George Kamel - Money Mistakes That Won’t Stay In Vegas

Episode Date: February 5, 2024

💵 Sign up for EveryDollar today. Create a free budget! In today’s video, I’m ruining strangers’ vacations by asking the hard-hitting questions about what really happened in Vegas financially.    Next Steps 📗 Order George Kamel’s new book, Breaking Free From Broke.   Offers from Today's Sponsors This episode is sponsored by BetterHelp. Get 10% off your first month of therapy! ⮕ https://www.betterhelp.com/george This episode is sponsored by DeleteMe. 🔒 Remove your personal information from the web at JoinDeleteMe.com/George and use code George for 20% off. 🙌   🎙️ The Ramsey Show   🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 💼 The Ken Coleman Show 📈 EntreLeadership   Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Okay, this whole channel is about learning to be smart with your money, right? So obviously it made perfect sense to take the show somewhere notoriously known for people not being so smart with their money. For research purposes and science. You know, I'm something of a scientist myself. No, I'm not talking about your local T.J. Max, although I do love those cheeky mugs that say, this might not be coffee. Those will rob you blind by the checkout. Don't fall for it, moms. Today's fine, just a couple things, but mainly I found myself.

I'm talking about the world famous Las Vegas trip. That's right. I'm out here ruining unsuspecting people's vacations by asking the real real about their financial situations in light of, quote, what happened in Vegas. Spoiler, it did not stay in Vegas. It ended up right here on my YouTube channel. So be careful what you say into the microphone

after you sign the contract giving us consent to use your footage on this YouTube channel. But that stuff was off the record. But before I hit the strip, as the kids say, I need you to hit that like and subscribe. button. And don't forget to share this video with your friend who wants you to tag along on his pilgrimage to see the Maroon 5 residency at the Park MGM. It might just be the wake-up call he needs right now. All right, let's hit the strip. What are you doing here in Vegas? Family vacation and my birthday. Okay, what birthday is it? 21st. Hey!

Just visiting spending my money. That sounds like a lot of money. That was three hands out. Oh! She wants to be fired at the show. Was that a magic trick? How much do you drop with the slots? Like you, I would say probably no more than $100 if most. I can't pay for it three times over. I'm not getting it.

Oh, is that like a JZ rule or something? I feel like I heard him say that once. Yes, I'm a big JZ fan. There we go. I'm still relevant, Chad. Have you played any casinos? Like, how much have you spent at the casinos? I came with $200 cash and the other day I won $700.

Whoa! And I was like, oh, I'm going to save it. I'm going to pay off some of my credit card, la la, la, and then I wasted it on. What'd you spend it on? Oh, you kept gambling, and it's gone. Yep. 200, up to 700, down to zero. How did it feel emotionally losing all that money gambling? Yesterday I wanted to get hit by a car. Oh, gosh. That seems a bit extreme, don't you think?

I was really depressed, but then we went to Magic Mike, and I felt like way better. Wow. Yeah, we can't show this on YouTube. Yeah. Okay. He's so hot. Look at him. Lord, help us all. Recently, I think I've been up, like, $800.

I don't go a ton. I would say down $300 or so. What is the most expensive thing you'll do on this trip? Buy a couple of purses. What kind of purses are we talking? Probably Barbary, Louis Vuitton. Go to Chanel. Hold on.

He's shaking his head like hell she is. I invest in purses. They're... They're an investment. Yeah, I don't know about that. We're going to go see you. Bruno Mars. That sounds amazing.

Yes. You got an extra ticket? How much does it cost to go see Bruno Mars in Las Vegas? It was expensive. It was $500 on the very bad. For one ticket? For one ticket. Ouch.

Yeah. Totally worth it. I think we're probably spending a couple thousand on entertainment. What's the biggest show you're going to see? What's the exciting one? We saw a call last night. It was really good. Oh, I've seen that one.

There's your plug, Ka. I know you needed it. How are we paying for this trip? for this trip? Oof. Um, mom. Did you budget for this trip? No.

What do you mean? No, what'd you do? I just said, only once. Come on, let's go. You just yolo'd it on the credit card? Is that what you did? Exactly. How much do you plan on spending for this whole trip?

Did you budget for it? DeMu de Janeiro. A lot of money. I know much de Janeiro. Yes. I want to say like... All in. A thousand.

