Why 40% of $500K Earners Live Paycheck to Paycheck | George Kamel

Nobody really cares how you live your life, what kind of car do you drive. It's really just how secure are you? It's insecure people who have the hardest time building wealth because every dollar has to be spent flexing to look rich instead of becoming wealthy. He is a number one national best-selling author, a co-host of The Ramsey Show, and one of the top personal finance experts. We have the inspiring George Camill in the house.

I found out over 60% of people 35 and under, social media is their number one source of financial advice. So you're watching a TikTok of a guy telling you to go open up this whole life insurance policy, to borrow money tax-free, and then go buy 10 pieces of property. All they're doing is being over-leveraged, trying to get rich quick, and they're gonna fall flat on their face, or worst case, buy the guy's course for $3,000. And then be broke after that. What does true financial freedom look like to you?

Hmm. I think it comes down to. If someone puts a million dollars away in their early 20s, how quickly would that get to 2 million? Well, it doubles about every seven years. If you get a 10% rate of return, which is what we've seen in the S<unk>P 500 over the last, you know, 50, 60 years, it doubles about every seven years.

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