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About this episode:
If you fall for the trends, you’ll fall for the traps—especially when it comes to investing. In today’s video, find out why some popular investing traps are so terrible, and the smart, simple way to invest to build real wealth.
Next Steps:
📗 Order George Kamel’s new book, Breaking Free From Broke.
▶️ Why Is No One Talking About America’s Wealth Killer?
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Another lousy investment is taking out student loans for a dubious degree. I don’t care how emotionally fulfilling your college experience is, if there’s not a good likelihood that your degree will more than pay for itself, don’t do it!
he compared BTC to Mary Kay. sigh 😅…
You make good points. I do not understand the push to mutual funds over index. I have done well with QQQ and ask you to compare it to your favorite mutual fund over various timelines like 10 years 5 years and 1 year. Thanks , and no crypto for me.
A lot of people have made millions with crypto, but for me, it’s far too risky.
Is it a bad investment?? Not sure, but there are also tons of people left holding the bag, as seen a couple years ago.
I definitely disagree with picking individual stocks.. if you stick to blue chip companies it’s worth it. AMD, Google, Apple, Amazon. Hell even AT&T is paying me good dividends. I’m up like 42% in the last year, mostly picking individual stocks, I do hold VTI it’s now like 20% of my portfolio.
….im state certified for insurance products and please no one fall for the Term Life Insurance trap. It’s like car insurance….you pay in the event something happens and if it didn’t the insurance company keeps all the money unless you convert to a whole Life Policy. Indexed Universal Life tracks the S&P 500 to provide returns. I love your channel but your views on life insurance is probably how it used to be many years ago! And it’s not all about commissions! You are required to act as a fiduciary to clients under FINRA regulations. Sometimes you advertise clients to do things that don’t help you out at all!
why are people advertising and promoting in comment section? with products you were warned about in video!
Stop telling people to invest in mutual funds.
Can you please make a video that walks through how to choose funds in a 401k please!? Thank you!!!! Your videos are so helpful & fun, yet so simple & uncomplicated!!!!
Well, I gotta admit, I took a hit in the profit department with my stock moves. But hey, every red chart has a chance to turn green, right? Time to step up my trading game and flip that chart for the better.
Bitcoin literally has institutions ETFs allocating since January this year. You mean to tell me that TRILLION dollar institutions are inferior to the Ramsey way? Hmmm fidelity, Black Rock, etc… The dollar going to zero has a higher chance
April 6, 2024
S&P is 5204
Gold is 2330
Silver is 27.54
Let's see how his "dont buy precious metals" advice ages–
Venture Capitalists Bernard Arnault and his peers have swooped in on the opportunity to reap off the masses once BIRK begins appreciating. The sandal is a personal favorite though.
Comedy gold that there was a precious metal ad right before he talked about precious metals being a bad investment
NFT’s are the single most ridiculous ‘investment’ I’ve ever heard of.
The fact that crypto was #1 proves that you're no financial expert. You don't even recommend a 1% portfolio allocation to one of the best performing asset classes. What a joke
As a black or african american investor i disagree with u on single stocks i make money per day with single stocks its a form of ownership,while mutual funds is renting not owning anything.Single stocks are good investment
Life Cinnamon 🤤
I DO NOT, handle my retirement investing. That's in a 401K with my companies firm of choice. The rest of my retirement is in my traditional IRA….
I personally do not believe anything said on Crypto. All the major investment firms are moving to create crypto ETF's in this current cycle. I'm talking a lot of the big firms we all keep our fiat currency in are going to be providing crypto retirement accounts. There's now enough data to show Bitcoin does move in cycles and is progressively increasing its value over time much like the S&P 500…
Crypto is decentralized banking, a reward for computers completing algorithms. It's that simple and it all lines up with certain religious prophesy of a cashless society.
Not believing in bear markets is an investment trap. I don't care how much the data shows mutual funds are safe investments, EVERYTHING on the stock market goes up and down…
If you're like 75 years old you don't need to be withdrawing retirement income in a recession! So I would put the bulk of your investments in bonds if you're in your twilight years, you ALREADY have amassed your wealth, and you just can't afford to lose anything.
