If I can go to Costco and buy a 4 pack of ribeye without checking my account, I’m making enough money.

I’m about $550 away from debt free freedom! Gotta pay off this IPad 🤦🏽‍♂️

George broke me with that $525,947 Rent Musical reference 😅

Millennial here, mortgage was paid on black friday, just have one more debt to go. Planning to be free by April.

3:22 I may be the only human who literally loves to set up my budget bi-weekly before payday. Plus, I check it daily and make minor tweaks as I go along. Like Rachel says, it gives me permission to spend. It also allows me to create sinking funds as needed. I started managing my money this way 6 years ago when I discovered Dave on the radio while stuck in traffic. Best traffic jam ever! 👌🏼

I just paid off American Express and closed it the rep was worried for me and I said no my friend be happy I’m free!

I have to disagree about that $7 coffee. If you have debt, you shouldn't be spending $7 a day, or $220 a month, for coffee. Get a nice machine and make it yourself. That $200 bucks goes a long ways towards paying off debt.

We are retired with a pension of 170K a year. No debt. It’s the best.

I’m a millennial and I think that is a crazy number. I would say somewhere between 150-200k

As a millennial I must say that was an absurd amount of money. Honestly, I agree with George. It’s the FOMO and because of that everyone is feeling the squeeze.

I make 70k as a driver andI do just fine. Stop buying trends and crap u really don't need.

I’m doing a sinking for a large upcoming bill! I am about to move into a new apartment and will have to pay $1000 in pet fees. Instead of coming up with $1000 last minute, I’m just saving a few hundred dollars a month!

Contentment... bingo! My husband is a pastor who makes less than $25,000. I stay home and homeschool our daughter. The only government assistance we get is Medicade. We have zero debt. Thankfully we are able to live in a parsonage so all of our housing is covered by the church. But we are making plans to buy a house in the future because we know we can't live in the parsonage forever and don't want to retire with a mortgage. We live below our means and make wise decisions with our money.

****** I think you need to talk more about divorce as being part of the messy middle. It’s the elephant in the room. These kids need to understand there is a 50% chance it will happen. What other negative life events have those odds!!!! Addressing this should be a HUGE part of retirement planning

no debt is financial freedom. To know that every paycheck you get is yours and not a bank that you have to pay

I was buying sugar free iced tea for $3.99+tax. I decided to brew my own tea. My brew tastes better and now costs me .39 cents per batch. The saved money goes into my HYSA. That makes me happy.

Financial plans (and planning in general) tends to make people happy I think at least in part because it creates a purpose, even if that purpose is arbitrary. If you have infinite money and no budget, when presented with two options, there's often no reason to pick one over the other. Should I buy the $5 detergent or the $4 detergent? One might be better than the other, but I don't really know. So if I don't care about money, I am forced to make a choice with absolutely no basis for it, which is not a comfortable feeling and I might get home and question my decision - would the other one have been slightly better? Whereas if I'm trying to save money, I pick the $4 one and feel like I made a good choice afterwards, because I made a choice that aligned with a greater plan. It's no longer just an arbitrary decision with no correct answer, it's a choice that contributes to something larger. People who lack real problems in life create new problems to solve, consciously or unconsciously. You don't get to avoid problems entirely, it's a fundamental need we have; when externally everything is fine, we can either create problems of our own choosing (eg arbitrary limits on spending), or tolerate the problems our unconscious mind concocts for us without our awareness (eg dissatisfaction with detergent quality). The former is much preferable to the latter, since we are able to control it.

I am regretting not investing in stocks last year but still grateful i kept my money. I'm hoping to retire this year Sep at 55 on my birthday. Considering the current rollercoaster nature of the stock market was the mean reason i decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?

Millennial here… debt free except for mortgage. I think that number is excessive, but would prefer to make between 150-200k (which as a teacher in a hcol area will still never happen). Despite no debt and living below our means, we worry about having money to send our kids to college without loans. We put money in a 529 but will be lucky if we have enough saved to cover 2 years of instate public school for one of our kids. It’s stressful.

Love your style. Keeping it Real while adding humor.

