How Much Money Do You Need to Live Comfortably?
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How much would you need to make for your worries to go away? One million dollars.

Well, some Americans say $100,000 a year, others say $200,000 a year, and I say, "Wouldn't you like to know?" Now you tell me and you tell me right now! Today we're going to cover why personal finance is a top stressor for Americans and how much money they think they need to make in order to have some financial peace. Plus, you're going to learn the key to making your money work for you no matter what you make. So a recent study asked people what salary it takes to stop stressing over everyday expenses.

Turns out, six in ten Americans think you need to make at least $100,000, and a quarter of them say it takes a whopping $200,000 or more. That's unlimited.

And those under the age of 50 are the most likely to think the bare minimum for survival is a six-figure salary. So are Americans being realistic here or are they just being Americans? - If you don't like America, then you can get out. - Well, I think there's a disconnect between how much people have and how they feel about what they have. Basically, we've got people looking at a full pantry and thinking there is nothing to eat in there.

And I'd argue that scary headlines about the economy, inflation and politics keep people in a constant state of stress, which certainly does not help how they feel about their financial security. But listen to this. In a recent study that I just made up, researchers found that you can add 10 years to your life by turning off the TV and deleting social media from your phone. But for real, experts say that letting these short term fears dictate your financial decisions is

is dangerous because historically speaking, the market tends to do well over the long haul, regardless of how crazy the news cycle is. So don't go sell your stock in mutual funds because that one guy on TikTok predicted the end of America as we know it for the, I think he's on the eighth try, eighth try now. Well, this could easily be the end of the United States as we know it. Another reason for the disconnect is that a lot of people think being wealthy means never having to think about money again. Well, I've got good news and bad news for you. Which do you want first?

All right, let's start with the bad news. Here's the bad news. Financial freedom is an oxymoron. You'll never be free from dealing with your finances. Even if you have plenty of money, you can't stop paying attention to that money. You'll always have to be responsible for your spending, your saving, and your giving. Now for the good news. When you've taken the right steps with your money, like planning for the future, building an emergency fund, and living within your means, you can't stop worrying so much about it.

And that's why my man Dave Ramsey calls this financial peace. Because you'll be secure in the plan you've made while being intentional to execute it. It's kind of like when you get rid of the old clover patch in your front yard. You're no longer worried about fines from the HOA, but you still got to keep your eye on it to make sure those clovers don't come back. And this is where the conversation about wealthy versus rich comes into play.

You see, being rich is about hitting a certain number that's always changing. Now, if I'm being honest, I've talked with a lot of people about money. And if the goal is simply to be, quote, rich, then you'll always be chasing a bigger number, which is a recipe for an exhausting life. But

But being wealthy isn't about a six-figure salary. It's about peace of mind. It's about living with margin, where you're not constantly panicking about bills or debt or emergencies. It's when you've reached that financial peace we've talked about and simply focused your efforts on growing your wealth and giving generously. That's a peaceful place to be. So back to how much it would take for your financial worries to disappear. Yeah, maybe six figures would be nice, but your salary probably isn't the main reason you're worried about money. And in fact, you may be doing better than you think.

So here are four indicators that you're on the right track regardless of how much money you make. Number one, you're living below your means. It's simple.

If your income is higher than your expenses and you consistently have money left over for saving and investing and giving, that's a strong sign you're doing better than most. Number two, you've built up a safety net. And when life throws you lemons, you want to be able to just fruit ninja that citrus and get about your day. But a lot of people get into trouble financially because they don't have an emergency fund in place. Four in 10 have nothing in savings.

That's depressing. And what is a solid safety net? I'm saying three to six months of expenses. If you have that, it's your never-going-to-debt-again insurance policy. So work really hard to make your emergency savings a priority once you're out of consumer debt. Which brings us to number three. You don't rely on credit cards or other consumer debt. If you're trying to prop up your lifestyle with debt like car loans, credit cards, buy now, pay later, you're doing it wrong.

wrong. And if you think that credit card is your emergency fund slash safety net at 22% APR, you're about to be in a world of pain. Remember that study that found 60% of people think you need $100,000 to feel wealthy? Well, 93% of those same people used a credit card. Coincidence? I think not. And nearly half of those said credit card debt was their biggest obstacle to building wealth. So listen, Graham Stephan, Caleb Hammer, other financial influencers who are like,

Just use a credit card responsibly. It's not that hard. I did it because I'm a giant nerd. Well, listen, not everyone is Caleb Hamer and Graham Stephan and prodigious financial YouTubers. Some of us are just average people with average brains who need more self-discipline in their life. Okay? So here's the deal. You don't need to find out for yourself if you're a credit card person or not. You can just decide not to be one and to live on the dangerous side of life and be a...

