No One Is Ready For Retirement (George On The Street)

Summary

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Podcast Summary

George Kamel – "No One Is Ready For Retirement" (George On The Street)

Release Date: March 23, 2026
Podcast: George Kamel (Ramsey Network)
Main Theme:
George Kamel hits the streets of Nashville to find out how everyday Americans—mostly young adults—are preparing (or not preparing) for retirement. Mixing personal finance facts, humor, and real conversations, George explores why so few are set up for retirement, the reasons behind their inertia, and the simple choices that can lead to long-term wealth.

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Key Discussion Points & Insights

1. Streets of Nashville: Young People, Debt, and Saving Habits

• George interviews young workers at a home-building company, asking about their debts, saving, and investing.
  • Many have car loans/truck payments ($693/month for a $40K truck; $5K remaining on another).
  • One discusses debt from a past relationship due to co-signing a car loan.

[00:47]

George: “It's a lot of car loans here. You guys are young. Are you wanting to build wealth? Is that exciting for you?”

[01:20]

B: “I really like memories more than building money right now. I’m young, so that’s why I like traveling a lot… I’m not really too [invested] in retirement.”

• Despite having access to a 401(k) through their company’s ADP app, several haven’t signed up—citing procrastination.

[01:45]

B: “I personally haven't signed up for it. I don't know why I keep pushing it off, but I probably should start now. My grandma's been on me...”

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2. The Power of Compound Growth: George Does the Math

• George walks them through a hypothetical: Investing 15% of a $47K salary from age 21 to 61 ($587/month) yields $3.7 million at retirement, assuming no raises or employer match.

[05:10]

George: “$3.7 million. That’s if you never get a raise... You never put more than $587 per month.”

[05:47]

C: “That's mind-blowing. It’s insane how much you can do with such little gestures in the right direction in life.”

• Of that $3.7 million, only $281K would be their own contributions; the rest is compound growth.

[06:02]

George: “You gotta put away $281,000 to get $3.7 million. That's the power of compound growth...”

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3. People's Actual Retirement & Savings Numbers

• An open call for “who has the most in retirement?” reveals:
  • One young woman: $18,000 in a Roth IRA
  • Another: “a little over $1,000” somewhere, doesn’t know how to access an old 401(k)
  • George advises a rollover to IRA on the spot.

[07:06]

George: “Well, wasn’t I a blessing today? ...Direct rollover to an IRA. That’s your homework.”

• Debt Still Dominates: Truck and Jeep notes (~$20-$48K vehicles) are prioritized over investing—even among those with high savings rates (up to 45%).

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4. Family Priorities and "YOLO" Mindset

• Some guests prioritize children’s future over their own retirement:
  • One mother (age 23) focuses on cash savings for her daughter’s college, but little for herself.

[08:22]

A: “So she’s got more money than you do at this point?”
D: “Yeah. She’s my baby, she’s my world.”

• George does the math: Just $100/month invested from age 23-60 can yield $465,000—$44,000 of which comes from the saver; the rest is growth.

[09:29]

George: “You put in $44,000, and that account is worth $465,000. Does that not boggle your mind?”
D: “That’s crazy.”

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5. Diverse Approaches: Debt-Free Families & Wealthy Investors

• Ranch owning couple: Debt-free, $50K (so far) in retirement savings, actively saving for college, living frugally.
  • Age: 34 and 30
  • “Living like nobody else”—a Ramsey catchphrase

[12:54]

G: “I know that we're debt free… And we have retirement and college funds and living like nobody else. Isn’t that what you said?”

• Real estate investors (multiple rentals, 401(k), IRAs): Started investing in late 20s/early 30s, now “millions” in retirement.
  • Advice: Invest early, always get 401(k) match, buy real estate.

[15:37]

K: “Real estate… Even if you rent from yourselves, basically… get in the game of real estate early on and invest in those retirement accounts, take advantage of the match…”

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6. Those Not Saving or Investing at All

• Some couples in their 20s/30s have virtually no savings or retirement ($100 or less).
  • Citing low wages, “life expenses,” and the feeling of barely surviving.

