George Kamel - If You Say "YES" To These Things, You're Probably Broke

Episode Date: October 24, 2025

Almost half of Americans consider themselves “broke,” but why? According to a new article, it might be their inability to say no. Today, we’re breaking it down so you’ll know when to say yes��and when to just say no. Next Steps: • 🗞️ Check out the article mentioned in this episode. • 🎥 Watch my video Frugal People Never Do These Things. • 📈 Are you on track with the Baby Steps? Get a free personalized plan. • 💵 Start your free budget today. Download the EveryDollar app! • 🎧 Listen to my book, Breaking Free From Broke, on audiobook. Connect With Our Sponsors: • Get 20% off when you join DeleteMe. • Get up to 40% off Cozy Earth with code GEORGE. • Go to FAIRWINDS Credit Union for an exclusive account bundle!   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 📈 EntreLeadership   Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Almost half of Americans consider themselves broke, and it's not just low-income earners, but why? Is it housing costs? Inflation? Low-income? Labibou addiction? According to this article, it might be their inability to say no. This intriguing piece from Yourtango.com is titled, People who always say yes to these 11 things stay broke no matter how much money they make.

Brevity, you ever heard of it? Get a clue! Twain's rolling over in his grave. Today, we'll go over the list so you'll know when to say yes, and when to say, heck no, dad, get out of my room. Why is he always coming in my room without knocking? All right. Already off to a strong start with AI girl, looking like business confused.

Okay? Let's see. First up on the list of people who always say yes to these loving things, they broke no matter how much money they make. They say yes to every social invitation they get. And it goes on to say, considering that belonging community emotions are inherently tied to a person's spending habits and financial well-being, it's not surprising that social events going out meeting new people

are things people overspend on without a second thought. They just accept it. However, people who never set boundaries around spending with their friends or fall into cycles of peer pressure will stay broke regardless of their income. This one is very much true. I've seen this happen and you go, well, I got to live my life. I need to have a social life and that costs money. But here's the thing. If you surround yourself with the right people and the right friends, they're not always going to be trying to go out and spend money because they also have financial goals.

So find friends who are trying to grow and get better and can have fun on a budget. Maybe you just go over to someone's house and do a game night and get some pizzas. And go pick up the pizzas, avoid the delivery fee and tip. Just pick it up. You got two legs. You got a vehicle. Pick it up. Next up, number two, buying things just because they're on sale.

According to a psychologist who's sourced in this article, many of the impulsive spending habits and overspending tendencies of people who stay broke are rooted in misguided and misleading advertising. So they justify buying something they don't need because it was on sale, even if they ended up spending more than they would have if they passed over it. People who always say yes to sale items stay broke, no matter how much money they make. They're always making excuses for spending and justifying. Yeah, I like to say it's 100% off if you don't buy it.

the greatest sale there is. And it's true. If you go look at Amazon on Black Friday, you'll notice that there's really not a ton of great deals to be had. All they do is jack up the MSRP and then the price says it's 70% off. And you're like, wait, it's always $9.95 for this item with free shipping. Why did I get duped into thinking this was a deal? And they'll use colors, they'll use special branding, they'll use urgency. Hey, the sale ends tomorrow. All of that stuff is marketing, which is not evil, But if it takes over your life and makes you spend needlessly, it's evil to you, isn't it? If you want more of my take on this, I have a whole chapter in my book Breaking Free from Broke called Spending a Self-control. And in there, I quote myself by saying, never spend just to save.

Put that in your quote book. Right away, sir. Number three, getting every upgrade. This article says even when you don't have the money to spend, you don't actually need it, it's irresponsible. People fall victim to this, whether it's a self-revelling. phone upgrade, an addition at a restaurant, an upcharge for convenience. Getting every upgrade is one of the quickest ways to spend more money than you have. And people have this why not attitude that encourages them to overspend.

Yeah, I'm very leery of any upgrade. Anything that's going to cost me more than the base price, I'm going, is the juice worth to squeeze here? What is the ROI? Can I live without the upgrade? Am I actually going to use the addition that I'm getting through this upgrade? And most of the time I say no. Especially when I was in debt trying to get out, it was no to everything.

