7 Things You Must Do Once You Have $100K

Do you have $100K in savings? Good for you! But where should you put that money to make sure it’s growing and helping you reach your financial goals? I recently saw an article with the headline “7 Things You Must Do When Your Savings Reach $100K.” Some of it’s good advice, and some of it you should 100% NOT do. So, in today’s video, we’ll go over the seven things they recommend to see which ones are smart money moves and which ones you should stay far away from.

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.

[alexsteven.m]

Recently bought some recommended stocks and now they are just penny stocks. There seems to be more negative portfolios in the last 3rd half of 2023 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?

[bernadofelix]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my inherited portfolio of about $2.5m. I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.

[noahzimmerman-ygqt]

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving

[MizThe]

Automating my finances to invest in mutual funds has been one of the biggest keys in helping me not only stay out of debt but invest money without even thinking about it. This video is super valuable... great work Dave! I have been able to grow my portfolio from a measly fee of $20k to $100k in 12 months.

[BINDERANDREAULRIKE]

While investors are preparing to celebrate next year's soft landing, economic data doesn't appear to be cooperating, I’ve heard testimonies of people accruing over $250k this red period. What measures can I take to ensure this?

[JeanValjean]

The number of scammers in the comment section of these videos is crazy.

[Raymondjohn]

The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.

[SarahTaylor_]

As an lnvestment enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.

[danieltaylor--]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains within months, I'm really just confused at this point.

[WilfredoDurgan]

I remember when I just got into crypto back in 2019 but later in 2020 I ended up selling it because I was dumb and I didn't understand it. I studied and learned and now I know how it works. Got back into crypto early in 2023 with 10k and I’m up with 128k in a short period of time .This comment serves as motivation for all those who have invested and continue to invest in cryptocurrencies with so many losses, do not give up, cryptocurrencies can change your life. Do your best to connect with the right people and you will surely see changes.

[ErnestKingston]

George’s insight have been a game changer for me! It’s practical approach to financial management has empowered me to take control of my money and work towards a debt free life.

[plnbgcd]

I am a contractor who has worked for several home warranty companies and I can confirm they are, for the most part, a scam.

[laquan]

Review of an article going over these 7 tips:

1. Safeguard your assets with gold - PASS
2. Plan for long term medical cost - Only if over 60 years old (YES)
3. Invest in real estate - PASS
4. Use AARP for discounts - PASS
5. Get a second opinion from a financial advisor - YES
6. Don't let home repairs drain your bank account (home warranty) - PASS
7. Life insurance - YES

[fauxbro]

Step 1. Beware of whom in your family you tell.

[cisium]

A lot of people in New England call traffic circles _rotaries._ When I was a kid, I thought the Rotary Club was a club for people who like to drive around traffic circles for fun.

[mbeaux]

I used to be an insurance agent. Didn't make massive commissions because I told people, "Buy term, invest the rest".

[JoeLopez]

".... gold invests in Chuck Norris" LOL Keep up the great work George!

[azucena]

Bless your heart George!!
Thank you so much!!!

[lawerencemiller]

In 2024, Don't set new year financial goals without consulting a financial adviser. Their expertise ensures a solid plan for success. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments.

[Halfwaythere]

Awesome subject matter and awesome advice! Thank you George!