George Kamel - 7 Things Financially Healthy People Do (Copy These)

Episode Date: February 28, 2025

📈 Are you on track with the Baby Steps? Get a free personalized plan. Eating kale and quinoa is great, but don’t you want to be just as fit financially? In this episode, find out seven things that financially healthy people do so you can start doing them too. Next Steps: • 🎥 Watch my video Money Expert Reacts to Broke TikTokers . . . Again. • 💰Invest in your future with a Smartvestor Pro. • 🛡️ Are you protected? Take our 5-Minute Coverage Checkup. • 💵 Start your free budget today. Download the EveryDollar app! Connect With Our Sponsors: • 🔒 Get 20% off when you join DeleteMe. • 💸 Learn more about opening a high-yield savings account with Laurel Road. • 📱 Get $5 off Tello's unlimited plan and enjoy great nationwide coverage for only $20 at Tello. Explore More From Ramsey Network: 🎙️ The Ramsey Show   🍸 Smart Money Happy Hour 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 💡 The Rachel Cruze Show 🪑 Front Row Seat with Ken Coleman 📈 The EntreLeadership Podcast   Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Yo, you want to make seven figs by the end of the year? Do this. First, open up 20 credit cards, minimum. Then get your grandma to co-signed on a zero-down FHA mortgage and use her house as collateral, all right? Then take out a reverse mortgage on your other grandma's house and use that to invest in a meme coin. If you haven't already, max out the 20 credit cards, use the cashback to pay for my course on how to create a course on using credit card cashback to create courses. Passive income. What was that? I know an evil doppelganger when I see one. If that sounds crazy, it's because it is crazy.

No one actually makes money doing that garbage. For my UK viewers, that's rubbish to you. Arbitrage? More like garbitrage. I'll be here all week. But this is the kind of junk that people binge on social media or YouTube all the time. So in today's episode, I'll be taking out the garbage and unpacking seven things that every financially healthy person actually does. Okay, the first thing they do is pay attention to their money.

This one might seem obvious, but people often avoid their finances like they do, skipping the doctor or the scale. They're afraid of what they'll find out. They're afraid of what they're going to see. So if you know your bank account is a dumpster fire full of tetanus, you may not want to look at it, but it's still diseased and on fire. We've got to do something about this. So instead, financially healthy people are very aware of their finances because they create a budget, they track their expenses regularly, they check their accounts, and they make adjustments as the month goes on. So people trying to lose weight might use a health app, which asks them to get on the scale every single day. And there's a reason this works. An analysis of

over 130 studies involving nearly 20,000 participants found that people who track their progress, whether they write it down or share it, are way more likely to crush their goals. Turns out, accountability is science. So this is not a shame tactic. It just helps to be clear about where you're at today and see progress towards your goal. And speaking of accountability, the second thing financially healthy people do is ironically something they don't do. They don't do finances alone. They surround themselves with people who want to see them win and who can help them get there. This might be a financial advisor who helps them choose wise investments and create a wealth-building strategy. It's like having a coach for your money, but with fewer whistles and more spreadsheets.

And when the market goes full rollercoaster, they stay calm and they know that downturns are part of the game. Slow and steady wins the race. Unless you're playing Mario Kart, then in that case, grab the mushroom in Florida. So if you haven't had a financial checkup lately, it's time to book one with a pro who can help you see the bigger picture. If you want to connect with a pro in your area, I'll drop a link below to help you do that. Another person that keeps them financially healthy, their spouse, if they have one. They communicate openly about money with their spouse. You know how rare this is in relationships today?

Here's how average relationships go, normal relationships that aren't great. They have separate bank accounts, hidden purchases, and they're Venmoing each other for chilies. This is not a marriage. This is roommates with benefits. All right, you can't win together if you're not working together. So instead, you need to have a shared vision for your life and what you want to achieve. That means a shared bank account, shared budget, full transparency, and consistent accountability. Ultimately, you're going to either grow together or grow apart.