[18:12]

J: “I just know I need to have some money when I retire, so that's why I have put some in savings. But I don't really have a plan.”

• George explains the difference between saving and investing, and demonstrates with an investment calculator: $500/month from age 22-62 could yield $3.1 million.

[20:27]

J: “I need that right now.”
George: “It’s called delayed gratification… 500 bucks a month, consistently, you would get there at 62.”

• As a parting gift, George gives EveryDollar budgeting app subscriptions to help them start.

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Notable Quotes & Memorable Moments

• On Compound Growth:

  • [05:10, George] “Hit the calculate button for me. $3.7 million…That’s if you never get a raise. You never have an employer match. You never put more than that. 587 per month.”

• On Procrastination:

  • [01:45, B] “I personally haven't signed up for it. I don’t know why I keep pushing it off, but I probably should start now. ...my grandma's been on me…”

• On Investing:

  • [16:14, K] “Anybody that does not want to participate and take money from an employer that's willing to give them money...They will never miss that $100 a month. In three years, you’ve got $30,000 in a 401k account.”

• Realization Moments:

  • [05:47, C] “That's mind blowing. It’s insane how much you can do with such little gestures in the right direction in life.”
  • [09:45, D] “That’s crazy.” (Reacting to $44K invested turning into $465K)

• On Not Having a Plan:

  • [19:01, J] “I don’t know. Honestly, I really don’t. I just know I need to have some money when I retire, so that’s why I have put some in savings. But I don’t really have a plan.”

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George’s Core Takeaways

[21:29]

“There are a lot of people that are putting money away, they’re doing the right things. There’s a whole nother set of people who aren’t doing anything or not doing nearly enough. And that part scares me... It doesn’t take much to build wealth, but you gotta get started. You gotta be consistent, and the earlier the better.”

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Key Timestamps

• [00:05 – 06:30] — Young workers’ financial confessions, car debt, aversion to retirement planning
• [06:46 – 10:00] — Real numbers: actual retirement balances, debt priorities, the $100/month investing example
• [12:05 – 14:11] — Ranch family: debt-free, budgeting, and early savings discussions
• [14:20 – 16:40] — Real estate investors’ advice: diversification, late starts, discipline
• [16:49 – 21:10] — Couples with little or no retirement savings, George’s financial education efforts, life expenses, and practical suggestions

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Advice From Guests (“Street Wisdom”)

• Start investing and saving as soon as possible—even small amounts matter
• Always get the employer match if offered
• Diversify: Real estate and retirement accounts can work together
• Avoid car debt and consumer debt. It drains future wealth-building power
• Consistency and discipline will yield massive rewards due to compound growth

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Final Reflection

This episode highlights how few Americans are truly ready for retirement, not only due to lack of funds but because of inertia, misinformation, and prioritizing the present over the future. George’s approachable street interviews reveal common struggles with debt, procrastination, and confusion around investing—but also demonstrate just how life-changing small, consistent choices can be. The biggest takeaway? Start now—time and compound growth are your best friends.

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Transcript

[A]

Ramsey research found that the top resolution for Americans in 2026 is saving money. So I'm here on the streets of Nashville today to see if they've kept that resolution or if they've fallen off the wagon. Before we get to it, be sure to hit subscribe on the channel. Hit like on this video. And big shout out to deleteme for allowing me to roam the streets of Nashville bothering strangers. Let's get to it. Are you guys in school right now? What are you up to?

[B]

I'm not. Yeah, we. We all work for the same company, actually.

[C]

Yeah.

[A]

What company is this?

[B]

It's called msr. It's a. We. It's a home builder. And so we hire out a bunch of subcontractors and stuff like that building homes.

[A]

So, yeah, you guys are young. Hopefully too young to have made a lot of bad financial decisions. Do you guys have any debt?