Retired, no debt, no pension, living on social security and very happy!

1:40 George, I CAN’T… I have to get all the laughter out from this plug before I can continue on… bruh, that was HI-LARRY-OUS-NESS… OMG 😂😂😂😂

I am a Gen X on baby step 7 and always thought a Dream home or Cadillac is what you achieve at age 40+, not after college graduation as some folks today. Too much debt at a young age is a killer.

I just want to have money to visit countries, family, a retirement. Live and give like no one else. Give away money and gifts and be able to not worry about the golden years

Millennials are currently more likely to have young children in comparison to the other generations and there is an issue in the US with the high cost of childcare (and the availability of childcare) that is not being addressed. Plus many millennials are attempting to enter the housing market at an inopportune time. While I think $500k is high, it might not be so high depending on the number of children requiring care. The cost of care for each child is like having another mortgage.

Any video featuring George Kamel singing (like his Rent impression this video) is a good video.

Found this channel randomly. And I like your style and been watching a couple of videos to be financially educated. So thank you!!!

As a millennial, I am shocked at that number, I guess my peers are much more boujie than I thought! lol

The content is incredible! I would recommend a warning if consuming bean water. I literally spit my coffee out laughing 😂😭😭

The Most Important thing that Money Buys is "Time". Time you don't have to work; Time to pursue things you enjoy; Time to spend with your family. Money buys Time, and Time is Money. We only have so much time to truly live in this world, and Money is what creates time this day in age.

I love my bean water but make it at home - mostly. Bought a used Italian espresso machine on gumtree for two fiddy, bought a bean grinder for $100 and buy the beans from aldi for $11 / kilo. Water is free from the tap, milk is cheap and a flat white is about 50c. as opposed to $5 from the bean water shop. We do occasionally go out somewhere nice for a cup, but mostly it's cheap as.

I had a moutful of drink during the rent comment, thank you for that. My computer almost got drenched.

Millennials were the first generation to grow up with social media. That's a significant reason they think they need so much money to be happy: they're comparing themselves to their peers in a way no other generation had access to in the past. Fortunately, it sounds like Gen Z has seen the pitfalls of these comparisons and isn't making the same mistake.

I think part of why we want so much is because we want to get to a place where our investments take care of us and we own a nice home. We do seem to get dicked around a lot as millenials, and I think most of us are trying to figure out if the next f-you is another terrorist attack, pandemic, government screw up, economic collapse… there’s just so many possibilities!

As a Millennial I have seen NOTHING but prices go up my entire life. I'm surprised its not more then 550k. The American dream costs 3.4 million now (pulled from google.) That's 7 years at 550k seems right in line with what you could get for your salary in the 1950s. Its not an over estimate at all. Its just facts.

I think a lot of people have a type of financial dysmorphi. Remember when you were a kid and your grandpa told you stories about buying bread for 35 cents. Well, it snuck up on you, and you're the grandpa now. Talking about buying bread for less than $2. I did the math on some of these things, and it's nowhere near as bad as people think. The younger generations have it financially so much better than all of us. It's awesome to see all the opportunities. It's disappointing to see them instead of acting on those opportunities... whine about it instead. So.. here's what us old people had to deal with and why you're not in as bad of a shape as you think you are. I took my income at 18 & common expenses and inflation adjusted them. At 18 my rent was over 50% of my income. It's still over 50%. A few percent higher. But nothing scary. That's comparing a cheap apartment vs a modest apartment. My utilities cost me $400 per month for an apartment. Inflation adjusted. I purchased a low tier computer for $6000 in todays money. No I did not add a zero. I really mean 6k. And yes, that was probably the dumbest purchase I've have ever made. And I'm probably low balling it. Groceries used to cost me 8%. They now cost me 2%. Again. Inflation adjusted income of my 18 year old self. Honestly a lot of that reduction is probably better meal planning. Gas cost about 3.5 to 4.5 per gallon in todays money. So pretty comparable. A video game used to cost me $130 per game. A new game console was $500-600. New nikes were $200 in todays money. I could go on. My point is... if I were suddenly 18 years old again.. things really wouldn't be that different. And I would have an easier time trying to afford things. I'd probably get a better jump. Especially with today's tech. Kids today are spoiled.. and they are whining about not being spoiled enough. Certainly I'm not advocating they go through the same things we did. We could all benefit from lower costs. But again my point is.. your not financially disadvantaged. And your going to be just fine.