And you didn't have a thousand to spend, really. It's on the credit card. Yeah. How much have you spent on the trip? Or will you spend on the trip? this trip total. What's it costing? Well, I'm hoping I come away up. Are you serious?

Listen up, people. If you cooperate, we'll be back in Vegas soon. But first, I need you to pay close attention. So come close. Closer, a little bit closer. Hey, hey, too far, back it up. Personal space. Okay, good. You ready? This video is sponsored by BetterHelp, because life can be hard. But you know what's not hard?

Getting started with BetterHelp Online Therapy. All you have to do is answer a few short questions to get matched with a licensed therapist and bada bing, bada boom, you're on your way to working through life's challenges. So if you could use a little help, don't put this off. No shame in the therapy game. Visit betterhelp.com slash george to get 10% off your first month. All right, thanks for your cooperation. Let's get back to the streets.

Do you consider yourself broke or wealthy? What side do you closer to? Broke. Okay, that's fair. Thank you for your honesty. How about you? Definitely broke. Both on the broke side.

Broke. Okay. Absolutely. Is it because you're a hundred grand in debt and a five grand of the bank? That is a huge part of it. How much is in the checking account? right now? I got, let's say, two million pesos. Okay, do you need to translate it? No way. That's $117,000. Got you. Yeah. Our girl's rolling. She's crushing it. You are an inspiration to us all.

Can you tell us like what is a checking account balance right now? Do you even know? I haven't checked. She hasn't checked. I'll check when I get back home. You're like he's got money? He's got money. It's fine. Exactly. If you each one a million dollars in Vegas, what would you do with that million? Like, what are the first few things. Oh, well, pay off this trip. That would be ideal. Okay, I would do a lot of shopping. And also, I will pay a credit that I just got for a lamp.

Oh, so kind of like a mortgage? Yeah, I'm trying, I will buy a house. I hope so. I'm rooting for you. I would first pay off my credit card because that's all I've been using. Oh, no. Is that how you're paying for this trip is all in the car? Half and half.

Okay, what's the cool cards people are using these days? Um, I have a Discover. The Discover card, okay. And the Apple card, and that's it. The Apple, that titanium one, that super fancy? Yeah. Okay, how about you? I also have an apple card.

The Apple card. Is it worth it? It's pretty. I like it because it's pretty. It's pretty. My precious. Let's say you want a million dollars today in Vegas. How would you spend it?

What's the first things you would do? Paying off student loans. How much student loans we got? 80 grand. Woo! So 80 grand in student loans. Any other debt? I bought a truck.

Oh boy. Other than that. What's left in the truck loan? 20. All right, so we're already 100 grand in. We're 100 grand in. What's after that? You pay up 100 grand in debt.

Now we're debt-free? I don't know. Double or nothing in Vegas, baby. Put it all on black. There we go. I don't mind that. This is a dangerous game. Hey, you enjoying this video so far?

Well, you can thank our friends that delete me for helping us make it happen. Vegas will rob you blind, and so will identity theft. And I should know because it's actually happened to me, and it was not fun. And if it happens to you, it can take a lot of time and money to get things straightened out. And that's why I use DeleteMe, which finds and removes your info from over 500 data broker sites, then sends you a nice helpful recap. Plus, you can Join DeleteMe on a one-year plan for less than $9 a month. And because I'm friends with them, I got you a special deal.

You can get 20% off at JoinDeletMe.com slash George, or just click the link in the description. All right, let's get back to it. Well, my hypothesis was true. There are a lot of people making some poor decisions for the wrong reasons over in Vegas. But there are some people, to be fair, that have budgeted for these trips, and they're doing it the right way,

and they got money in the bank. So if I've learned one thing here, there's only three kinds of people who go to Vegas. Broke people who want to be wealthy, wealthy people in danger of going broke, and me. I'm just there for the In-N-Out burger adjacent to this trip.

And for Magician Mike. Everyone kept telling me, you got to go see Magician Mike. He's magic. Let me tell you, not the magic I was hoping for. That's a bummer. Okay.

All right, guys, if you like today's video, let me know in the comments what other questions you'd like to see sprung on innocent pedestrians. And share this with someone in your life who needs to have a little fun, someone who needs a little magic in their life, and maybe a little financial reality check. Everything in moderation. Except Maroon 5. None of that. Thanks for watching. We'll see you next time.