8 Unexpected Things Millionaires Do, According to George Kamel
Written by
Ashley Donohoe
Edited by
Rebekah Evans
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Fancy purchases, large inheritances and risky money decisions might come to your mind when you think of millionaires. However, the truth is that many millionaires don’t necessarily show off their wealth and frugality, hard work and risk management are often important parts of their lives.
In a YouTube video, personal finance expert and self-made millionaire George Kamel discussed eight surprising things that millionaires do. Learn how you can start adopting these wise habits to build your wealth.
Own Appreciating Assets
Certain assets, like mobile homes, gadgets and cars, aren’t ideal for wealth building since they lose value.
Instead, Kamel said that millionaires usually own homes that appreciate and grow their net worth. Federal Housing Finance Agency data showed that home prices increased by 4.8% between January 2024 and January 2025 alone.
At the same time, millionaires usually don’t take 15 to 30 years to pay off their mortgages. Kamel said that the average time was 10.2 years, based on a Ramsey Solutions study. This shorter timeline adds up to substantial interest savings.
Drive Reliable Used Cars
Despite misconceptions, you’re more likely to find a millionaire with a Ford or Honda than a BMW or Mercedes. There’s less of a need to look impressive.
“Our study showed that the average millionaire drives a four-year-old car with 41,000 miles on it and eight out of 10 millionaire car buyers drove away without a car payment,” Kamel said.
Going with a more modest vehicle makes it easier to build wealth, especially when you consider the average $739 monthly new car payment that Cox Automotive reported in March 2025. Kamel explained that you can put the cash saved toward a better vehicle in the future.
Avoid Flashy, Pricey Clothes
Millionaires don’t need to “dress to impress” either. Kamel explained that the average one has a lower monthly clothing budget than the typical American and even uses coupons at least occasionally.
To build wealth, you can get frugal with your clothing choices, like checking out what’s available at Target or Costco, heading to the thrift store or even occasionally borrowing from others.
Proactively Minimize Risk
While it might sound surprising, millionaires prioritize having an emergency fund to protect themselves from risks like large, unexpected expenses.
Kamel said many millionaires from the Ramsey Solutions survey were saving 16% or more each month. He recommended that anybody have at least three to six months of monthly expenses in a high-yield savings account.
Spend Money Intentionally
“Wealthy people don’t just spend money willy-nilly; they give every dollar a job and they use their financial margin to build wealth instead of building other people’s wealth,” Kamel said.
This shows that budgeting has a place regardless of how much or how little wealth you have. Knowing your expenses and the uses of your monthly income is essential for making good money decisions. Plus, it helps avoid the big wealth killer that is debt.
Understand Compound Growth
Millionaires win with money since they know how compound growth helps them over a long time. Kamel discussed how both investments and their earnings grow so that it’s common for most of someone’s retirement fund to consist of growth versus actual contributions.
Consider that you’re investing $1,000 monthly for 30 years with a 10% return. In the end, your balance would be nearly $2 million, with only $360,000 of that being your contributions.
Kamel said that millionaires most often invest using a 401(k) account. He advised putting 15% of your earnings toward investments and potentially increasing that after you’ve paid your mortgage off.
Avoid Bad Financial Products
According to Kamel, millionaires avoid permanent life insurance, which has cons such as costly commissions and fees and the loss of benefits (including cash value) if you no longer pay the premiums. He suggested a wiser alternative.
“Term life is a fraction of the cost of whole life and you can invest the difference to build way more wealth on your own,” Kamel said.
While this coverage offers temporary protection, the ultimate goal is to self-insure and protect your family with the money you’ve saved.
Make a Will
A 2025 survey by Caring found that 76% of Americans didn’t have wills, which puts many at risk of their assets not going to the right people when they die. Instead, the government may decide.
Kamel explained that wills are a must for millionaires and those with little wealth alike. He recommended going online to make one quickly to protect your wealth.
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