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**Lewis Howes** (0:01)
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**George Kamel** (1:45)
Nobody really cares how you live your life. What kind of car do you drive? It's really just how secure are you? It's insecure people who have the hardest time building wealth because every dollar has to be spent flexing to look rich instead of becoming wealthy.

**Lewis Howes** (1:59)
He is a number one national best selling author, a co-host of The Ramsey Show and one of the top personal finance experts. We have the inspiring George Kamel in the house.

**George Kamel** (2:08)
I found out over 60 percent of people 35 and under, social media is their number one source of financial advice. So you're watching a TikTok of a guy telling you to go open up this whole life insurance policy to borrow money tax-free and then go buy 10 pieces of property. All they're doing is being over leveraged, trying to get rich quick and they're going to fall flat on their face, or worst case, buy the guy's course for $3,000 and then be broke after that.

**Lewis Howes** (2:31)
What does true financial freedom look like to you?

**George Kamel** (2:36)
I think it comes down to...

**Lewis Howes** (2:40)
If someone puts a million dollars away in their early 20s, how quickly would that get to 2 million?

**George Kamel** (2:45)
Well, it doubles about every seven years. If you get a 10% rate of return, which is what we've seen in the S&P 500 over the last 50, 60 years, it doubles about every seven years. So 1 million turns to 2 million.
So let's say from 23 to 30 That's pretty wild. So 2 million turns to 4 million, 4 to 8, 8 to 16
And you're going, okay, now you're in your 40s with 16 million because you got started early. Now it's depressing for everyone watching who's going, George, must be nice. I didn't have a million dollars at 23 Yeah, neither did I.

**Lewis Howes** (3:16)
You might have 10 grand maybe at the end of the year if you're lucky, right? Or if you really saved well at 23, 25 Like you got to start somewhere.

**George Kamel** (3:23)
Yes. But the people who wait and go, well, I want to enjoy life now. Investing is for later me. You're going to regret that once you see how the math works on it. And I always tell people the best time to plant the tree was 20 years ago. The next best time is today.
And so drop the baggage and the shame and the regret and just go, hey, there's someone else out there who's even older than me who wishes they started at my age.

**Lewis Howes** (3:42)
What is the mindset that needs to change in people in order for their bank account to change?

**George Kamel** (3:47)
Oh, there's a lot of delayed gratification missing from today's culture. And it's not all your fault. Like marketing, the companies, technology, it all exists to create everything to be frictionless.
So that your money passes through your fingers like sand. And the problem is if you don't grab ahold of it and make a plan for it before the marketing companies do, it's over. It's game over. Your bank account is gonna be back to zero and you're gonna be paycheck to paycheck. And here's what's crazy, Lewis. You would think, well, people who make more money, it's much easier for them. I just saw a Goldman Sachs study. Forty percent of people who make over $500,000 are paycheck to paycheck.