George Kamel: 11 Lessons That Helped Me Become a Millionaire

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When money expert George Kamel was in his early 20s, he struggled with $40,000 in credit card and student loan debt and felt pessimistic about his situation. But after working a regular job and following Dave Ramsey’s 7 Baby Steps, he was able to reach millionaire status within 10 years.

In a recent YouTube video, Kamel discussed 11 lessons that helped him go from broke to wealthy. While these tips are geared toward people in their 20s, many are helpful regardless of your age.

Also see seven key signs you’ll be a millionaire sooner than you think.

1. Choose the Right Spouse

Kamel explained that marrying someone who was on board with his financial plans, including paying off debt quickly, was important for achieving his wealth. 

You should find out if your potential partner budgets, controls their spending, avoids debt and supports your long-term goals. Not only will this help your finances, but getting agreement early on should reduce the arguments you’ll have.

2. Purchase Appreciating Assets

While it’s OK to have some things just for fun, Kamel said that spending money on cars, Beanie Babies and other items that don’t have rising values won’t help with building wealth. Instead, focus on appreciating assets like homes and retirement account investments. 

“Buy things that make you actually wealthy instead of things that just make you look wealthy,” he said.

3. Don’t DIY Everything

Following a YouTube tutorial to fix something at home seems like a smart way to save money, but it can backfire if you make a mistake or abandon the project after paying for materials. 

Kamel explained that it’s sometimes financially wiser to let a pro handle the job. This is also a good recommendation for legal and financial needs, like dealing with taxes or selling a home.

4. Prioritize Financial Literacy

The latest Ramsey Solutions State of Personal Finance in America study showed that 49% of American adults viewed their financial situation neutrally or negatively. Regardless of which financial problem you have, understanding the basics of money is crucial for tackling it.

Since many people don’t learn about personal finance in school, Kamel suggested checking out books, YouTube videos, podcasts, online classes and money apps to build important skills. However, stick with trusted experts and sources since social media advice can be misleading.

5. Don’t Compare Yourself

When you’re scrolling social media and seeing people show off their lavish lives or promote expensive products, don’t fall into the trap of wasting money to be more like them. Otherwise, you could end up drowning in debt instead of increasing your net worth.

“Focus on your own financial goals instead of trying to keep up with people who are probably broke but good at pretending they’re not,” Kamel said.

6. Automate Good Money Habits

While planning to do something smart with your money is simple, following through can be a challenge. Maybe you forget to pay the bills or struggle to redirect funds to your savings.

That’s why Kamel suggested automating account transfers, retirement plan contributions and bill payments. Besides saving time, you’ll ensure you meet your money goals in the background.

7. Add Friction to Bad Money Habits

When you can buy things quickly and easily, you risk overspending and running up debt. Experian data from June 2025 showed that the average American’s credit card debt alone was $6,735.

Having traded credit cards for cash and a debit card, Kamel said he now considers purchases more carefully due to the friction. He also suggested other ways to make spending harder, such as removing saved payment details, uninstalling shopping apps and using spending alerts.

8. Be Around the Right People

If you spend time with people who manage their money poorly, show off their fancy stuff or pressure you into bad choices, their influence will likely make it harder for you to build wealth. 

“Find people who are making smart money moves, people who understand the concept of delayed gratification, people who are actually building something with their lives instead of just consuming everything in sight and racking up tons of debt,” Kamel advised.

9. Don’t Care What Others Think

Whether you’re living frugally to pay off debt, working a side gig or renting an apartment, other people might criticize you or push their money beliefs. Kamel said it’s in your best interest to ignore their opinions and stay on the right path to achieve your goals. 

The same goes for comparing yourself to those around you who may be better off right now. Rather than making large purchases or changing your financial plans just to impress others, be content and persistent. 

10. Don’t Be Afraid of ‘Boring’

The Ramsey Solutions National Study of Millionaires noted that wealthy people often followed simple strategies, such as consistently contributing to a 401(k) account, working traditional jobs, attending public universities and using grocery lists.

While that’s not as exciting as getting an inheritance, running a niche business or profiting from crypto, Kamel explained that the “boring” stuff helps make you wealthy. So take steps to maximize your income, avoid losing money to debt and smartly invest for the long term.

11. Do Something

“At some point, you gotta stop consuming financial advice and actually go do something about your situation,” Kamel explained. “And the sooner you start, the better.”

Possible next moves include making a debt payoff plan, automating transfers to your emergency savings account or increasing your retirement plan contribution rate to 15%. Kamel said the latter would especially set you on a good path to growing wealth over the next decades.

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