[B]

I mean, I have a. I have a truck payment that I'm, you know, working on, but.

[A]

How much is the truck payment?

[B]

Well, it's a $40,000 truck, and I've had it for about a year, and I'm paying 693amonth.

[A]

So how about you guys?

[C]

I mean, I got some decent debt from my last relationship. We bought a car together, but we had no credit.

[A]

You cosigned for the car?

[C]

Yeah.

[A]

And the relationship's over.

[D]

Okay.

[A]

How about you?

[E]

Five grand left on my truck.

[A]

Okay. It's a lot of car loans here. You guys are young. Are you wanting to build wealth? Is that exciting for you?

[B]

Oh, yeah, for sure.

[A]

What's your game plan to build wealth?

[B]

I mean, the game plan. I really have an exact game plan. I like memories more than, you know, like, building money right now. I'm young, so that's why I like traveling a lot and whatnot. But right now I'm not really too in retirement.

[A]

Are you going to try to just live off of memories?

[F]

No.

[A]

Okay.

[B]

But I mean, I mean, so we have this app called ADP what we use to clock in, and it's a great, great plan for, you know, like, retirement. You could set it up through the

[A]

app, like a 401k in there. Okay. Yes.

[B]

And so I personally haven't signed up for it. I don't know why I keep pushing it off, but I probably should start now. Know, my grandma's been on me, you should start now. Actually had that conversation last week, but,

[A]

you know, so me and grandma are both like, hey, man, you should probably get on this probably.

[B]

Yeah.

[A]

So, yeah, this is your sign. All right, how about you guys? What's your plan to build wealth? You guys investing right now?

[C]

Yeah, I actually have some in stocks as of 21. I was able with the same app, ADP.

[A]

How much are you investing right now?

[C]

Honestly, I couldn't even tell you. I don't remember right now. I know I set it up like a year ago and kind of just forgotten about it.

[A]

Okay, all right, how about you? Are you investing through that adp?

[E]

I have my retirement thing. I do have it set up and then other than that, just anything left over from bills and stuff I throw into a savings. Just a personal savings, which I probably should update and throw it into something that actually gains a little more than like 2%.

[A]

Well, I mean you could always use that money to pay off your debt too, which will free up those payments.

[E]

That is true.

[A]

That's big brain thinking right there. Okay, who has the most money right now across retirement accounts? Who's winning the game?

[B]

Retirement? I have nothing. But I have a lot and I have a lot in saving. Honestly.

[A]

How much you have in savings?

[B]

Eight grand.

[A]

Okay. Yeah. That's almost enough to pay off the loan, isn't it?

[B]

Not quite, but I mean it's better than, you know, nothing. I mean I have low key, been slacking on, you know, every paycheck, putting away some money, just kind of been

[A]

spending it, going to Nashville, all that. It doesn't help.

[B]

I do have trips planned and whatnot, but.

[A]

But it's safe to say you've spent more on this trip than you have saved in retirement. That is true. Good way to put it.

[B]

I mean, should I feel bad about that?

[A]

I'm not here to make you feel bad. I'm trying to encourage you to greatness because you guys are hard working guys. I mean the field you're in, that's back breaking work.

[B]

It's true. Yeah.

[A]

All right, so between the two of you, who has more saved?

[C]

Definitely him. I'm right now in my catch up phase. Like I said, catching up from my last relationship. We had a decent amount of debt. Credit card too. And so I'm just putting a lot into there and so that I can get in a good position to save.

[A]

Can I ask how much you guys make just in general in your field?

[B]

I make 23.50 an hour.

[A]

Okay, that's about 47 grand or so somewhere around there. Okay, so can we do some math together? Would that be fun for you?

[B]

Oh yeah, maybe.

