Latest news with #Kamel
Yahoo
6 days ago
- Business
- Yahoo
This 60-year-old Arizona woman still dreams of owning her own home one day — but she only makes $2,800/month
She's debt-free, has some savings and no major expenses. But at 60, Andrea still isn't sure she can buy a home or retire — and she called into The Ramsey Show to ask if it's even possible. 'I want to own a home and retire one day,' the Phoenix, Arizona resident told co-hosts George Kamel and Dr. John Delony. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) But with a modest monthly income of $2,864 and no retirement strategy in place, she's unsure how — or if — she can make that dream a reality. Here's the skinny on her retirement plan and how it can help you. Andrea lives with her son and his family and only pays for car insurance, gas and the occasional incidental. That leaves her with approximately $2,154 each month to save. She has $69,000 in a 401(k) and $45,000 in a savings account. She's also considering relocating to Ohio, where her aging siblings live, to be closer to family and cut living costs. Andrea works in medical records and hopes to move to a remote role at her company that pays about $40,000 annually. She's also certified in medical coding but hasn't worked in that role. The hosts quickly identified her biggest hurdle: boosting her income. 'What you're facing here, Andrea, is an income problem,' Kamel said. 'We've gotta get your income up because that's going to create more margin for you to save for that home.' Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Starting late doesn't mean it's too late. At 60, Andrea still has solid options to grow her retirement savings. 1. Put money away for a down payment The hosts recommended using her $45,000 as both an emergency fund and a down payment reserve. They advised setting aside three to six months' worth of living expenses as a safety net, with the rest going toward a future home purchase. 2. Invest 15% of her income into retirement Andrea said she's currently investing only about 1%. The hosts stressed that saving alone isn't enough. They encouraged her to invest in mutual funds through her retirement account. If done consistently, she could see 10-12% average returns over time. 3. Pursue higher-paying roles With her experience and certification in medical coding, Andrea could land a better-paying remote job. While her starting salary is $40,000, the field offers room to grow. ' Even if it's not the exact role you want, I would just try to get on a ladder,' Kamel said. 4. Continue living with family or find a roommate To keep saving aggressively, the hosts suggested Andrea stay with her son or consider moving in with her siblings once she's in Ohio. 'It might not be ideal,' Delony said, ' but I love the idea of you saving money over the next five or 10 or 15 years until somebody can help you. 5. Adjust expectations around retirement Andrea may need to work into her 70s to reach her goals. That's not uncommon — in 2022, 24% of men and about 15% of women ages 65 and older were still in the labour force, according to the Population Reference Bureau. ' You know you got $69,000 in that retirement account,' Kamel said. '(If) you keep investing, let's say, a thousand bucks a month. If you can do that to 72, you'll have over half a million in that nest egg. ' He added that she could also get a reasonable mortgage to avoid paying rent forever. Andrea's situation underscores a growing concern for older Americans: how to make a smooth and comfortable transition to retirement. The co-hosts stressed that with focus and a solid long-term plan, Andrea still has a real shot at a meaningful future. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
5 Basic Money Skills Many Americans Don't Know
A Pew Research study found that 46% of Americans didn't have at least a fair amount of knowledge of personal finances. Unfortunately, lacking financial literacy can put you at risk of taking on too much debt, not having enough for retirement and being unable to cover expenses. Explore Next: Check Out: In a YouTube video, money expert George Kamel reacted to this study's findings and gave straightforward advice on handling five essential money tasks that many American adults struggle with. Learn how to boost your skills in these popular weak areas. The Pew study noted that 25% of Americans didn't feel very or extremely confident about getting their credit reports. While lenders and others may pull these reports to make important decisions based on your creditworthiness, you should also check them at least annually to spot errors or account issues and see where you stand with your debt. Trending Now: Getting your credit report is easy, and you can do it weekly for free. While you could go directly to each credit bureau's website, Kamel encouraged using to get them all more conveniently. You'll just need to provide some information to verify your identity. If you see any errors, contact your creditors and consider disputing them with the credit bureaus. An estimated 41% of Pew study respondents weren't very or extremely confident with budgeting. Not knowing where your money is going every month puts you at risk of overspending and not leaving some cash for your goals. Kamel explained how to make a simple budget, starting with writing down your total monthly income and all expected monthly expenses (including giving and saving). You'll then calculate what's left of your income after those expenses, which Kamel said should be $0 based on his preferred zero-based budgeting method. But the same doesn't apply to your bank account balance. 'It's wise to keep a buffer of at least $100 bucks or more in your checking account,' Kamel said. Once you've got your budget, start tracking expenses to make sure you're sticking to your plan. A report from the Federal Reserve Bank of New York mentioned that U.S. households owed a total of $18.2 trillion in debt. Especially for the 43% of Americans lacking confidence in paying down debt, the monthly payments, interest and lost opportunities to invest make it hard to get ahead. Kamel highlighted the simple debt snowball method as a good way to start. First, order all your debt balances from the smallest to largest. Next, while you're paying the minimums on everything else, put as much extra cash as possible toward the smallest debt. After you pay it off, focus on your second smallest debt. Keep doing this process as you run down the list. While this might seem less intuitive than paying off high-interest balances first, Kamel discussed the importance of momentum with the debt snowball approach. 