Why “Finance Experts” Want You to Stop Saving Money

In today’s episode, I’m looking at viral videos out there of “influencers” and financial “experts” who are discouraging people from saving their money.

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.

[ericp]

They have to say saving money is stupid, otherwise they can’t scam you into shelling out money for their courses.

[s.lajoie]

When I totalled my car, I had all sorts of unexpected expenses. Because of my emergency fund I was able to buy a used car in cash and cover all of my medical expenses without getting into debt. It turned what could have been a life-altering disaster into just a bump in the road. I only make 45k a year. Believe me, saving up an emergency fund is worth it.

[Riggsnic_co]

Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.

[ChristopherAbelman]

I started investing in dividends with my taxable account. I used the buy and hold strategy in my Roth, adding some Berkshire B stock, SCHD, and S&P 500 and total market exchange-traded fund.

[rachelcrossen]

I would rather live in less than I make them work 12 hours a day 7 days a week. Burnout is not my goal

[kleindropper]

Influencers: "Don't save money"
Also influencers: "Make more money so you can save more money"

[therealpjelly]

The secret to being rich is not being poor. Boom maybe I should be a tic tacker

[TG-crfb]

Saving money is not about investment but about freedom and peace of mind.

[gordongekko]

That first "financial advisor" was great. "Want more money? Then, you should try earning more money." Brilliant! Why didn't I think of that?!

[jacksonbilly]

If you are working 4 jobs and still only 12 hours a day you got 4 part time burger flipping jobs

[MrJimmy]

To all these "experts" saying dont save what is there solution when my HVAC goes out? My refrigerator goes out car needs new tires. Put in on a credit card and pay 27% interest. NO THANKS

[stephenhouston]

One thing that helped me build my emergency fund was separating everything into "wants" and "needs". The needs were 100% budgeted out and taken care of before I even thought about spending on wants. For everything I simply just wanted but could live without, I committed to not buying it unless I saved double what it cost. So, if I wanted a new pair of headphones that cost $300, I saved up $600 and put away the extra into savings. If I still wanted that pair of headphones by the time I got to the savings goal, I went for it. If I came to my senses or realized I could live without them, I just grew my emergency fund by $600. Took a bunch of discipline, but it really showed me how much the shiny new things I get excited for aren't all that necessary.

[mikea.]

I totally agree lifestyle creep is probably the #1 mistake high income earners can make with their money. But just spending less is not always the only answer. Educating yourself to how our financial system works is also essential…particularly for minorities or people coming from poorer backgrounds. Even with high paying jobs many times these demographics are the first in their families to graduate college, start careers in corporate America and have jobs paying well enough to even have lifestyle creep. And the more money you make the more complicated you find out this system is…not to mention all the misinformation that’s out there these days. So definitely live on a budget but also educate yourself and connect with people you can trust! Because there are many wolves out there…especially in an inflated economy.

[Timothy_Smith]

Remember, the gamer mentality of "Save Often Stupid", also applies to finance.

[Markscott]

I just want my money to keep outgrowing the inflation rate. That’s why I'm looking for companies now to invest about 150k in savings i have parked in the bank. Just don't know strategies to employ to make significant gains with steady cashflow.

[crunchingwithcris]

My dad is a police officer saved all his life and lives on less than he and his wife made. Got 2 houses fully paid and all his 3 cars, plus saving in the bank. I don’t understand what anyone would think saving is not worth it. So wrong. Thank you George for this video. 💗💙💗

[robedmund]

Money saved is money NOT spent. That doesn't help the economy, but it DOES help the individual. Partly why some of these MSM financial experts want people to stop saving.

[victorbaird]

I am saving $300/month for retirement since I was 16 years of age 😊

[calvinhilariowoodslopez]

The 4th Reason to Save = Opportunity

Having the money on hand to Seize an opportunity is key at times

[EricDaMAJ]

I saved and invested my way to wealth. The idea of “don’t save just make money” is the dumbest thing I’ve heard in a while.