[A]

He's not going to like this. Here's the thing, what you guys have on your side is time. That is your greatest asset right now. At 21 years old, you don't want to squander time. Because when you're 41 and you still have nothing saved, it's much harder to catch up. You want compound grubs to get working early, because once it gets cooking, it's like a hockey stick. All right, so you guys are all 21 years old, right? That's your current age. When do you think you'll retire? Give me an age.

[E]

70. But I'd like to retire before 70.

[A]

61.

[B]

Okay, we'll say 61.

[A]

40 years of working career. That's plenty. And you guys have currently, let's say, $0 saved in retirement. And let's say that out of that $47,000 a year you're making, you invest 15%. Is that fair?

[B]

Yeah, that's fair.

[A]

So let's do this math together, right? 47,000, 15%. Divide that by 12. 587 per month.

[B]

Okay.

[A]

Okay. Right. So if we set up those accounts to put 587 away every single month before it hits our bank account, how much money do you think you'll have?

[E]

I've done some of that math. It's a couple million, I'm pretty sure.

[A]

All right. What do you think?

[C]

I'll say million and a half.

[A]

All right. It's like price is right.

[B]

1.2.

[A]

Hit the calculate button for me. $3.7 million.

[B]

There we go. Okay. Okay.

[A]

That's if you never get a raise. You never have an employer match. You never put more than that. 587 per month.

[B]

Wow.

[A]

What do you think?

[B]

Sounds good to me. I mean, definitely.

[A]

Does it make you want to open up that ADP app?

[B]

It does. Should we open it up now?

[A]

Well, listen, you're on vacation. Honestly, what was your truck payment?

[B]

690.

[A]

Sounds like we could have more than 3.7 million if we traded that truck payment for investing money. Right?

[B]

I mean, that's. That's a great point.

[C]

Yeah.

[A]

I mean, good reason to pay off that truck. What do you think about it? 3.7 million. Is that okay with you?

[C]

That's mind blowing. It's insane how much you can do with such little gestures in the right direction in life.

[A]

How much do you think is that money that you put in out of that 3.7 million?

[E]

Oh, probably 500k.

[A]

$281,000. So think about that. People think, well, to have a million, I gotta save a million dollars. No, you gotta put away 281,000 to get 3.7 million. That's the power of compound growth, where your money makes money, that new pile of money makes more money. And it just keeps on going, baby.

[B]

Let's go.

[A]

So get started early. This is why I like to talk to young guys like this. Young? You guys are hard workers. I think you're only going to be making more money over the course of your life, right?

[B]

Yeah, absolutely.

[A]

Which tells me you're going to have 5 to 10 million if you do it this way.

[C]

That's amazing.

[A]

Let's get to investing, boys. Let's pay off those trucks. Tell us this, how much do you have saved in retirement?

[F]

In retirement? My Roth IRA probably has 18,000 in it.

[A]

Nice. Okay, and how about you?

[D]

Probably a little over 1,000.

[A]

What kind of account is that in?

[D]

Just regular savings. And then I do have a 401k somewhere. I don't even know where it is anymore.

[A]

Are you investing it? Is it an old job?

[G]

An old job.

[A]

So there's some money in there. You don't even know how much? You don't even know how to access it?

[G]

No.

[A]

Have you thought about rolling it over into an ira? No. Did you know you can do that?

[D]

No.

[A]

Well, wasn't I a blessing today? Yes, you were. I love it. Okay, well, that's your homework assignment. Direct rollover to an IRA. Do you have a new 401k with your new job?

[D]

I don't.

[A]

Okay, then direct rollover to an ira. That's your homework. And how much are you currently investing per month?

[F]

Probably 40, 45% a year.

[A]

That's impressive. You're really socking money away.

[F]

Yeah, I'm blessed with the job that I have, good benefits, good retirement, so.

[A]

And you're able to put that money away and still pay all your bills?

[H]

Yeah.

[A]

How much debt do you have?

[F]

I have a $20,000 Jeep note. So it's 20,900, but I put 20,000 down on it.

[A]

So it's over 40 grand for this Jeep?

[F]

Yeah, yeah, 48,000.

