5 Wealth-Building Habits George Kamel Swears By
Written by
Nicole Spector
Edited by
Kristen Mae
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Who among us doesn’t want to increase their wealth, or, at the very least, get into (even) better financial shape? There are tried and true ways to do this, even if you’re just starting out in your journey toward achieving financial freedom. One way? Consciously adopting savvy habits.
In a recent video posted on financial expert and money influencer George Kamel’s YouTube channel (which has over 375,000 subscribers), Kamel hashed out the five key habits that will instantly help you get better with money. If you stick to them, these habits will help you build wealth in 2025 and beyond.
Track Your Spending Every Day or Two
You may be used to tracking your expenses on a monthly basis, but it’s best to track them daily, or at least every other day. This habit will ensure you’re not spending more than you’re making and can help you get a comprehensive view on where your money is really going.
“If you have more going out than you have coming in, that’s how you wind up taking on debt and perpetuating the cycle of being broke,” Kamel said. “That’s a recipe for disaster.”
If you want to avoid the disaster of debt (or lift out of it), tracking your expenses daily will help.
“When you can literally see what’s coming in and what’s going out right there in front of you, you know exactly where you’re overspending, and you have better accountability,” Kamel said. “Once you get in the habit, you can check your expenses every day or two.”
Ask Yourself These 5 Questions Before Any Purchase
Before you even think about buying any particular thing, you must, at the insistence of Kamel, ask yourself the following five questions:
- Will this add value to my life?
- Am I buying this for the right reason?
- Is this in my budget?
- Is this the best place — and price — to buy?
- Is now the right time to buy it?
If the answer is “yes” to all the above questions, you can confidently proceed to purchase.
Follow the 48-Hour Rule
There’s a famous old song called “(How Much Is That) Doggie In The Window.” The song takes a weirdly dark turn, as the singer (Pattie Page) goes on about how she wants a dog to protect her from burglary break-ins. So, she has a good reason for wanting the dog, but she doesn’t know how much the dog costs. And, she’s so infatuated with this dog, it seems she may purchase it without knowing or even caring how much it costs. What should this passionate prospective buyer do?
Kamel would say she should wait at least 48 hours before she makes a move to buy that adorable and possibly ferocious pup.
“The bigger the purchase, the longer you should wait,” Kamel said.
Use Your Own Money for Every Purchase — Not a Credit Card
You may already know this, but it’s a good reminder — especially during the holiday shopping season: A credit card is not your money. It is a loan from a lender and can be a dangerous one.
“Credit cards influence people to spend more by activating the rewards centers of our brain,” Kamel said. “Basically, it’s less painful psychologically to spend someone else’s money and pay it back later, than it is to use your own money right now.”
Kamel added that Buy Now, Pay Later presents the same problem as credit cards.
Invest Consistently and Save Intentionally
You won’t build wealth without investing and saving. Make both of these moves a habit. But first, know your financial goals.
“Set clear financial goals to help you stay focused,” Kamel said. “Once you know your goals, it’s time to make a plan and stick to it.”
Kamel pointed out that you can automate your saving and investing. Doing so will help make these essential money moves a habit you don’t even have to think about.
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