Do These 5 Things And You'll Build Wealth Every Time
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- If you wanna build wealth, there are five rules you need to know about. We're gonna cover that in today's video. Before we get to that, there are four other rules. Number one, like this video. Number two, subscribe. Number three, share. Number four, have fun. All right, so five things to build a level of wealth. And I say a level of wealth because I can't predict the future. I don't know what's coming your way. I mean, who knows? In 2031, Subway might be charging $12 for a foot long. You give them an inch, they take a dollar. Simpler times back in 1997, you got two inches for every dollar.

But I can tell you from experience that if you're doing these five things, you will build a level of wealth 100% of the time. The first thing is to get on a budget. It's simple, yet very effective. Now, when I say budget, I'm talking about a written plan for your money that you recreate every single month. This gives you visibility and control so you can stop

wondering where all your money went and start telling it where to go. You see, most people fly by the pleated seat of their khakis and have zero organization when it comes to their money. So you've got to ask yourself, if you were the chief financial officer for a company called You Incorporated, would you fire you? Don't answer that, but also pack up your stuff, bozo. Fired? I can't fire me. I, I...

Now, the interesting thing about this is you can just decide today to make a budget. You get out the yellow pad or an Excel doc or even better, use a budgeting app like EveryDollar and decide I'm going to start managing money better starting today. Because otherwise, you're going to keep getting what you've been getting if you keep doing what you've been doing. So to build wealth, you've got to have a budget. The second thing is you've got to get out of debt.

And Jamal, don't act like you didn't know I was going to say that. You saw that little R at the beginning of the video. You know what that stands for. It's not razzle dazzle. It's Ramsey, buddy. Maybe both. Give him that Ramsey razzle dazzle. And I'm not just saying this because Papa Dave tells me so. The Bible tells me so. It says the borrower is slave to the lender. Period. Well, the period's not in there. That's the message version. For make that clear, don't want to be heretical. Look.

Your most powerful wealth building tool is your income, but you're spending about 500 bucks of that wealth building tool on a car payment every month. But if you owned your car outright and instead invested 500 bucks a month in a mutual fund from age 30 to age 65, you'd have $1.9 million assuming a 10% rate of return. Again, that car loan is costing you almost $2 million. Time to rethink your debt. But lest we forget, someone is still getting rich in this equation and it's not you. It's the auto lenders and the car companies.

All the while, you're driving along wondering why your kid's college fund isn't funded when you're giving your money away to somebody else who has nice furniture, latte machines, and hordes of printer ink cartridges in their tall building. That is liquid gold, Jamal. And maybe you don't have a car payment, but maybe you've had student loans for so long you think it's a pet. I'm telling you, when you're in charge of your money and your life, it changes instantly.

everything. So how do you get out of debt? Well, first you have to decide not to borrow anymore. And I know it's not normal in today's world. People tell me all the time, you're weird, George. And let me tell you, normal is broke. So I'm totally fine being a weirdo. All right. I promise you're not going to guess the next thing on the list that will guarantee that you build wealth. Before we get to it, I want to give you a couple bonus wealth building tips. And the first is that if you're stowing away your savings, like an emergency fund in a regular savings account, you are missing out on some serious interest.

And that's why I recommend keeping funds like that in a high yield savings account, like the one offered by online bank Laurel Road. With Laurel Road, your money earns 4.8% APY. Plus there's no extra maintenance fees to worry about and your deposits are FDIC insured. So if you wanna get your money working harder for you, be sure to go to laurelroad.com/george to learn more or just click the link in the description below. And the next bonus tip is to be a smart spender. Do your research, compare your prices

and don't settle for the status quo. For example, by switching your phone plan to Tello from the big name companies, you can save a ton of money. Tello offers the same high speed nationwide coverage for way cheaper. I'm talking 25 bucks a month for the unlimited everything plan and plans as low as five bucks.

Plus, there's no contracts, no sneaky fees, and you can upgrade or change plans whenever you want. So to be a smart spender when it comes to your phone bill, go to tello.com slash george, and you'll get an extra five bucks off the unlimited data plan for your first month of service. Or click the link below. All right, back to the list. The third thing you can do to guarantee a level of wealth, make sure you foster high-quality relationships. What's that got to do with money? Everything. I mean, the same principle is why your mom wouldn't let you hang out with the delinquents behind the school bleachers at home games.

She knew if she let you run around with troublemakers, you'd eventually land yourself in trouble. Yeah, who'd have thunk it? So face it, you talk like the people you hang around with. You watch the shows they talk about. You wear your socks like they do. Mid-cap for Gen Z, ankle for millennials. You become who you are.

who you hang around. Now, I'm not some kind of jerk who only has rich friends, but my closest friends are people I want to be like. They're responsible, they're hardworking, they're lifelong learners, they listen to pop punk, and they're intentional with the important things in life, including their money. The fourth thing is you need to save and invest.

Again, taking this back to the Old Testament, the Bible says in the house of the wise are stores of choice food and oil. You see, back then, if you had a carafe of oil, you were ready to trade and do business, and it was a sign of wealth. But let's be honest, the scene in Godfather wouldn't have been the same if Sonny was slamming a vat of choice oil on the table. It's different. So it's basically saying in the house of the wise are stores of choice.

of money, treasures. And just by the way, the rest says, and a foolish man devours all he has. AKA, if you spend everything you make, you a fool. Been there, not going back. Never doing that again. Wise people save money. It's as simple as that. And if you don't know where to start, let's try an emergency fund.

because you're going to have a car wreck or lose a job or lose a digit on the fourth of july and you're gonna need some money so that you don't go back into a cycle of debt to pay for it then once you have an emergency fund of three to six months of expenses you should begin to save and invest 15 of your income so that you can retire with dignity and take care of yourself because lord knows if you spend all your money and hope the government has your back you're gonna be up a creek without a paddle or your cpap machine both equally important when you're on the river all right the last thing that will help you build wealth

is all about generosity. And I'm not just talking about a transfer of funds here, I am talking about a spirit of cheerfulness where you decide to be a generous person. Because for one, generous people are more attractive. They smile, it's not all about them. They're always looking for ways they can help. When the grocery bag bottoms out and your garbanzo cans are rolling in road juice, they're the ones out there helping you pick it up. Generosity is a spirit that changes everything in your life, and it will put you in a position to build wealth. Think about this, if you're not generous,

You're stingy, you're closed fisted and you don't want anything to leave your hands. But when you have your hands open, more can flow out, but also more can get in. So that's it. Those are the five things that will help you build wealth. And it's not because it's magic or something, it's mostly because it's common sense. But common sense is so rare now, it's like having a superpower. But if you commit and decide to do these five things, it will change your life and it will change your family tree.

It's changed mine. Heck, in 10 years, I went from a broke hipster with a negative net worth to a net worth millionaire, all thanks to these five things. And you know, God, that's my Emmy speech. If I ever win. It's just very, very...

- Unlikely. - And if you wanna learn more about what each step in that journey looked like, plus see a snapshot of what I looked like in a sad H&M cardigan, keep watching this next video where I share my broke to millionaire journey, or you can click the link in the description to watch. Make sure to let me know in the comments which of these five things you have the hardest time with. Let's be #vulnerable with each other. Thanks for watching, we'll see you next time.