[A]

How about you? How much debt do you have?

[D]

None.

[A]

No debt. So what is stopping you from adding more to retirement accounts?

[D]

Absolutely nothing stopping me.

[A]

Do you just not care about your financial future?

[D]

I do.

[A]

Are you a YOLO type person? Like just let me live my life and enjoy now like future me will worry about that.

[D]

No, I have a 4 year old daughter and so just everything has been going towards. I have a box at home that I put money in for her college.

[A]

So she's got more money than you do at this point? Yeah.

[D]

She's my baby she's my world.

[A]

Well, can I show you what a hundred bucks for your life would do in an investment account? Okay, let's crunch some numbers. How old are you currently?

[D]

23.

[A]

23. And what age do you want to retire if we're going to be real?

[D]

Three years ago. No, I'm just kidding.

[A]

20 years old?

[D]

I wish. Probably like 50.

[I]

40.

[A]

Wow. She wants to retire at 40. Looks like you're picking up the slack, my man.

[F]

Well, I can retire at 41.

[A]

Perfect. So you're just. At this point, you're so chill. Cause you're like, well, if this works out, I'll be good.

[D]

He takes really good care of me, y'.

[A]

All.

[D]

I can't even.

[A]

I see that. You got the cone with the chocolate cone. That's extra $7 for that thing right there. Yeah, I just want to make sure. All right, so let's say 23 to 60, right? 23 to 60. You start from nothing, you tracking with me. And you invest $100 a month. Hit the calculate button. $465,000. Now guess how much of that money you put into that account.

[D]

How much?

[A]

I want to guess.

[F]

Not all of it.

[D]

Not all of it.

[A]

How much do you think she actually put into that account?

[F]

I don't know. She probably. She put less than 100k in it.

[A]

You put in $44,000, and that account is worth $465,000. Does that not boggle your mind does.

[D]

That's crazy.

[A]

That's the power of compound growth. You can see right here. That 90% of that account is just compound growth. That's your money making more money when that new pile of money making even more money.

[D]

Okay.

[A]

Does that get you excited about investing?

[D]

Yeah, let's do it.

[A]

Because you might think, 100 bucks a month, what's that going to do? It will do a whole lot. Are you gonna start investing more starting today?

[D]

I'll start investing more today, honey. Let's do it. All right.

[A]

We're gonna play a little game brought to you by Cozy Earth. Have you heard of Cozy Earth?

[F]

I have not.

[A]

You're about to hear about them. Okay. They make the best athleisure products on the market. Here's how the game works. It's called Sock it to Me. You've gotta roast me with your best insult. And if it's good enough, you get a pair of Cozy Earth socks.

[F]

She's more witty than me.

[A]

It's gotta be a good one. It's gotta really hit hard.

[F]

Dude, this is on the Internet.

[A]

Have you ever bullied someone? You look like you have.

[F]

Yeah, that's. That's me. That's me. I bullied bullies. I didn't. I didn't do the bullying. I bullied bullies.

[A]

Look at us together. It looks like you're bullying me right now. If you were watching on mute, my

[F]

best friend in school, you'd be my best friend.

[A]

I appreciate that. Okay. Hit me with your best shot. Sock it to me. I want. I wanna hear from her.

[F]

Witty. She's more witty than me.

[A]

What are you really thinking?

[D]

I don't know. I don't like being mean. That sounds mean.

[F]

Don't be mean for me.

[A]

Okay. Thank you. Here we go.

[F]

You're just wearing too much brown. You just look like a walking polish.

[A]

That'll do it. Congratulations. I feel like you earned it with that line. That was pretty good. Thanks for playing. Enjoy the socks. Yes, sir.

[C]

Thank you.

