George Kamel: 7 Hard Money Truths You Need To Know
Written by
Ashley Donohoe
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Jenna Klaverweiden
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Whether you are new to learning about personal finance or have applied the basics for many years, keep in mind that some important lessons come only from experience or aren’t included in a typical course you’ll find online. They also aren’t always pleasant to hear.
In a recent video, financial expert George Kamel shared several hard money truths you should know to take control of your finances and succeed at building wealth. Learn how to apply these seven key lessons to avoid regrets and improve your situation today.
1. Nobody’s Coming To Save You
“No politician, government forgiveness program or long-lost third cousin twice removed is going to swoop in and clean up your life, whether we’re talking about money or any other area,” Kamel said.
You’ll have better success if you take control of your own money by budgeting, investing, getting rid of debt and making income-increasing moves. You can also work with professionals, such as financial advisors and tax experts, if you’re stuck on how to proceed.
2. Living Fake Rich Leaves You Real Broke
Whether you want to have fun feeling rich or want to impress your friends, you might find yourself spending money on luxuries that your bank account can’t accommodate. Instead of making you rich, this lifestyle can run up debt and hurt your long-term goals, like retiring on time.
Kamel recommended being intentional with your money instead. This can look like spending only the cash you have, ensuring you use some income for saving and investing, and not letting the comparison trap lead you into poor financial decisions.
3. Retirement Is a Financial Number, Not an Age
According to the Center for Retirement Research at Boston College, the average retirement age was 63 for women and 65 for men in 2024. But if you don’t have enough saved by your planned retirement age, you may be stuck working for longer, as Social Security usually won’t cover all your expenses. So contributing regularly and sufficiently is key to staying on track.
“Once you’re debt-free with a fully funded emergency fund, start setting aside 15% of your paycheck every single month into a tax-advantaged retirement account like a 401(k), a 403(b), a Roth IRA, whatever you have access to,” Kamel said.
He included an example of how even modest contributions can set you up for a nice retirement, especially if you start as early as possible. Using the Ramsey investment calculator, Kamel showed that a 25-year-old investing $500 per month and earning a 10% average return would have around $2.3 million at age 62 and $3.9 million at age 67.
4. If You Bet Against Yourself, You’ll Always Be Right
Whether you’re dealing with debt or struggling with saving money, you may be underestimating the importance of your mindset to your success. According to Kamel, if you’re cynical or believe you can’t achieve your financial goal, you’ll likely prove yourself right.
But a positive mindset can have the opposite effect. If you stay open to making sacrifices and persisting when you face challenges, there’s a better chance your work will pay off.
5. You Can’t Build for the Future While Paying for the Past
Having dealt with substantial debt in his 20s, Kamel said, “Every dollar you send to Capital One or Sallie Mae or insert lender of your choice is a dollar you can’t use to invest, save or create new opportunities.”
Debt hurts your cash flow and has costs like interest and fees. That’s why Kamel suggested the snowball approach to become free of consumer debt in potentially 18 to 24 months. You’d make minimum payments on all your debts while you aggressively pay off the smallest one. Then, repeat the process for the next-smallest debt.
6. Making More Money Won’t Fix Everything
Surprisingly, the Harris Poll’s 2025 Income Paradox Survey found that 64% of respondents viewed their six-figure incomes as leaving them in survival mode, and only 23% of six-figure earners considered themselves to be “thriving.”
As Kamel explained, a large pay bump isn’t a solution to overspending or other poor money habits, so there’s no guarantee you’ll be better off. Instead, budget your income, avoid lifestyle inflation, try to avoid debt, and always leave some margin for investing and other key goals.
7. Wealth Is Built on Boredom, Not Excitement
“The process of building real wealth is slow, steady and, honestly, super boring,” Kamel explained. “It comes from budgeting, saving and investing over and over again, month after month, year after year.”
Expecting to get rich from things like crypto, collectibles, gambling or whatever is trendy at the moment is risky and can lead to major losses. Kamel recommended sticking with making consistent retirement plan contributions, which this Ramsey Solutions study found was a common millionaire habit.
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