You get to choose. Comment below if you want more tips on getting your partner on the same page. Maybe I'll make a video about it coming soon. Next up, financially healthy people are intentional with every purchase. They aren't dropping fat stacks on impulse buys from TikTok shop and Timu. If you want to win with money, you need to make sure everything you buy is in the budget. Now, you can still buy fun things and enjoy life, but you need to make sure the purchase adds to your life and your goals instead of taking away from it. So here's what that looks like.

The bigger the purchase, the more friction there should be before you commit. And a good way to do that is with the 24-hour rule. Here's what you do. If something costs over a certain amount, you decide, take a day to think about it and see if it still feels like a good idea when you're not riding the dopamine high of adding to cart. And for larger purchases, set up a sinking fund. That's where you save up for your purchase incrementally,

month by month, setting aside a certain dollar amount to get there over time. Not only will this help you stick to your budget, but it will also give you time to research and make sure you're getting the best deal. And let's be honest. Sometimes just thinking it through helps you realize you didn't actually need that air friar that doubles as a rotisserie for chickens you'll never cook. Plus, you can't beat the $5 rotisserie at Costco.

Don't try to outdo Costco. They cannot be outdone. You can't beat me. You can't beat me. You can't beat me. And if you really struggle with impulse buying, you probably need to take your payment info off of Amazon, off of your favorite websites,

and offer your browser to add even more friction. And you want to add even more friction? buy something with cold hard cash. That will help you feel the cost. You go to the grocery store and hand over $100, another $100, you're going to be putting some items back. And I know, I know this is Giving Boomer, but here's the deal.

It hurts a lot more to hand over some Benny Franks as opposed to swiping or a little tap-taparoo on the old jukebox with your Apple Pay, kids. Now I'm giving Boomer. Get off my lawn. Trying to get rid of my clover patch. HOA's on my butt. It's no joke. Old Man River, zip it or I'll break your hip.

The next thing financially healthy people do is properly balanced their spending, saving, and giving. They don't live in extremes. Some people are so focused on investing in saving, they forget to, you know, enjoy life. Some people spend every penny they get and have nothing left. And others might give everything away and end up struggling themselves. None of these situations are sustainable or healthy. So think of your finances like the tires of a car. If one is overinflated, like your spending tiger, you're in for a bumpy ride.

And if another is underinflated, like saving, you've got a fine. financial flat tire. And if you're not focused on any of these, you'll end up Flintstoneing your way to bankruptcy at the budget nursing home. So if you're trying to find balance, here's what I recommend. For giving 10%. That might be to your local church, a nonprofit, a charity or company you really believe in. Whatever it is, 10% is a good baseline. For investing, 15% once you're debt-free with an emergency fund, into retirement accounts, not crypto. And then leave room for some guilt-free spending. Now, there's no percentage for spending, but you've got to keep but reasonable. Always pay cash, stick to the budget, and make sure that your spending isn't

derailing your other goals. And another thing that can derail your goals is your private info being sold to scammers and spammers. If you're getting flooded with spam calls and robotechs and emails, it's a good bet they've got your number, literally. That's where Delete Me comes in. Delete Me will search the depths of the web for your personal data, and they get rid of it. And they keep doing it all year long, behind the scenes, sending you reports to show you exactly where they found it and where they've removed it. And so far, they've saved me 77 hours. of time it would have taken me to do that myself. And the peace of mind is priceless.

So if you want to check them out, you'll get 20% off by going to this link, join deleteme.com slash George, or use the link in the description below. And while you're getting your privacy back, let's talk about Nickelback. Not my strongest transition, but I'm doing my best, all right?

Do you miss the simpler times when Nickelback was your ringtone and your phone bill was based on how much you used your phone? Well, I can't help you with your music taste, but I can point you to Tello, the response of today's video, and a great way to save money on your phone plan. Plans start as low as $5 a month, and it's only $25 a month if you want unlimited everything.