[A]

And if you didn't win socks, if you're not them, you can still get a great discount. 20% off cozy earth products. Go to cozyearth.com George for let me tell you, I never like bullies. And some of you are getting bullied every single month with your phone plan. You're paying too much. If you're paying more than 25 bucks a month, you're getting taken advantage of. And that's why I love Boost Mobile, a sponsor of today's episode. Their Forever plan is just 25 bucks a month for unlimited data, talk and text. No contracts, no hidden fees, no price increases, and you can make the switch super easily and carry your phone and number right on over. So it's time to make the switch and save up to $600 on on your phone plan. Just go to boostmobile.com Ramsey based on average annual single line payment of AT&T Verizon and T Mobile customers compared to 12 months on the Boost Mobile Unlimited plan as of January 2026. See website for full offer details. What are you doing here in Nashville?

[G]

We're at the SEI Hunting show.

[A]

What role do you have in the hunting world?

[G]

Well, I'm just married to it.

[A]

Oh, you married into the hunting world?

[G]

Married into the hunting world.

[A]

Are you enjoying it?

[G]

I married into the ranching world and then we broke off into hunting.

[A]

Okay. What's the main thing you guys are doing at this ranch?

[G]

Well, it's a working cattle ranch. We raise beef.

[A]

So you guys are doing pretty well, I hope. Is the ranch doing well?

[G]

The ranch is doing well.

[A]

Okay. Now, are you working for the Ranch with your husband. It's like a co. No. What do you do?

[G]

I have a ranch wife, I guess.

[A]

Okay. Is this, like, a thing? Is there a Netflix series called Ranch Wives?

[G]

Yeah, it's a thing.

[A]

Okay. It's a legit thing.

[I]

Yeah.

[A]

Okay, so you're not doing the work on the ranch? He's doing it all.

[G]

He's doing it all. I stay at home with the babies.

[A]

Oh, that's so fun. That's a great life. Okay. Do you know a lot about the finances in the household? Yeah.

[G]

I mean, I know that we're debt free.

[A]

Love it.

[G]

Yeah. And we have retirement and college funds and living like nobody else. Isn't that what you said?

[A]

That's a secret keyword. Ding, ding, ding. You won the prize. Do you know how much you guys have saved for retirement? Like, ballpark.

[G]

Like 50 so far. We just paid everything off.

[A]

Congrats. That's amazing. Okay, how old are you? Two?

[J]

Three.

[G]

So he's 34 and I just turned 30.

[A]

So young. Doing so well. We love to see it. Do you know how much you guys are investing out of your income?

[G]

I don't. That's out of my. Out of my wheelhouse.

[A]

Okay, well, you. Do you ever ask, like, hey, how much do we have in retirement? Like, how do you even know that number? You must keep.

[G]

Just told me the other day. We just were talking about it. I just got the lowdown on the.

[A]

Okay, so you get the occasional lowdown. Be like, I don't want to be in the minutiae of it. No, he enjoys that.

[G]

Swipe the card and he tells me when I can, like, stop swiping.

[A]

We're good.

[D]

All right, that's enough.

[A]

I love it. Okay, so do you think you guys are already millionaires based on the ranch and the business, the land, retirement, all that?

[G]

Not quite yet, but we're.

[A]

So you do know your net worth is climbing and climbing.

[G]

Yes, it's climbing, but we're not quite there yet.

[A]

Okay, well, I have a lot of hope for you guys. If you're debt free and you're investing, you think 15% of the income.

[G]

Oh, I bet so for sure.

[A]

Well, thanks for talking with us. Good luck at the trade show.

[G]

I'm a big fan. Thank you.

[A]

Don't let that go to your head. Well, let's talk money. You guys have probably talked about it yourselves. How much do you guys have in retirement as a couple?

[J]

Quite a bit.

[A]

Quite a bit. We're talking millions.

[K]

Yeah. We got rentals.

[A]

Nice. So it's part of your Net worth. You got the rentals. Do you also invest into retirement accounts?

[K]

Yes.

[A]

Nice. So you're doing a little bit of everything, really diversified. What kind of retirement accounts do you guys have? Yeah, 401s.