I’ve been dollar cost averaging into Bitcoin and ethereum since 2020 and try to keep it at 5% of my total investments. I don’t have debt, so I can afford to do this. It is wayyy by far my top performing investment so far. I will be holding it for long term. If it all went to zero, I would be totally fine.
I was in crypto for a long time but recently got out. The fact every says "this coin is worth this much USD" says it all. If you're always pegging the coin against fiat, it implies the true value is in fiat. Just my opinion. Also the tax implications in Australia are too difficult
Jesus, so many bots here.
Bitcoin has grown by 150% on average year-over-year since inception outpacing everything else by a lot. Number 4 is not good advice, why out perform the market with a concentrated portfolio of stocks when you can buy them all of them and barely outpace inflation… assuming you aren't willing to do a little research. Here's a bad investment not mentioned: "Masterworks" the platform that allows you to invest your hundreds or thousands of dollars into fine art painted by an artist you've never heard of guided by so called experts you've never met and Masterworks keeps >20% of all proceeds whether the art turns a profit or not. They advertise like you'll be able to buy shares of a Picasso or Rembrandt but you're really buying shares of a painting that looks like a 5 year-old painted by an artist you've never heard of that Masterworks is guessing will be famous someday. Stick to what you understand and remember that this Ramsey advice is for beginners.
Now lets say you invested $1,000 into Bitcoin in 2013, that would have bought you about 8 Bitcoin and that would be worth about $560,000 today.
Kamel Kamel Kamel!!
"FOMO of missing out"? George, do you say "ATM machine" too? 🙂
What about day trading? Would love to see that on the list as well.
And the Bond bit was pure gold! 😂 see what I did there 😅
Zingers for days!
Investing in single stocks is not a scam. Imagine investing in NVDA just last year, you would triple your money. I invest but only in real companies like, google, meta, Apple but not small companies. UPS, FedEx, Caterpillar, Home Depot and Disney are very good investments..bonds are very slow to generate any reasonable wealth..that is just my opinion. From Canada 🇨🇦
I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow into something substantial that I might use for retirement. I just here for ideas
This is amazing. “How to build wealth”
lol putting crypto as the number 1 bad investment just as Bitcoin is hitting new all time highs.
Learn Bitcoin. Not only is it an investment, it’s the best investment.
I’m so glad you said that about crypto. We’re debt free (house is almost paid off), investing 15% in both 401k accts, have fully funded emergency fund, and 529 has a nice chunk already (thanks friends and family!) the money we use for crypto is “burn money” that is money we’re okay lighting on fire in the backyard because that’s pretty much what you’re doing in crypto…. But that being said crypto was the reason we made our last $8k debt payment in 2022 and we already have more than $40k growth in the coin. 🪙
Great Video! I really do have a question. For someone with less than $10,000 to invest, how would you recommend we enter the crypto market? I am looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What’s your take on this approach
I feel sympathy and empathy for low income individuals who are struggling to survive. If it weren't for my investments with Katrina jornales I wouldn't be where I am today.
In the current economic climate, a home is not the best investment. I've already sold my Boca Grande area home, but I want to invest roughly $200,000 in stocks since I've heard that even in challenging times, investors may turn a profit. Any excellent ideas for stocks?
You’re right about crypto and NFTs, but Bitcoin is fundamentally different. Cryptos are speculative securities. Bitcoin is savings technology.
08:10 I'm a fan of Bonds for an emergency fund. You can do as short as a 1 month Tbills that get 4% or so.
What's George's opinion on the buying of bridges? I've been getting some offers… (' o.o)
But look at the price of Bitcoin on Easter Sunday throughout the year. It's hard for people to holding to crypto long term like a 401K but the return are great if you do! You just have to invest in the right coin and not sh!t coin. There are bull and bear market in the stock market and crypto.
2012: $4.86
2013: $92
2014: $457
2015: $244
2016: $416
2017: $1,071
2018: $6,973
2019: $4,105
2020: $6,448
2021: $58,801
2022: $45,823
2023: $28,556
2024: $70,520
Source: BitcoinMagazine