What Dave Ramsey Isn't Telling You

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Andrei Jikh: @AndreiJikh
Dylan Curious: @dylan_curious
George Kamel: @GeorgeKamel

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In today's episode of "Don't Sweat It," I had the pleasure of interviewing George, a remarkable individual who transformed his financial destiny from being $40,000 in debt to becoming a debt-free millionaire. George shared his journey of financial freedom, emphasizing the critical steps he followed, including establishing a $1,000 emergency fund, eliminating all debt, and then building a more substantial 3-6 month emergency fund. His approach is centered around strategic wealth building, living below one's means, and leveraging income instead of accumulating debt.

Throughout our conversation, George delved into various aspects of personal finance, such as the importance of credit scores, smart investing strategies, and the role of real estate in wealth accumulation. His philosophy is not just about amassing wealth; it's about achieving a life free of financial anxiety, gaining control over personal finances, and finding true joy and fulfillment in life.

A significant part of our discussion revolved around the essence of generosity and the impact of leaving a lasting legacy. George shared inspiring stories, like a couple who, upon becoming debt-free, paid off their own mortgage as well as their children's. This act of kindness epitomizes the spirit of financial freedom and generational wealth.

Moreover, George talked about his career and experiences working with Dave Ramsey. His mission is clear: to impart this empowering financial message to the next generation, helping them to navigate the complexities of personal finance.

00:00:00 - George Kamel
00:02:03 - How did George Kamel pay off his house?
00:02:57 - How to get a loan without a credit score?
00:04:54 - How much of the house is George Kamel’s millionaire status?
00:05:39 - Will George Kamel take on debt?
00:06:41 - What does George Kamel think of credit cards?
00:12:48 - Should I get into business debt?
00:17:35 - What are lessons that George Kamel learned from Dave Ramsey?
00:20:35 - What are your thoughts of wealth inequality?
00:23:02 - What is the biggest wealth killer?
00:26:52 - Should I get rid of social media?
00:27:40 - What is the best story in the Dave Ramsey Show?
00:30:36 - What are Dave Ramsey’s Baby Steps?
00:31:37 - How does George Kamel invest?
00:34:21 - Breakdown of George Kamel’s Portfolio
00:44:46 - Is broke mindset generational?
00:49:00 - What does George Kamel think of international investments?
00:54:32 - What is the biggest nugget from George Kamel’s book?
00:56:36 - What if United States became debt free?
01:03:19 - What does George Kamel think of inflation?
01:07:12 - What is George Kamel’s investing hot take?
01:11:51 - Has Dave Ramsey ever said anything he regretted?

WATCH THE FULL VIDEO ⤵

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[taylorhanttula]

George is so humble and relatable for the average American. It's so refreshing how passionate and content he is about keeping the course and doing the right thing by being successful in the most average, standard way.

[gomaze]

I've been following Dave Ramsey's philosophy siince 2001. Been debt free since 2004. I learned to live on half of what I make and invest a good part of the rest. I am retired now at 70 years old and still debt free. I am remodeling my house and enjoying life. I vacation where I want and eat what I want, just enjoying life. Thanks Dave.

[tiffanypan]

George's confidence shines through! This young man has a bright future ahead of him.

[alicehansen]

I work for a cash positive company. No debt. All real estate is paid for. It was so amazing to see the benefits of this for the entire company during COVID. I wish more people could have the peace of mind knowing their employment isn’t solely contingent on the stock market.

[salinaraey]

I was worried by the title that this was going to be a Ramsey bash but was pleased to be introduced to the three of you. My children have been raised to be debt free and we cash-flowed our daughter’s college education. I wish they would reintroduce home economics in high school and require “financial peace” as a graduation requirement. Thank you for the enjoyable conversation.

[bridgetnash]

It’s George sitting criss-cross-apple-sauce on the couch for me. 😂

[scottkolaya]

8:17 Where George gets this wrong is he compares the average credit card user (Dave does too) with people that have never carried a balance. If you studied just the brain activity of the people who never carry a balance, I'm sure you'll find they don't care at all about debit or credit. Because they always think it's their money they are spending, not someone else's They're never thinking I'll buy this today and can pay it off in 3 months. I completely agree that the "average" CC user will spend more. But comparing spending habits between someone who pays it off every month with the "average" is nonsense. I'm sure George doesn't understand this at all because he had terrible debt and thinks everyone thinks the same.

[alexeatsLV]

I've been binging this channel and I love the variety of guests that you have! And of course George is always great to watch!

[ChrisD]

It’s so good to hear a counter-cultural perspective to finances, debt, investing. Nice job George!

[sarasounds]

Andrei you're so cool I love to see you working on this new project. ❤

[billlandenwich]

George is a great speaker and presenter but ultimately he is one of Dave’s puppets because Dave is looking to retire soonish and he needs personalities to carry the brand forward…and Dave signs his paycheck.

Tons of people have built tremendous wealth using debt. Dave has built his wealth because he has a great business that generates significant cash flow over a long period of time.

[rickyc]

George thanks for being so genuine it comes through when you speak…. I admire you and see how far you have come….and see you flying to the moon..continue being you😊

[freedomworks]

Activily managed funds because Ramsey gets payed to sell them through his brokers.

[mfbikle]

I've been waiting for this episode forever!

[roxannestaton]

Great interview, thanks for the entertainment and info

[clairemckayhart]

First time listener. really enjoyed the show.

[ron]

1:04:20 Housing doubling in the past year is great for you... I don't understand why this is great, if you are not planning on selling the house or using it to gain credit towards another purchase, then doesn't an inflated value just amount to a larger amount x levy rate = greater taxes and escalating insurance premiums??
(Please understand that this in not meant to be jabbing at anything, but probably because I'm short-sighted on the benefit)

[nevea.]

Giving random bonuses as "thank you" to my employees makes me incredibly happy 😊
Gratitude on their faces is priceless!
He is absolutely right when comes to Giving.
More you give, more you receive in return 🙌

[dessar]

what a great episode, George is so down to earth and practical. I grabbed an audio copy of the book and it's awesome

[econadventure]

We did the "manual" underwriting. It was called a "Portfolio Loan" meaning it was kept in house and no plan to sell the loan so it didn't have to meet Fannie Mae / Freddy Mac lending requirements. Plenty of income, i.e. we were "Well Qualified Buyers", with a decent down payment. I can't remember 10-20% They are hard to find. Just pick up the phone and start dialing lenders and ask if they do Portfolio mortgage lending? Not Financial Advise ;)