[G]

We have IRAs.

[I]

We have several things.

[A]

Nice.

[K]

Real estate.

[A]

Do you know how much you guys invest per month into these retirement accounts? Percentage even?

[K]

Yeah, I'm at. Well, I max it out, so.

[A]

Oh, nice. Same business or separate business? Separate.

[I]

Real estate, mortgages.

[A]

Wonderful. Hey, great fields to be in. You guys know numbers more than anyone.

[C]

Yeah.

[A]

That's awesome. So you've harnessed the power of compound growth. When did you guys start investing?

[I]

Late 20s, 30s.

[A]

Okay. How about you?

[K]

Mine was 30.

[I]

30 something.

[A]

Yeah, mine was up for lost time, clearly.

[C]

Yeah.

[A]

Wow. What got you on the path to be like, hey, I want to start building wealth for the future instead of

[I]

just floundering, probably real estate and me being disciplined.

[A]

Real estate, is it, you know, irregular income, so it's a little scarier or you want to kind of prep for the future more?

[I]

Well, yeah, because you need a stable income for the future. In our industry, it's very unstable.

[A]

How about you?

[K]

Real estate.

[A]

What advice would you give for young people watching out there who are in their 20s and 30s, have not invested a dime or feel like it's not possible in today's economy?

[I]

I would say if you have an opportunity to put into 401k, match it, make 100%. If they give you three, take, put in three. It's very, very important. The sooner the better.

[K]

Anybody that does not want to participate and take money from an employer that's willing to give them money, they think, well, if I put $100 a month, I'm going to miss it. They will never miss that. $100 a month. In three years, you've got 30,000 in a. In a 401k account.

[A]

Yeah. People underestimate how much it can grow with compound growth.

[K]

My. My theory is real estate. I'm just saying buy a house.

[A]

You.

[K]

Even if you rent from yourselves, basically

[A]

it's going get in the game of real estate early on and invest in those retirement accounts, take advantage of the match. And you guys have diversified really nicely. That's all you need to build wealth. I mean, you guys are living proof.

[K]

And then you just keep. You can kind of keep going from there.

[A]

I love it. Congrats on all of your success. You guys have worked hard for it. Thank you for inspiring the next generation. Can I ask this? How much do you have in retirement?

[H]

It's Non existent.

[A]

No retirement whatsoever?

[H]

Not at all.

[A]

How about you?

[J]

I don't want to get into numbers,

[A]

but like teensy bits, is it 100, 1,000, 10,000?

[J]

We'll say 100.

[A]

Whatever it is, it's more than him, so, you know, we'll say 100.

[J]

We'll say 100.

[A]

You have $100 in an investment account somewhere?

[J]

Yeah.

[A]

Okay. Why aren't you investing Currently?

[H]

I need a better job.

[A]

A better job? See? So whoever's hiring, hey, hire this guy. What do you do for work?

[H]

I'm a cook right now.

[A]

A cook. Okay, is it an hourly or is it a salary?

[H]

Hourly.

[A]

Hourly.

[F]

Hourly.

[A]

Yeah. Okay. And how about you?

[J]

Right now I work with churches, so in nurseries. That's hourly.

[A]

Okay, so both hourly. Do you guys have any debt? Nah, no debt.

[J]

No debt.

[A]

That's good. No car payment? No credit card debt? None of that?

[H]

Not at all.

[A]

That's a good sign. That's a good sign. Okay, that. That means you're starting at least fresh.

[H]

Oh, yeah.

[A]

Now, do either of you have money in savings?

[H]

A little bit.

[A]

What's a little bit? Because she said teensy bit was 100. Do you have more than 100 in savings? Yeah, barely over that. 150. 200. 200. Going 200. We got 300. We got three. You got three. So if I pulled up your bank account right now on your phone, what would I see in the statement where you been spending your money?

[H]

You would just cry.

[A]

You cry? Like, is it doordash? Like, where are we spending our money at?

[H]

It's life.

