George Kamel: The Budgeting Habit That Took Me From Debt to Millionaire in 10 Years
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For many people, budgeting feels like the financial version of eating your vegetables. They’re forced to swallow spreadsheet entries of dollars in and out, leaving them hungry for something more fun.
George Kamel understands this perspective. Now a personal finance expert, best-selling author, and familiar face on the Ramsey Network, Kamel once thought budgets were boring — and he was flat broke.
Fortunately, he made one major change to his budgeting habits that helped him go from a negative net worth to being a millionaire: He adopted the mindset that budgeting doesn’t have to be punishment. Instead, it could give him more power and freedom, along with more money, in the future.
GOBankingRates spoke with Kamel as part of our Top 100 Money Experts series about how he developed this habit and shifted his money mindset.
Finding Freedom in Budgeting
If you think of your budget as a list of things you cannot afford or do, you’re certainly not alone. Kamel once felt the same way. But once he started budgeting in earnest, he realized the process wasn’t about imposing limits — it was about gaining clarity on his spending and saving habits. With a little knowledge, he was empowered to make positive changes.
“A budget shows you where your money’s going, makes a plan for what’s coming in, and plugs the leaks on what’s going out,” he said. “That’s how you create margin. And that margin gives you breathing room, peace of mind and the ability to finally move forward with your goals.”
As he learned more, Kamel let go of the idea that he had to be perfect at maintaining his budget. He embraced the notion that budgeting is about being intentional with your money. “A budget is present you giving future you permission to spend — with a plan and purpose behind it,” he added. “Freedom doesn’t come from ignoring your money. It comes from telling it where to go.”
Creating a Roadmap for the Future
Kamel joked that he used to think budgeting was reserved for broke people and Excel-loving accountants. While he was not an Excel-loving accountant, he was broke and determined to get back on his feet financially.
Developing his budget helped him focus not on what he couldn’t have but on making sure he had money left over for the future. With the financial roadmap that a budget provides, you can see where your money has been and where it’s going. “Think about it like this: You wouldn’t drive across the country without a GPS. You’d end up in a Taco Bell parking lot crying into a Crunchwrap,” he said. “But with a GPS — aka your budget — you know where you’re headed and how to get there. You can even pull off for snacks, because it’s in the plan. That’s the mindset. You’re not losing freedom. You’re gaining control.”
Time To Stop Feeling Like a Failure
When Kamel began his 10-year journey from broke to millionaire, he was burdened by student loans and credit card debt. He often felt overwhelmed by the sense that he had no idea what he was doing. Worse, he felt like he was failing. But continuing as he had been wasn’t an option.
“One of the best things I ever did was quit doing the same thing over and over expecting different results. Instead, I followed the proven Ramsey plan to ditch debt and built wealth,” he said. “Fear is a terrible financial advisor.”
Ultimately, everyone should find a financial plan that fits their situation. Consulting with a financial advisor who understands your unique, personal situation can be a smart move. Still, using a budget to put the facts on paper is a powerful first step. “Start small. Swap the bad habits for good ones,” Kamel advised. “Track your progress. And watch your confidence grow.”
Bottom Line
George Kamel went from broke to millionaire by changing his mindset about budgeting. Instead of seeing it as a way to tighten his belt, he viewed tracking his expenses as a way to empower his future self with more money. This seemingly small change has led to significant long-term results.
This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Have a question of your own? Share it on our hub — and you’ll be entered for a chance to win $500.
Laura Bogart contributed to the reporting for this article.
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