In fact, you probably should just say no to the base thing, let alone the upgraded version of the thing. Sorry, Chipotle. No guac today. Number four on the list, lending money to people. I love this photo. I want to know what context this photo was taken in, but it's just... Money, please. Whether it's helping out friends by lending them cash or agreeing to co-sign someone's loan, people who always say yes to loaning money, stay broke no matter how much money they make.

Yeah, like there's a study here from Journal of Consumer Psychology says lending money isn't always the healthy act of service we think it is. It can actually erode trust and connection in a friendship or relationship when you lend money to someone with expectations. It can spark resentment, disconnection, and animosity. I love this take. I have never seen it work out where you lent money to friends and family and it didn't change the relationship. It becomes a transaction and it becomes a sort of an awkward relational tension. where now every time I think of that person or talk to them, I'm thinking, they owe me money. They haven't paid me back.

And they probably avoid you because in the back of their mind, they're going, I owe them money. I got to pay them back. I don't want to interact with that person. In the likelihood of you actually getting that money back and saving the relationship, slim to none. As I take calls on the Ramsey show, usually it's a dumpster fire situation. The relationship is destroyed.

Or it's enabling. And there's entitlement there. And the person is just going, well, they expect money from me because I gave it to him last time. and the time before and the time before, stop. If you want to gift money one time to help someone out, do that and do it with peace and don't expect the money back. And also, try to give it directly to the thing they're needing, not just blindly handing the money and hoping they'll do something smart with it.

Because chances are, the way they got into the situation was by not handling money well. So give directly to the landlord to cover their rent. Don't just give them a thousand bucks and say, hope you do good with this. Next on the list, going out to eat frequently. Dipping a fry, probably into some aoli, if I had a guess. He seems like that kind of guy.

It says many people go out to eat to connect with people, feel a sense of belonging, or simply cope with the consequences of social isolation. That got dark real quick. Whenever I go out to eat, I'm not thinking, I would like to cope with the consequences of social isolation, please. Table for one. They often overspend on the experience of going out, even if they don't have the cash to spend,

more than 50% of participants in one survey. Do that. Mikes, admitting they eat out more than twice a week. Rising food costs, menu prices across the country, going out to eat regularly can be a huge financial expense that drains people financial resources, even when they're making a lot of money. Now, this one's true, and I get heat for this. I've done videos about this saying, hey, it's cheaper to eat at home, which I thought was just a very simple thing that nobody could argue with. And yet, they argued. But we know that restaurants have to charge about 300% just to cover their overhead, their cost, their payroll, all of it.

of that. So it's always cheaper to eat at home. And yes, it's going to take a little bit of work. And no, you're not going to spend nine hours cooking and cleaning. You can do this smart. In fact, I use chat GPT and just say, here's what I have on hand. Give me a great recipe that I can make with the time and resources I have on hand. Works like a charm. Next up on the list, we've got opening and using credit cards. Boo! You stink. People who always say yes to opening store credit card. Are there people who always say yes to opening store credit cards? Who are these people? The 16-year-olds, like, would you like to open the TJX rewards? Yes, absolutely. I want to save 10% on this blanket. But it does say they stay broke no matter how much money they make if they keep opening up these cards. And here's the thing. It goes on to talk about buy now pay later programs, which can make impulsive spending more accessible, giving people instant gratification without immediate guilt of having spent that money.

So here's the truth of this. Human psychology says if I use someone else's money and I have to pay it back later, I'm less concerned now and therefore will feel better spending more. But if it's my money and I want it now, coming from my own bank account, I'm going to treat that purchase differently. So you cannot argue that you use a credit card just like a debit card. Psychology says you are lying to yourself. Because when it's a debit card, it is my money tied to my checking account and I can actually run out of money. So you can't really go into debt by using a debit card, but you absolutely can using a credit card. And you tell yourself you'll cut it up later, you'll just get the discount now at the store.

Don't fall for that trap. Because there's always another offer coming into your email and text and mailbox saying, come back. Here's another offer. Here's another offer. Don't fall for it. Number seven on the list, we've got impulsive online shopping. For some people, it's themselves that they're constantly in a battle with overspending.

There's a 22 study that found many people who struggle with impulsivity in their daily lives are more likely to make impulsive spending decisions, like buying mobile games, clothing and services online that make spending money easier. This is true. There's very few things you could buy online that are necessary for existence. You know what I mean? Like you pay all of your bills online, sure, but actually making a purchase online, very little needs in there, just a whole lot of wants.