Debit card person. Yeah, I looked as cool as I think I looked. Play that back. Debit card person. Trying to save the editor some time, okay? It costs a lot of money to throw the slow-mo on it. Am I a joke to you? Moving on. Enough about that. I don't want to hear it from Caleb or Graham. Although, comment below if you're Caleb or Graham. I know you're watching.

All right, number four, your net worth is your scoreboard. You see, most people look to their credit score to gauge how they're doing financially, which makes zero sense considering your credit score only tells you how good you are at managing debt, not managing money. And that's why net worth is a much better indicator of financial progress. It's what you own minus what you owe.

So picture this. If you ditch debt and start investing for your future, your net worth will naturally increase over time. I would much rather you become a millionaire than have a high credit score that just gives you access to more debt. There's a lot of broke people with high credit scores. So if you can say yes to those four indicators, you're already ahead of the pack. Gold star. Great job.

If not, don't panic, because coming up, we're going to cover some practical ways to take control of your situation. But first, I've got a bone to pick with these fuddy-duddy basic low-interest savings accounts. What are you doing out here giving people 0.01% interest? Do better, be better. And if you're watching this and you have one of these accounts, let me show you how to be better. Open up an account with Laurel Road. They're an online bank and they're a sponsor of today's episode. With their high-yield savings account, you'll get competitive security.

top tier rates. And that means you can grow your savings faster while keeping your money accessible for when you need it. If you want to get started, go check them out at laurelroad.com slash george, or just click the link in the description below. That's laurelroad.com slash george. And if you want some indicators that your personal data is at risk,

Here's some. You're getting spam texts, you're getting bogus emails, and you're getting robocalls. And all of that is putting you at risk of online fraud. And Delete.me is a great way to stop all of that. They're a sponsor of today's episode, and here's what they do. They find and remove your personal info from hundreds of these data broker sites that are out here selling it to advertisers and scammers. Delete.me does all the work, and they send you a detailed report on what they've done. And they save you a ton of time. They've already saved me 66 hours, which is enough time to watch Barbenheimer

13 times consecutively. Sometimes I just watch them both at once to save time. You know what I mean? Like little Ryan Gosling with frosted tips, little atomic bomb, bada bing, bada boom. You're in for a ride. And if you want to get a better deal on delete me, just go to join delete me.com/george and you'll get 20% off any of their plans or click the link in the description below. Now, if you're stressed about money, another reason could be that you don't think you make enough, but let me be the honest friend and just tell you,

You make plenty. And also, there's some cilantro in your teeth. Take care of that. What the? How long has that been there? Now, chances are you make good money, but you still have no money. There's something eating up your margin here. Maybe it's debt payments. Maybe it's lifestyle creep. Maybe it's some budget busters like monthly payments on $1,500 season tickets to a minor league hockey team in Hershey, Pennsylvania. Go Bears.

He's a big, big fan. You're the roar. If you're not willing to make changes, and if it feels like it's never enough, that's going to keep you in the cycle of anxiety and discontentment, no matter how much your paycheck grows. And if you can't get your expenses below your income, and you're living a lifestyle you can't afford, it's time to take a hard look at where your money's going and make some serious changes, like yesterday.

And if you're just going, George, I truly just don't make enough money. Well, you can do something about that. Your income is in your control. The way I see it, if you're out of debt, but you still can't invest 15% of your income and cutting back isn't enough, you need to focus on making more money. Yes, it's hard work, and I'd love to be able to snap my fingers and make the numbers happier for you. But here's the hard truth. Math doesn't

is math. And if you can't figure out a solution within six months, you've got an unsustainable situation, meaning you might need to pick up a second job for now, pursue a different job with higher income, or even make a move to a lower cost of living area to get yourself right side up financially. And I know that sucks to hear, but the great news is,

you're in control and you get to decide how your story pans out. The key is to take action because once you do, you'll see how much progress you can make in a short amount of time. And that gives you this little thing called hope. And if the answer is that you need to make more money, you'll be amazed at what a couple of side hustles can do. And there's so many options out there that don't take a lot of startup time or effort to get going. And I actually cover how easy it is and what you can expect to make in this next video. So keep watching or click the link in the description below. And if you like this video, be sure to hit that like and subscribe button and share it with a friend.

Thanks for watching. We'll see you next time.