THEY LIE TO STEAL YOUR MONEY (Avoid The #1 Wealth Killer In 2024)

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TIMESTAMPS:
0:00 - Intro
1:47 - Diving Into George Kamel’s NEW Book
5:15 - How Credit Cards Prey on People
14:21 - Sneaky Techniques Credit Card Corporations Use to Drain Your Wallet
28:33 - How to ACTUALLY Get Ahead Financially
34:31 - Should You Pay Off Your Mortgage?
40:04 - The Calming Effect of Debt Elimination
52:10 - George's Smart Strategy for Snagging a Discounted Tesla
56:30 - How the Car Loan Industry is Predatory
59:30 - Selling Bath Water & FARTS?!
1:01:42 - The PROBLEM w/ Humans in Today’s World
1:05:33 - What Would Happen if EVERYONE Became Debt Free?
1:08:28 - Is it a Bad Time to Buy a House?
1:13:28 - Heartbreaking Moments on 'The Ramsey Show'
1:16:28 - Would George Borrow a $1 BILLION Loan at 0% Interest?
1:21:12 - The Scarcity vs Abundance Mindset
1:31:10 - George’s Biggest Lesson from Dave Ramsey
1:33:37 - The Challenge of Giving Money
1:39:37 - George on “The 8% Retirement Withdrawal” Controversy
1:43:43 - George on Dave Ramsey
1:46:34 - Breaking down George’s Net Worth
1:47:34 - Should Couples Have Joint Accounts?
1:52:33 - Closing Convos
1:58:23 - BONUS CLIP

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[GeorgeKamel]

Always an honor and pleasure hanging with you guys. Thanks for the hospitality and friendship, regardless of our disagreements 🤣❤️ and special thanks for helping me spread the message of my new book!

[SethFowler]

I love the Dave Ramsey team episodes, always fun to see two people I watch have different views on a topic

[reggiejenkins]

It’s great to see Dave finally let George out of his dungeon after that 8% fiasco. Godspeed.

[dassix]

The peace you get without any debt is difficult to quantify.

[katiebwheeler]

the part I think the guys are missing with the paid off house is peace, and security. I'm not trying to get rich, I'm trying to provide basic needs and security for my family. Paying off my 95k house would be life changing for my family. Not even financially but mentally and emotionally and that is priceless.

[zerohecks]

Maybe opening a credit card like opening a bottle of wine, some people can limit themselves to one glass, where others cannot.

[abanobmikaeel]

I truly have no idea why this podcast doesn't consistently go viral. The advice on here is often exclusive, helpful, and not too generic that most people would benefit from it. Truly enjoy episodes like this, I do love Ramsey/George's philosophies and they have made me much wealthier/happier, not to mention Jack/Graham being always spot on with their questions. So thankful for this channel and the 2 financial ecosystems of Ramsey/Graham!

[triciaknox]

What I love about George’s stance, is that he communicates a very clear, tangible goal. Eliminate debt and there is a very clear, practical step process to do that. With all these young, zealous entrepreneurs, there is no explicit goal. They say “financial wealth” but that is SO ambiguous and it’s never something that ever seems to be reached. It’s like chasing the wind. AND there is no clear, practical steps in doing that. If you ask entrepreneurs how they got where they are, there will be MANY different answers, paths taken, and probably a lot of pit falls and even lucky hands dealt in the process. I imagine with George’s goal, the success rate is higher and people feel more rewarded, content in life and at peace than those who follow the YouTube gurus of building wealth. The building wealth lot always appear to be restless, discontent and striving to measure up to a shallow ideal of success.

[dhamn]

George is my favorite guest every time, I love that they are able to have civil conversations consistently with differing views.

[NatetheHoofGuy]

Once you’re debt free you don’t view money the same way. It simply becomes a tool and not a pursuit. You get to a point where you don’t really even have to think about it anymore. Just like you would never buy 45 hammers you realize you don’t need 45 rental properties to create the cash flow to service the debt and build equity in pursuit of…..Bottom line is you start living your real life once you’re debt free.

[averynmitchell]

4:19 "It's like saying 'If you're good at gambling, you should gamble'". Good point, George!

[William]

"If people had to pay taxes in cash they would revolt" Very good point

[bonifacio]

Basically this is a psychological vs mathematical debate. Math-wise credit cards and low interest debt makes financial sense to someone who is not emotional with money. No debt and no mortgage is not as good financially, but would be the best move for someone who is emotional or nonsensical with money. I'm in the debt free camp for the average person, but I understand the appeal of the other side.

[SeanJohns-zeie]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

[SpiritualMother]

The thing I like about the debt free lifestyle is it eliminates risk. Who doesn’t want simplicity?! Who doesn’t want a peaceful life?! Who doesn’t want to sleep at night?!

[aaronmeadows]

I think financial transparency in a marriage is more important than having a joint account. Accounts don't need to be joint to have transparency.

[jackka]

I've never treated a credit card as an actual credit card. I only ever use credit cards as debit cards, and never had to blame my own decisions on the marketing of credit card companies, regardless of how scummy they are.

[thomaschew]

Maybe it's a character flaw on my part but I started winning with money when I stopped using credit cards and paid them off.

[TinaLeder]

Love the different perspectives conversed with respect and data focused 🙌

[jasonleung]

Modern debt is borderline modern slavery for most, craziest thing the majority of people seem to think it's ok to be heavily indebted to corpa and it's the norm now