And if you're worried about cell service, don't. They piggyback off Team Mobile's towers, so you still get excellent coverage wherever you are. And if you decide to take a trip around the world in 80 days, Tello's got you covered in over 250 countries and territories. And you can get five bucks off your first month of unlimited everything by going to tello.com slash George or use the link in the description below. All right, back to financially healthy people. And here's a big one.

Financially healthy people earn interest and they don't pay it. You see, when you borrow money, you're paying interest. Translation, you're forking over extra hard-earned cash just for the privilege of using someone else's money. And let's be honest, that privilege is actually a punishment. So if you've got consumer debt, credit cards, car loans, student loans, you're stuck on the wrong side of this equation. You need to get that junk out of here faster than when the cops showed up to your last boy's night out at Lucky Lane's bowling alley. You know what happened, Brad. I haven't no idea what you're talking about.

You'll notice I said consumer debt. The only exception all that slide is a mortgage. And even then, only if you stick to a 15-year fixed rate loan and pay it off as early as you can to minimize the interest paid. But financially healthy people, they flip the script. They make interest work for them by earning it through compound growth when they invest. So the goal is to have your money make more money, not have it siphoned off into lenders' hands. Moving on. The next thing financially healthy people do is they protect their wealth as they build it.

Now, there's a few things they do to protect their wealth. For one, they have an emergency fund of three to six months of expenses. Not having one in place is like playing a game of Jenga. You've got an impressive tower, but if the right or rather wrong block is pulled, everything you've built will come tumbling down and you'll have a toddler laughing in your face. Okay, maybe not that last part. That was personal.

You know what you did, Brad. Brad's a toddler. Why did I take him bowling? I don't know. Thought you'd have a good time. They got the bumper lanes. What could go wrong? Famous last words.

That's why it's so important to have three to six months of expenses saved up so that when something unexpected does happen, like you lose your job because of what happened Tuesday at the bowling alley. Then it's an inconvenience, not a disaster. When are you going to stop bringing it up? Another way to protect your wealth is to have the right insurance policies in place, starting with a good term life policy. This is meant to replace your income if something should happen to you.

So if there's anyone in your life who depends on your income, you need 10 to 12 times your salary in a term life policy. This is super affordable, especially if you're young and healthy. And don't mess around with other types of life insurance, like whole life, universal life, any kind of permanent life insurance policy. They're crap products that benefit the insurance company and the salesperson a heck of a lot more than it benefits you. You also want to make sure you have the best coverage for other policies, like home and auto.

If something were to happen and you're liable, that could sink you as you try to build wealth. So you've got to make sure that you have the right coverage and enough. So if you want to make sure you've got all the right insurance policies and none of the wrong ones, take my free coverage quiz. I'll drop a link in the description. It's going to really help you out. Remember, the purpose of insurance is to transfer financial risk to the insurance company, which ends up protecting your money.

So it is worth every penny to have the right coverage. Okay, last but not least, financially healthy people don't care what others think. They have risen above the comparison game, and they focus on what they can do with what they have. They're not trying to keep up with the Joneses, and they're not falling for get-rich-quick schemes either. They're very focused on their life and their goals. So be selective about who you listen to, who you hang around, and avoid advice from broke people, and avoid advice from social media gurus that make it sound like it's so easy to build wealth.

It takes time and consistency, and it doesn't involve their passive income schemes or courses. Not caring about what other people think is a superpower in today's world. If you can harness that, you'll have more joy and peace and wealth than almost anyone you know. And I know there's so much noise out there on social media

and a lot of terrible financial advice, so I'm here to cut through it. So keep watching this next video where I react to some of the most rubbish money advice out there from my Italian viewers, that's Garbageo. I'll drop a link in the description if you want to watch it.

And if you like this video, be sure to hit the like, subscribe, and share it with a friend. Thanks for watching. We'll see you next time.