This Is How George Kamel Manages His Family’s Finances With His Spouse
Written by
Adam Palasciano
Edited by
Rebekah Evans
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Relationships are wonderful. You get to share your life with someone else, including the good and the bad. However, relationships also take work and so does properly managing your family’s finances.
A survey from the Merrill Center for Family Wealth indicated that one-fourth of families don’t communicate about money at all. Additionally, only less than a quarter of those who do have discussions collaborate on financial decision-making.
If you’re in the minority, kudos to you. If not, this could spell trouble for your family’s finances.
On an episode of “Smart Money Happy Hour,” hosted by financial gurus George Kamel and Rachel Cruze from the Ramsey Network, they sit down with their spouses to sip some cocktails and discuss how they manage their money as couples. Below are the top tips Kamel and his wife shared with viewers.
Trusting Your Spouse Is Important
Whitney Kamel, George’s wife, said she trusts his intentions for their family’s future. “George is already 10 years ahead all the time and he’ll bring me in, which is great … it’s cool that he cares enough about where we’re going,” she said.
Having a strong sense of trust in your partner’s ability to manage family finances is critical to maintaining your family’s financial health. This includes understanding your spouse’s love language.
Whitney explained that George’s love language is “acts of service.” He responded with “100%” and said that when his wife does things for him, it’s how she can show her love for him.
Being on the Same Page Financially Is Critical
Cruze posed an important question: “Were you and your spouse on the same page financially when you first met?”“The answer is yes and Whitney was debt-free when I met her,” George said. “You know, a green flag for sure … the fact that she was debt-free was like, oh, that’s awesome.”
It was revealed that both George and Whitney were debt-free by the time they met each other on the Ramsey Show. Since they both believe in the same set of financial principles, it made their lives together a lot easier from the get-go.
“Marrying the right person is a wealth hack in and of itself,” George added.
Be Content With What You Have
Towards the end of the episode, Whitney explained the importance of “practicing contentment,” meaning that instead of always looking at the next thing, sometimes it’s important to be OK with what you have.
George’s final thought was “you go with you.” This means that while it’s important to reach money goals, it’s arguably more important to determine what the goals are and how money can help you achieve them rather than just focusing on the money itself.
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