It can buy the ability to have minimal interaction with other humans. So, yes, it can buy happiness.

8:33 He nailed it.

Psychologically that debt snowball totally works. Soooooo satisfying to get a loan paid off notice! After the first one I was hooked. I had the hootspa to tackle the biggest with the highest interest next. Great motivating system. That motivation aspect counts

I'm definitely in a different generation. Medical has always been an issue for me

I fn love this guy, legit. Hes helped me so much without knowing me. Thats a ridiculous skill

37 year old millennial here. I dont know where the $524k a year came from, but it would make me happy. I am doing fine with $103k this year and have an increase to $124k next year. Im debt free, and I have a 15-year mortgage at 33 percent of my income (will be 24 percent next year). No other debt. I am saving $15k a year in my retirement. Next year, that number will be $23k.

Love you and your channel! Keep up the good work!!!

These videos are so entertaining George . Especially with the clips 🤣🤣🤣🤣 I’m dying at the Taylor swift one . AHHHHHHHH

I would suggest the number 1 reason we mellenials think we need so much money is that we're currently paying more for housing than the previous 2 or 3 generations combined! 😂

Very entertaining George. Keep it up!

I love the book. You should give it a try. Knowledge is key🎉

Love your videos and the sense of humor

😂Bean Water😂

Yes. 500k is a good number. Buying big home in a nice neighborhood or ranch. Cars Vacation Boats Trip around the world Hawaii trips Pocket full of money Able to take 3 months off from work. " not all at once, spread out"

If it’s 2 week $1200 vacation it’s not actually $1200. It’s $1200 + half month of expenses let’s say you spend $4000/month (on basic stuff) So it’s $3200 vacation :)

on payday i will get your book for sure but I was gonna go to my small book store

Snowball method is not the most financially responsible debt option. There are psychological reasons for it, for sure, but dollar for dollar, attacking you highest interest rate debt first is the most efficient use of dollars. Less dopamine hits maybe since it might take longer to get that first thing fully paid off, but still. End of the day though, do whatever helps you to get rid of bad debt

500k is so excessive.. but I do think (as a millennial) 130k per person income would achieve that sweet spot that the other generations mentioned. I think 200-250k household is the best income it’s a lot but it’s not excessive. It’s also not little enough that you have to worry. I know it can be achieved with less income but we are talking about stress free happiness? Yeah. 200-250k would make me not worry about inflation. But again. That’s pretty much the answer to the other generations 125-150k per person

We can “experience” being broke AF with my wifey … soooo does that count ?

I would bet major money that whoever did this survey was a boomer and didnt pick up on millennials sarcasm. 😂

As a later Millennial my first thought was 225 to 250k. Conventional wisdom was 100k to be well off. Everything is twice as expensive now and taxes have increased.

2:20 Hahaha

It reminds me of the KZfaqr that says your rich life and you define how you want that to look like

This just seems like Dave Ramsey lite.

You definitely dont need that much. Family of four total taxable income of around 70k. I'll be 37 and debt free (including mortgage) in 2028 with a 2021 tacoma, 2022 Highlander hybrid. God wiiling, and thank God!

Insurance for cars are slowly creeping up in NYC.......

8:33 Nailed it.

As a Millennial I can definitely say I don’t need that type of money.

I'd be happy with $525,000. Hard to argue that.

I’m a millennial and I don’t believe one needs to make 5000k to live happily. I currently make 50k and I’m doing fine. Once I pay off my car loan in 2 years I know I’ll be more than happy still living on 50k. It covers my rent, utilities, shelter, and transportation.

Money can buy a Porsche, and Porsche brings happiness 😊

I think the real goal here (and the thing about money that makes me most happy) is freedom. Freedom to not do anything you don’t want to do - working for an AH boss, working at a job you don’t enjoy, etc.

