George Kamel: Take These 15 Steps If You Get Rich Quick
Kamel discussed how a lottery winner called in to The Ramsey Show after losing his windfall due to gambling. A personal finance course can help you avoid such mistakes and wisely use your money to stay rich.
Get Rid of All Debt
A Certified Financial Planner Board of Standards survey found that around 83% of American households had debt in 2024. Now is the time to pay it all off and eliminate payments and interest charges. You should also aim not to find yourself in that place again.
“Ditch debt for good and choose to opt out of the system that’s designed to make credit card companies and banks filthy rich,” Kamel said.
Wisely Invest
While risky investments like crypto or trending stocks can tempt you with potentially high returns, Kamel recommended a more boring approach.
This includes making maximum contributions to your 401(k) and IRA, buying real estate with cash, and investing in index funds in a regular brokerage account. Kamel also encouraged understanding any investments first.
Pay Off Your Home or Buy One
If you haven’t paid off your home’s mortgage yet, you can do that now to save money on interest. Kamel explained that aspiring homeowners can also finally make the move to purchase a place fully in cash.
Buy Umbrella Insurance
Since you have a lot more to lose if you’re wealthy, you’ll need to consider the risk of liability lawsuits that your existing insurance policies won’t fully cover. That’s why Kamel recommended umbrella insurance for anybody with a net worth above $500,000.
Get an Estate Plan
Trust & Will’s 2025 Estate Planning Report found that only 45% of Americans have made estate plans. This can lead to confusion and tough decisions for your family should you die or become incapacitated.
Kamel recommended having a power of attorney and documents explaining who should get your assets and how to handle your affairs.
Create a Trust
While Kamel said a will is usually enough for the average person, he explained that the wealthy should consider trusts. Otherwise, you risk your heirs misusing what you leave behind.
Trusts are often complicated, so discuss your situation with a trusted attorney.
Give Generously
“The truth is giving is the most fun you can have with money, and what’s the point of having money if you’re not going to use it for good?” Kamel said.
He suggested a minimum 10% giving rate for the average person, which you could easily exceed if you’re rich. Consider options like donating to charities, family members or needy people in your community.
Don’t Lend to Friends and Family
When you let family members and friends borrow from you, it can easily make things awkward and cause arguments if they don’t repay you. Kamel suggested avoiding such conflicts by just giving them money when you want to help.
Enjoy Your Wealth (Within Reason)
Kamel encouraged using your money in ways that you find enjoyable, such as going on your dream vacation or making a long-awaited major purchase.
However, still keep the long term in mind and avoid making spending decisions that will eventually hurt you. That includes not falling into the lifestyle creep trap, which can even leave wealthy people struggling to pay the bills.
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