Do You Have More Debt Than the Average American?
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Published 2024-07-29
About this episode:
Do you find yourself playing the comparison game when it comes to your money? Well, in this episode, I'm going to show you a smarter way to measure your financial success thatāll get you on your way to winning with money.
Next Steps:
ā¶ļø Watch Best Way to Pay Off Debt Fast (That Actually Works): Ā Ā Ā ā¢Ā BestĀ WayĀ toĀ PayĀ OffĀ DebtĀ FastĀ (ThatĀ A...Ā Ā
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š Order George Kamelās new book, Breaking Free From Broke: ter.li/b3chhl
Offers From Today's Sponsors:
This episode is sponsored by Tello, a mobile service plan designed to save you money. Go to www.tello.com/George for $5 off your first month of Telloās unlimited data plan.
This episode is also sponsored by Laurel Road. šø Open a high-yield savings account and make your savings work harder for you. Check it out here: www.laurelroad.com/george
Listen to more from Ramsey Network:
šļø The Ramsey Show ā® ter.li/nrgexc
š” The Rachel Cruze Show ā® ter.li/gyh9k6
šø Smart Money Happy Hour ā® ter.li/ruezqk
šø The Ramsey Show Highlights ā® ter.li/yc3i4v
š§ The Dr. John Delony Show ā® ter.li/sii4ha
š¼ The Ken Coleman Show - Highlights ā® ter.li/nbekmn
šEntreLeadership ā® ter.li/81tcjn
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All Comments (21)
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We're 100% debt free and no longer slaves to debt. Instead of paying banks we're paying ourselves
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Itās wild to see how people can even live like this racking up credit card debt. Iād rather suffer and starve than go into debt!
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Iām 100% debt free and it feels amazing. It changes your way of thinking about life and everything.
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Over the weekend I scheduled my last payment for my last non-mortgage debt to be paid next week. My goal was to be debt-free by the end of the year, and Iāll beat that by almost 5 months!
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At 33, having a high income, being debt free, and having a paid off house with a substantial amount invested, is one hell of a good feeling. My key to success was that I love to work and my field is very specialized and so the compensation is excellent. Upskill into in demand fields people!
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I feel so left out. 29 with no credit card debt, no student loan debt, and no car loan. Why canāt I be normal? š¢
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I'm debt free and I just lost my job but thanks to the baby steps I'm not freaking out because of it
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I started my 100k portfolio last year with SCHD, VOO, and VUG after watching one of your videos. In terms of share price, VOO is up! and VUG is doing even better. This year, I've tried to add some more assets but unfortunately facing a decline.
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Debt free and loving it. Grass does feel different when itās all yours.
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I will confess, I am Dave-ish (more of a YNAB-er). Zero debt outside of the mortgage, paid off all outstanding consumer debt including CC and student loans before purchasing our home. However, we do still use credit cards and pay the balances off in full every pay period so that no interest is charged. Crazy thought, but if you treat it just like any other line item in your budget, you can make sure it's easily managed...
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Baby step 6, plan to be done in 2-3 years with the mortgage! Currently 33 y/o.
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In baby steps 4-6. Planning to pay off the house in 5 years.
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Iām 42, 1.4 million net worth and my wife 700k$ We have a house, kids, cars, motorcycles and we have a very nice little life. The secret for us is to buy a smaller house, cheaper car and buy everything used and do maintenance on the house and cars motorcycle ourselves. Invest steadily every year since early 20ās and thatās where we are at. We are just employees at 40 hours a week job without overtime or side jobs.
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Lol! The horse in the thumbnail!š
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I've paid a lot of mine off and still have just a little bit left. And I feel like I have lost my motivation lol. I'm def trying to get it back. I'm taking a vacation in Oct and spent the weekend making changes so I could save money. I am going to get there!!
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Before watching the video...I have zero...am I average? ETA...no, no I'm not...
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The horse is a great call back š
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Iām in baby steps 4-6. I sleep easy at night.
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Zero debt. Three paid off cars, two paid off houses.
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wouldnāt the median be more appropriate than the average? i feel as though outliers would drastically skew this data.