Experiences with loved ones costs *time*. Time not working. That is the real cost. Can I afford to not work to have experiences with loved ones? Or do I have to spend time working for bills?

Money money money I need more of it

The Taylor swift clip had me busting up 😂

I drive a 2007 Toyota , go to the thrift and buy my clothes for me having peace of the debt

I heard you on School of Greatness with Lewis Howes. Rarely enjoyed the insights and nuggets of wisdom! A Breath of Freshly baked cookies 🥰😇🤗 🔥💝🌺 How can I order a copy of your book from Australia

Gotta work really hard to make over 100k a year, it’s not gonna fall in your lap.

As long as I have enough money for books it's all good...

Sorry, when a 59 cent cheeseburger now costs $4.09 at McDonalds, it’s not a contentment issue, it’s a crisis. Everything cost 2-5X more than it did just a decade ago, while wages have been stagnant for more decades and career jobs are thin.

The Rent reference 😂

most of the millienials they surveyed probably have no savings/investments.

Dont forget where you live and the people you hang around with. $140K/yr in a major city means nothing.

Enough to never feel stress when bills autopay and still being able to save and afford some fun stuff. 500000 would just send me into a spiral because I know what kind of spender I have been in the past and I don’t want that again.

Great video! I was thinking about this the other day. Do you think that when people say they "live paycheck to paycheck" they are referring to budgeting as every dollar has a purpose and going toward something in particular? And that's the reason why so many people are living "paycheck to paycheck"? Probably not, but just a thought. What do you think? Also, I would love for you to break down what is included into the $17+ Trillion total household debt. That seem's absolutely ridiculous.

Since I started working, I've been earning less than 25k a year, with one of those years was me earning 9k. A year ago though, I've started earning 50k-55k and I am extremely thankful for the job I have right now. I am a lot happier now and I can easily start paying off all my bills

Bean water! I'm stealing this.

You forgot to mention millienials dont know who is one the one dollar bill, or what continent they live on. So 525k makes sense.

All of these thing are real and valid. But Americans also can’t keep their paycheck because the cost of everything is insane. My cost of groceries for a household of 2 is what the cost of my parents groceries for a family of 4 was when I was growing up. Salaries haven’t kept up with that.

Look at the living costs in major cities and the fact that millennials are at the peak of starting families. The millennial number may be a little high but not far off of what you need to be comfortable in this economy with a family in a major city. Before people tell “just move”, take into consideration that people have families and careers in these HCOL areas.

All millennials must live in LA, CA to want that salary to be happy.

500K a year... I would only need to work for 5 years, then I'll retire, as its more money in those 5 years than I would expect to earn in my life time.

There's a premise that if you aren't content with what you have no amount of money will ever be enough. Lifestyle creep can knock you on your butt!

early millennial household gross this year of nearly 400k, as soon as he said millennials I did guess $500k lol crazy

A 7$ coffee would definitely drail my accounts. I could choose either a coffee or eating 3 meals.

500k? Ya that’s a fake poll

I live in Commifornia. Try the every dollar budget here and get back to me.

Ubers, grub hub, extravagant vacations, trying to impress people with shoes clothes and cars and 5 Starbucks drinks each day and having money to live on top of all that is what young people need to be happy and that’s not happiness! Kids these days aren’t happy! Suicide is higher than ever! Body shaming and social medial delusions have made kids under 25 worse than ever. To live a life to just to show off or impress strangers for likes or clout is the farthest thing I could think of when I think of the word happy!

Hi George, your book and videos have inspired me like crazy to pay off my debt. Starting with the debt snowball im one credit card down, almost down to another one in a month or two. Then I'll have three more small ones to tackle in a few months!

Hard financial pills to swallow😢

As a millennial 120k for me, that 500k figure is insane

If those same people actually made 500k, they would be shocked at how much taxed they paid and therefore how not-great it is

Question: why does the R logo have a short left leg, but the word Ramsey, which is the same font, has a normal length leg?

Millennials entered the workforce in 2008? Really? I started working full time in 2002 when I turned 18.