And it says people who always say yes to impulsive online shopping, stay broke. That goes without saying. And it goes on with a solution of setting boundaries with spending online, screen time, social media in general is essential for protecting financial well-being. Here's the study I want. Someone who does not have social media, someone who doesn't use their phone a lot, I'm assuming they spend a whole lot less than the person who is constantly scrolling, being inundated with ads left and right that are very much targeted. They know you. They've been listening to you. They know what you like. They know what you don't like. They know what you're insecure about,

and they will find a product to make you feel better about it. So stop the scroll if you want to build wealth. Stop the scroll. Number eight, Covering the bill for everyone. Look at this, Mr. Generosity, handing over his card. What is he? Oh, he's holding his phone to tap to pay. This is the most millennial photo I've ever seen. A lot of guys in denim overshirts in this article. They found a theme here.

The article says to avoid the discomfort of having to split the bill or tally up what everyone at the shared dinner spent, some people prefer to just pick up the tab completely. However, people who say yes to doing this often, stay broke. It's important to treat your friends and leverage some of those crows. Credit card points. Come on. You miss me with that. Leveraged credit card points. But if you're not being paid back or adding stress to your life by tracking down payments from people you don't really know, that's only adding to financial insecurity. Yes, there are people in my life who have done this. And let me say I appreciate the generosity. I think the motive here is pure. But if you do this consistently to avoid the hassle factor and you're not footing the bill and then trying to get Venmos from everyone, Either way, it's exhausting. So here's what I do.

I just ahead of time, make it clear with the group. Hey, you guys good splitting checks? Okay, great. Tell the waiter ahead of time, hey, we're going to split checks. Is that okay? And then instead of this awkward, it's been three hours,

you're like, oh, let's just get out of here, I'll cover it. You know ahead of time, you make it clear ahead of time. The waiter's not peaved because they've got to go split checks nine ways. And tip your server as well. Next up on this list from the good people at your tango. Extended warranties.

Many people who believe they're being responsible with their money or even know they're overspending on big investments in things like tech or a new car may purchase extended warranties to justify their spending. However, according to consumer reports, extended warranties are hardly worth the money even for expensive products and services. Truth, Dave Ramsey would agree. We never recommend extended warranties. A lot of times, the company, the dealership, whatever it is, they're making more money off the extended warranty than they do off the actual product. The profit margins are. are so slim in some of these products that they sell and push these warranties hard

and they train their employees to sell these hard, saying, hey, what would happen if you dropped that phone? What would happen if something happened to the car? And so don't fall for this. Just say, nope, not interested, hard pass, and hopefully they'll leave you alone. And it might not be a car or an expensive piece of technology. Maybe it's your phone. And you're thinking, well, it's smart because I'll probably drop my phone. Just put a $20 case on it and a screen protector and take care of your crap. That's way cheaper than the warranty. We know by the statistics that most people never actually use the warranties. So it's just, it becomes a giant waste of money that make the companies even richer.

It goes on to say, for the most part, people who purchase these warranties never actually use them. Let me see what article. Ramsey Solutions article, are extended warranties worth it? Look at that. Thanks for the shout out. You know what? I take back everything I said about you. You're a peach, your tango.

Good people over there. Now, are we going to link to you? No quid pro quo over here. So glad we're in alignment here. Extended warranties are a dumb money move. But you know what a smart money move is? Choosing the right financial institution. It can make your whole experience so much better.

And that's why I love Fairwin's Credit Union, a sponsor of today's video. They're owned by their members, not by Wall Street, which means they're not out here trying to increase shareholder value. In fact, they want to get you out of debt and get you on the path to financial freedom. And they celebrate all of their employees who become debt-free. And with over 33,000 free ATMs and 5,000 credit union partners nationwide, you're covered just about anywhere. So go check out their smart bundle just for our Ramsey fans out there at fairwinds.org slash Ramsey or use the link in the description. Now why you're at it, check out the new Ramsey branded debit card. Very exciting.

