George Kamel’s Take on Money Advice From World Leaders — Should You Listen To Them?

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When it comes to money, everyone has an opinion on the best way to make it. Your mother, an all-star baseball player, the president of the United States and an Uber driver will all have different ideas regarding finances.

George Kamel, a personal finance expert and co-host of The Ramsey Show, is a millionaire with blunt opinions of his own. In a recent YouTube video, Kamel reacted to multiple financial tips given by world leaders. Here are his thoughts.

Also see the six best pieces of money advice for the middle class.

Kamala Harris

Vice President Kamala Harris once gave financial advice to parents about their children’s potential student loans. Currently, student loan debt is a major issue in the U.S., totaling $1.753 trillion. Harris said that if parents have equity in their home, they could take some of it for tuition rather than asking their child to take out a student loan.

Kamel disagreed with this idea. He said taking out a home equity loan or a home equity line of credit could mean losing your home for your child’s debt-free graduation. These types of loans, according to Kamel, have a variable interest rate, meaning the rate could change at any time. If you’re unable to make the payments and default, the bank could take your home.

Kamel said he believes many parents already struggle to support their families and adding risks that could result in losing their home is not a good idea.

Barack Obama

Former President Barack Obama said that someone truly financially secure doesn’t need to show off. “If you are really confident about your financial situation, you probably are not going to be wearing an 8-pound chain around your neck … I don’t have to show you how much I’ve got. I feel good,” he said.

Kamel wholeheartedly agreed with Obama’s point. When it comes to growing wealth, impressing your neighbors should be the least of your worries. Kamel said building wealth is for you and your family. While it may be difficult in the age of social media, tuning out the distractions and not caring what others think can help you become more financially secure.

Ronald Reagan

Former U.S. President Ronald Reagan once appeared on Johnny Carson’s “The Tonight Show” in the mid-1970s and spoke about balancing budgets, saying it’s the answer to inflation challenges. When Carson asked Reagan how to balance a budget, he got a simple answer: Learn to say “no.”

Inflation has become a buzzword many consumers point to for their financial problems in recent years. The Bureau of Labor Statistics reported that the consumer price index of all items rose 3.2% from July 2023 to July 2024. Reagan’s advice, according to Kamel, can apply to the average consumer and shows that good financial health is possible despite inflation challenges. 

Reaching your financial goal means rejecting some things to get where you want to be. “It’s so simple, but it’s so hard. Live on less than you make,” Kamel said.

Justin Trudeau

In Canada, there has been an increase in missed credit card payments and credit card debt. Canadian Prime Minister Justin Trudeau explained in a video earlier this year that credit scores are tools people build up over time by making on-time payments and resolving debt to show the banks they are responsible and trustworthy. His policy involves tweaking the Canadian system so that monthly rent payments count toward credit scores.

Kamel pointed out that Canada has financial problems and that callers have asked about this multiple times on The Ramsey Show. Canada’s financial issues range from housing affordability to healthcare costs to widespread debt. And Kamel is skeptical of the idea that a good credit score can help fix any big issues. For Kamel, a credit score means you get into debt to get out of debt so you can take on even more debt next time.

Consult Financial Experts

Overall, Kamel recommended consulting financial experts, not politicians or world leaders, when it comes to your money. “You can take control of your money and make good decisions that lead to wealth,” he said.

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