[A]

Would I be proud of what I see in that account?

[H]

No. You would cry.

[A]

Okay, what do you think he means by life?

[J]

Surviving. Rent, food, gas, you.

[A]

So you're telling me if I pulled up your bank app right now, I would just see rent, food and gas? Nothing else? Food. A lot of eating out.

[H]

Not necessarily eating out. We cook too.

[A]

Okay, so how old are you two?

[H]

I'm 33.

[A]

33.

[J]

22.

[A]

33 and 22. What is your long term plan? To retire one day. Like you need to have income after you're done working. How is that gonna happen?

[H]

Just gonna have to sit back and watch.

[A]

Just sit back and watch. You're not an active participant. You're just sort of a spectator in your own financial life. Yeah, I like that.

[J]

I don't know. Honestly, I really don't. I just know I need to have some money when I retire, so that's why I have put some in savings. But I don't really have a plan.

[A]

Do you know the difference between saving and investing?

[J]

Investing is putting money aside so you can use in the future and maybe grow it as well. Yeah, savings. It's for emergencies, Right.

[A]

Can I help you with the retirement stuff? You guys want some advice? Unsolicited.

[C]

That'll work.

[A]

Okay. You both can open up a Roth ira. And if you do that, you can put up to $7,500 this year into that account, and it can grow to the tune of millions of dollars by the time you guys are in your 60s. If you consistently put money in. Okay, how much do you think you'd have to put in to have a million dollars in retirement?

[H]

At least 20.

[A]

20. 20, $20. That's it? You can turn $20 into a million. This guy knows something I don't.

[H]

I'm just saying.

[A]

Okay, what's your guess? How much a month would you have to put in from 22 to 62 to have a million dollars?

[J]

Maybe around, like, 500, 600.

[A]

Let's test it out, shall we? So I'm gonna use my investment calculator here. You said you're 22, right? All right, 22. You want to retire 62. You have $0 invested, and you're going to invest 500amonth, right? That's the goal. We're going to use an average rate of return of 10%. That's what we've seen in the stock market. $3.1 million.

[J]

I need that right now.

[A]

You need $3 million right now? Well, this is the thing. It's called delayed gratification. We have to wait. We need discipline. We got to be consistent. But just 500 bucks a month, consistently, you would get there at 62.

[D]

Wow.

[A]

How does that hit you? Do you want to start investing now?

[J]

Yeah, I do.

[A]

How about you? You're still not into it.

[H]

I mean, it sounds good.

[A]

He's like, if she got 3 million, I'm good. I don't need to do anything. Well, best of luck to both of you. Can I give you a gift? A little parting gift? Okay, I'm going to gift you guys two subscriptions to our EveryDollar budgeting app. And here's what it'll do. It will give you a plan for every dollar you have coming in, help you find the margin so that you have 500 bucks to invest every month.

[G]

Wow.

[A]

It'll connect to your bank account. All the transactions will come through. And here's the game plan. We're not spending more than we have to. We want to live on less than we make. So that we have more money to put into wealth building. Tracking with me. All right, one for each of you. Use it wisely. Use the force. Let's build some wealth. Thank you, guys.

[H]

Let's do it.

[A]

Well, that happened. While there are a lot of people that are putting money away, they're doing the right things. There's a whole nother set of people who aren't doing anything or not doing nearly enough. And that part scares me. And that's why I love to use the investing calculator to show them what they're giving up by not investing, by having that $600 car payment. It's costing you a whole lot of money. And it doesn't take much to build wealth, but you got to get started. You got to be consistent, and the earlier the better. So go use our investment calculator for yourself. I'll drop a link in the show notes so you can plug in your own numbers. And if you enjoyed this video, I've done this a whole lot. So check out this video coming up next where I bother more strangers with more questions. And listen, I came to ask questions and I came to chuck some chairs and I'm all out of questions. So let's head over to Morgan Wallins. Thanks for watching. We'll see you next time.