And while you're keeping your money safe, why not keep your info safe too? The way I do that is with DeleteMe, another sponsor of today's video. It seems like every other day there's a new scam to watch out for a new data breach, but DeleteMe helps cut the risk by removing your info from hundreds of data broker websites. They have data privacy experts that work all year long behind the scenes to keep tabs on who's got your info, delete it, and then send you a report showing you what they've done. And one of my favorite features is the custom removal request. So if you find your info on some website, just send them a link and they'll get to work on taking it down. And with my special link, you can get a discounted annual plan that comes out to about nine

bucks a month. So to get that deal, go to join delete me.com slash george or just use the link in the description below. All right, let's get back to the article. The next one on the list, peer pressure. Now very taken aback by this photo of a beautiful older couple who look like they're shopping for ornaments and I guess he's going, you do it, you won't do it, Cheryl. I know you already have one in green but what if we got one in red and a little crazy? What is that? Okay, I see maybe there's some jewelry there that she's looking at. They seem to have all their fingers which tells me me, this might not be AI. This is just a candid photo of a couple madly in love purchasing a very

expensive ornament. I love it. Well, here's what the article says. Spending on things like going out, eating at restaurants, group vacations, even clothing, just because everyone else is doing the same thing can leave you stuck in a precarious financial situation. Pure pressure may not even come directly from social interactions and conversations, as we generally imagine, but rather from the pressures of isolation and comparison. A lot of isolation refer, are you always? Are you a Let's check on the author. Zeta, you're doing okay? I'm worried about you.

Mind your own business. She's fine. A study published in the Journal of Consumer Behavior explains, we may be pressured into overspending by peers who are wearing clothes that symbolize some kind of status or by coworkers who follow a similar trend in the dress code. Well, I can tell you, I am not on trend, so I don't have to worry about that. We're on a search, our community, belonging, acceptance, we're pressured into buying things we don't need, don't need, which is why people stay broke. Yeah, I agree with this one that pure pressure is real.

And again, this goes back to the environment that you create. You set the tone. You get the group of friends that you chose. And so if you don't like it, find new ones. Opt out. Say no. And if things are too expensive, I hope you have real friends that you can just say, nah, I can't afford that. And they go, okay, no big deal. Understood. But if you're like clout chasing, trying to dress a certain way to impress people, you don't really like. like, you have created a very toxic, sad cycle for your life that I hope you can opt out of. And last but not least on the list, we've got lifestyle creep, one of my favorite types of creep out there. And apparently this girl has fallen for it. Look how many bags she has.

The bags look almost empty. So I don't know if she's just buying pieces of paper. I don't know what's in there, but good for her. Lifestyle creep is what happens to many people when they get a raise or bonus and start making more money. Rather than putting that money away or investing they begin to increase their spending habits and live a more luxurious lifestyle. According to experts from Fidelity, if you're working hard enough that you're getting more money from your effort and success, you deserve to spend more. What? That's an expert? I don't even understand. That was like a study they did. Sure. Fidelity says you deserve to spend more is what they're saying. It ends with just because you're deserving of all the luxuries and treats in the world doesn't mean that investing in them is a safe and responsible decision. Okay, here's my take.

The three most dangerous words in the English language as it relates to your finances, I deserve it. Listen, you deserve a lot of things, but namely, you deserve peace, you deserve freedom, you deserve options, you deserve margin, because you work too hard to be this broke. So instead of saying, I deserve a brand new car, say, I deserve a life without payments, so I'm going to buy the car that I can afford, because I want to live with some peace and a lack of stress in my life. So yeah, lifestyle creep is real.

And this is the power of doing a budget. When you do a budget every month, you already have a plan for your money. So when you have more money coming in, you just go, cool, I already have my goals to get out of debt. I'll throw it there. Or save up that emergency fund. Great. Or I'm going to invest more or work on that house-down payment. And yes, you can spend a little bit.

I'm not telling you to be a fuddy-duddy and not enjoy life, but you got to make sure you don't have a flat tire where all of it is going to spending. You should give a little bit of that raise. You should save a little bit and then spend the least amount of it. So, solution here is simple. Be intentional with your money. Practice delayed gratification, which means saying no right now, so you can say yes later on.

And what makes it so much easier is having that plan. So if you wanna know the budget app that I use to track my expenses, go check out every dollar. I'll drop a link in the description below. And while we're saying no to things, check out this video to see things that frugal people allegedly never do. Just click right there or use the link in the description.

That's it for today. If you enjoyed this video, it would mean the world if you would hit that like button, hit the subscribe button so you don't miss another video. video and share this video with someone who needs to learn how to say no. Thanks for watching. We'll see you next time.