
Great video, definitely decided to get Taco Bell after watching it though đ€Łđ€Šđ»ââïž đ€·đ»ââïž
Idea: if we have money left over in a monthâs budget, we add it up and add it to savings.
The problem for many is that if they wait to save until the end of the month, they have no money left to save.
I skipped the ad
Can we see you and Winston's color coded category sheet minus your amounts
Does giving always have to be monetary, or can it be providing a service for free, or simply giving someone some helpful advice?
For sure!! Giving can involve being generous with anything we have to offer, and the most valuable is our time. Being there for others or providing a service for free is definitely giving. đđŸ
George--I dare you! LOL "Oh is that a credit card? You're gonna be paying for that next month..." Ha ha!!
Careful in this day and age. He might get a lawsuit for harassment! đČ
Samantha Mumba đđđđ
I didnât catch the app you use to track from year to year. Can you please share that?
EveryDollar app which is a product the Ramsey team created
Every dollar. Itâs the app by Dave Ramsey
Rachel you need to spend money on a new pair of pants......HaHaHa
Oh yea my lifestyle creeped up real fast
Simple don't finance the stuff you think you deserve
So when do you call it lifestyle style creep or just that can afford more and you spend more within your means.
10:28
Pizza is sky high too, George.
@@thegreatcoward Maybe in Tennessee it is cheap.
Do you do a voice in the cartoon clifford?
You to make me happy!
Maybe that's why I don't have friends lol
Remember the marketing genius of "You DESERVE a break today!" ? McDonald's can be credited with starting this entitlement mentality in the early 80s. Along with higher obesity rates.
I went from 35$ an hr to 70$ an hr. All cars paid no debt. Inflation with kids is sketch. Food and energy is completely insane. My 35 an hr 5 years ago doesn't feel that much less than 70 an hr now
OopsâŠtwo
Rachel can't afford to get her jeans fixed apparently.
The gym isnât a convenience lol
Yes it is. You can work out at home
@@capturedbyannamarie if I spent thousands and thousands đ
@@lindseye2750 itâs called working out with your body. You donât need weights. Just do push ups, sit ups, run outside. My husband is very muscular and he just works out at home. No gym. Itâs a lie that you need to go to the gym or even have a gym to be fit.
@@capturedbyannamarieâââ simple excerises arenât always doable, multiple chest/ back surgeries and Iâm not allowed to do most of that & itâs winter snowing here so being outside isnât safe either, be happy for your husband that itâs doable but donât judge those of us who need our gyms to be muscular and healthy
Ouch the dog comment hit hard. I spend an outrageous amount monthly on my one year old GSD
UMMM... Why does George have a voice though? Okay Ge-orage! I see you
I love how he hates delivery services but then the first thing they tell people is to drive for Uber to make more money đ
How is it possible to spend $400 at Taco Bell? It's a bargain, especially if you use the app and rewards. I usually get the chips and cheese and dip my entree in the leftover cheese. Yum!
The same way a game in the app store is $1.99 that can easily turn into spending $200. The least expensive things can add up quickly and turn into a big expense that can cost you.
If you go once or twice a week.
@@thealexandraway hey I remember you from live chat on ramsey show the other day!
15 dollar meal for lunch 5 days a week all month is almost 400!
LMAF!
I agree with this but I help but find the irony in telling people donât waste money on memberships while selling people memberships
Taco bell --- order the online existing, much better deal.
It went to buy đ„
Get out of debt so you can "live and give like no one else" !
Robin was always punched around until Batman showed up... Just saying!
The tik tok was weirdly unnerving.
I appreciate the knowledge you've provided, Thereâs this woman I got in touch with during the last economic recession which cost me my job. Ms. Norman Davis helped me manage my assets by introducing my to the best trading method, I earned a lot of $$$ working with Norman at the comfort of my home. I still keep in touch with the amazing lady
Most family are struggling to survive. meeting Ms Davina Norman has brought me great success. Even with the economy situation I'm still sure of my $15,000 weekly
Hi there, Iâm commenting from Switzerland . Interesting to know she connects with people from different parts of the world. Such an ambitious woman. I got in touch with Ms. Davis early this year. As a newbie in the market, I had little knowledge on predicting the stock market, but with Ms. Norman weekly analysis and advise profits are guaranteed! I received three times my initial deposit in a week!!
I want to be financially free , I currently work 2 9-5 jobs and Iâm struggling to pay bills along with my moms medical bills. I heard about forex a little while ago and was really interested and wanted to get into for the longest but I never had someone who could help. Can I get her contact? I need her assistance
How can I reach Davina does she have a telegram page??
Yes, she does and is very accessible with the username..........
Speaking of lifestyle creep, how packed is your closet,
Rachel? How many different tops do you have?
I guess the talks with the Minimalists didnât affect your closet!
No 333 challenge for you, eh?
So donât waste money on convenience products, but definitely use your sponsored Zander insurance so they can conveniently shop for insurance rateâs instead of us just finding decent rates ourselves? Got it.
I came here because of the thumbnail
@@thegreatcoward love the work youâre doing. Keep it up my man
You two are great together.
Whoâs the tik tok girl?
I agree with what they are saying about lifestyle creep. However, if they aren't going to order door dash or uber eats, they should probably stop suggesting their listeners use them as supplemental income.
What is wrong with working at a place that you don't patron?
For someone who has the money, or someone who is ill or hurt and can't leave the house - using a delivery service can be a good idea. When I had a broken shoulder and wrist, I couldn't drive, had difficulty cooking (ever tried peeing cutting a vegetable with one hand? or opening a jar or can with one hand?), I would have liked to have a delivery service at that point.
Use your brain They are talking about excessive use of the service. Just because they may encourage someone to work fast food for quick, low commitment income doesn't mean they'd tell them to eat there all the dang time
if people didn't deserve to spend money that they earned, then how would anyone else get wealthy? The fact is, the economy is a big ponzi scheme that needs lots of people to put money into the system (spend) for the few of us to take out more money (add to our wealth).đ€Ł lifestyle creap = George's built in obsolescene apple watch, or rachel's more expensive holed jeans compared to no holed jeans.
Iâm surprised George is still married!
Rachel, I love your show. But as a doctor your fast food choice is killing me. Financially you could be saving money by eating at Taco Bell, but not if you end up with a $2K ED visit from getting sick. Risk/ Reward here. Doesnât your mom make kale smoothies? Safer choice for long term investment in your health! Keep up the great content.
Nice video! 2020 was a rough year for me as I lost my job as a college teacher due to the pandemic. I got introduced to Ms, Gardner, I opened up about challenges I was facing here in Norway, during my time working with her, I was able generate weekly returns on my investment in the money market. We still keep in touch, such an amazing lady.
Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays itâ I have been working with Rose Gardner before, look her up to guide you on that. You need an expert guide.
2020 was a rough year for me as I lost my job as a college teacher due to the pandemic. I got introduced to Ms, Gardner, I opened up about challenges I was facing here in Norway, during my time working with her, I was able generate weekly returns on my investment.
I was skeptical at first meeting someone online this days carries enough risk, there's a site she introduced me too, and I got the white paper of the work, In over a month, I was able to tripple my portfolio , she's been a mentor and friend
thanks for this everybody forgets to drop how to reach her, I am in need of assistance, I hold coin almost 2 years now and I still drive same car, my neighbour has a broker and is moving out this month, I can't continue this way
@ROSEGARDNERBIS
He is creepy đ