'It gives you some quick wins psychologically to keep you motivated and actually make it across the finish line,' he explained. Saving money is another important skill that 44% of Pew study respondents weren't very confident doing. Without regularly setting aside some income, you can run into issues such as taking out debt if an emergency happens or struggling to plan big purchases. Kamel recommended prioritizing a three-to-six-month emergency fund so that an unexpected expense, like a big home repair, doesn't throw you financially off track. He said a high-yield savings account is a wise place to put this money and maximize your interest earnings. Also, consider making a savings plan for vacations, home or car down payments and other large expenses. You can include monthly contributions in your budget and use automatic transfers so you don't forget to prioritize saving. The Pew study showed that 73% of Americans lacked confidence in making investment plans. While many people might worry that investing requires taking a lot of risks and understanding complex things, Kamel said a boring approach actually works for building wealth. He explained that many millionaires, including himself, have gotten rich with basic retirement plans, like IRAs and 401(k) plans. So, he recommended making regular contributions to such accounts after you've filled up your emergency fund and become free of consumer debt. 'Start putting 15% of your income into these tax-advantaged accounts each month and then sit back and watch your nest egg grow exponentially over time thanks to compound growth,' Kamel said. For example, if you invest $1,000 every month over 30 years, you'd have over $1.1 million based on a 7% estimated return, according to compound interest calculator. More From GOBankingRates 7 Things You'll Be Happy You Downsized in Retirement Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on 5 Basic Money Skills Many Americans Don't Know Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
George Kamel: Lower Your Monthly Bills With These 3 Easy Steps
A recent report from the bill-pay service doxo found that American households put nearly $25,000 each year toward essential household expenses. These include various subscriptions like your internet, phone and cable services, which tend to come with ongoing price increases. Read Next: Learn More: According to money expert George Kamel, you can save on these costs without resorting to giving them up or switching providers. In a YouTube video, he used his experience negotiating with companies like AT&T to lay out a simple three-step strategy you can use to lower your monthly bills. Head to the provider's website to look for a support hotline or an online chat and decide which method you want to use. Kamel recommended talking to support in the early afternoons on weekdays since that's when you'll have a better chance of reaching a real person and not waiting too long on hold. Prepare before reaching out. Kamel said to have your latest bill with your account details and the monthly billed amount. You should also note any administrative or service fees that may be worth pointing out. Once you're ready, you can turn to a basic script. 'When a customer support agent picks up the phone or joins your chat, simply start out by saying that, while you're happy with your service, your monthly bill is getting too expensive, and ask if there's anything they can do about it,' he advised. Consider This: According to Kamel, you'll often need to escalate things to the retention department, which has the power to offer deals so that you'll stay with the company. Otherwise, you'll keep negotiating with the customer support agent and get a manager involved if needed. Kamel recommended bringing up promotions you've seen for new customers and better prices competitors have advertised for comparable services. When negotiating, be specific about the price difference and its importance in your decision. The Ramsey personality gave an example of how you might do this: 'Hey, I see this is being offered — the same internet plan for 12 bucks less per month. I can't ignore a deal that good. Can you match it or beat it?' If you land a deal you're happy with at this stage, you'll still need to continue to the third step to clarify some details and avoid potential problems later. But if the retention department or manager wouldn't give you a discount, you might still try negotiating free upgrades or fee waivers, or you can try the negotiation process again at another time. Kamel said another worker might have something you'll like better. He also suggested simply canceling with the provider if you're unhappy and haven't had success with negotiating. While canceling is more extreme, it can have an unexpected positive effect. 'A lot of these companies have win-back teams that offer even better deals a few days later,' Kamel said. 'So if you can cancel, it may be in your best interest to play a little hard to get.' Kamel mentioned some questions that you should ask about your new offer before you hang up or end the chat. For example, find out whether the price will go back up at a certain time and if the provider will be charging any extra fees. It's also important to ask for written confirmation of what the company is offering you. Kamel's negotiation script guide recommended getting an email or screenshot, along with confirmation that your account shows the changed rate. That way, you have proof in case the company later charges you a different price or claims there's no special offer. More From GOBankingRates 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on George Kamel: Lower Your Monthly Bills With These 3 Easy Steps Sign in to access your portfolio
Yahoo
28-05-2025
- Business
- Yahoo
George Kamel: Lower Your Monthly Bills With These 3 Easy Steps
A recent report from the bill-pay service doxo found that American households put nearly $25,000 each year toward essential household expenses. These include various subscriptions like your internet, phone and cable services, which tend to come with ongoing price increases. Read Next: Learn More: According to money expert George Kamel, you can save on these costs without resorting to giving them up or switching providers. In a YouTube video, he used his experience negotiating with companies like AT&T to lay out a simple three-step strategy you can use to lower your monthly bills. Head to the provider's website to look for a support hotline or an online chat and decide which method you want to use. Kamel recommended talking to support in the early afternoons on weekdays since that's when you'll have a better chance of reaching a real person and not waiting too long on hold. Prepare before reaching out. Kamel said to have your latest bill with your account details and the monthly billed amount. You should also note any administrative or service fees that may be worth pointing out. Once you're ready, you can turn to a basic script. 'When a customer support agent picks up the phone or joins your chat, simply start out by saying that, while you're happy with your service, your monthly bill is getting too expensive, and ask if there's anything they can do about it,' he advised. Consider This: According to Kamel, you'll often need to escalate things to the retention department, which has the power to offer deals so that you'll stay with the company. Otherwise, you'll keep negotiating with the customer support agent and get a manager involved if needed. Kamel recommended bringing up promotions you've seen for new customers and better prices competitors have advertised for comparable services. When negotiating, be specific about the price difference and its importance in your decision. The Ramsey personality gave an example of how you might do this: 'Hey, I see this is being offered — the same internet plan for 12 bucks less per month. I can't ignore a deal that good. Can you match it or beat it?' If you land a deal you're happy with at this stage, you'll still need to continue to the third step to clarify some details and avoid potential problems later. But if the retention department or manager wouldn't give you a discount, you might still try negotiating free upgrades or fee waivers, or you can try the negotiation process again at another time. Kamel said another worker might have something you'll like better. He also suggested simply canceling with the provider if you're unhappy and haven't had success with negotiating. While canceling is more extreme, it can have an unexpected positive effect. 'A lot of these companies have win-back teams that offer even better deals a few days later,' Kamel said. 'So if you can cancel, it may be in your best interest to play a little hard to get.' Kamel mentioned some questions that you should ask about your new offer before you hang up or end the chat. For example, find out whether the price will go back up at a certain time and if the provider will be charging any extra fees. It's also important to ask for written confirmation of what the company is offering you. Kamel's negotiation script guide recommended getting an email or screenshot, along with confirmation that your account shows the changed rate. That way, you have proof in case the company later charges you a different price or claims there's no special offer. More From GOBankingRates Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on George Kamel: Lower Your Monthly Bills With These 3 Easy Steps
Yahoo
22-05-2025
- Business
- Yahoo
This Is George Kamel's Least Favorite Travel Hack — Here's Why
Financial expert George Kamel is known for being a straight shooter when it comes to advice on how to spend and save money. He is not afraid to share all of his trade secrets, from subscriptions that are actually worth the cost to the best websites to find a deal. Read Next: Check Out: When it comes to travel, however, there is one hack that he is not too keen on. Also see five little-known ways to make summer travel more affordable. On a recent episode of 'Smart Money Happy Hour,' Kamel and Rachel Cruze discussed their guide to 'budget-friendly travel.' While the show is filled with tips and tricks to save money on destinations throughout the year, there is one hack that Kamel disagreed with. The bestselling author recommended staying away from racking up credit card debt to score travel points. Hopeful earners often end up spending thousands of dollars to secure the travel points they need. Both hosts agree that there are many other free programs that don't require breaking the bank. Explore More: With the hope of an all-paid trip to a tropical island, many Americans opt for credit cards that offer some kind of travel rewards or a redeemable point system. The problem? These programs can contain hidden terms, limited redemption opportunities or higher-than-average annual percentage rates (APRs) that cause more headaches than they are worth. The Consumer Financial Protection Bureau (CFPB) even warned about these rewards programs, noting that they have dominated marketing efforts by major credit card companies. The agency issued the warning after receiving hundreds of complaints about the programs, from unexpected conditions and devaluation to redemption problems and revocations. Due to the rising costs of issuing these rewards, redeeming them has become more complex for consumers, per the CFPB. The amount a person has to spend has also been increasing, causing rewards chasers to incur more and more debt to achieve minimal points. The CFPB had previously taken action against major players who reportedly engaged in deceptive or abusive practices in relation to these programs and continues to monitor complaints related to the issue. While racking up credit card debt may not be a smart route to travel, there are a number of other hacks to save money on travel that both Kamel and Cruze can get behind. The experts agreed that travelers should take advantage of free frequent flyer programs and loyalty rewards offered by companies like Marriott Bonvoy and Southwest. The cohosts also suggest going through flight comparison websites, such as Skyscanner, to ensure the cheapest flights. Hopeful savers can also look into Costco Travel, which offers a number of bonuses and perks for bookers, according to Kamel. Another option is to simply use 'strategic trip timing' to make vacationing more affordable. The duo recommended having flexible travel days and times to find the least expensive day to fly and to think about visiting destinations off-season to avoid price hikes. Finally, the pair suggested rebooking flights with airlines that provide credit if the rate goes down at a later date. More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Every State? Sources Smart Money Happy Hour with Rachel and George, 'Our Ultimate Guide to Budget-Friendly Travel.' Consumer Financial Protection Bureau, 'Credit Card Rewards.' This article originally appeared on This Is George Kamel's Least Favorite Travel Hack — Here's Why Sign in to access your portfolio
