George Kamel, personal finance personality, author and podcast host, got a lot to say about building wealth.
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From his practical financial advice to key factors in his background and situation that segued into wealth and influence, here are six insights we can gather from Kamel’s rise to success and building wealth and influence.
Establish Your Reputation Through a Large Company
Kamel’s influence can be pegged to his association with Ramsey Solutions, working his way up from a temporary job to on-air personality. This employment has provided not only a steady paycheck but also a built-in audience from an established, wide platform.
Wisely evaluate your employment and long-term financial goals. Considering a company’s total compensation package before accepting a new job is essential to building wealth, according to Fidelity.
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Uphold a Disciplined Financial System
Through Ramsey Solutions, Kamel learned about a simple plan called the “Baby Steps.” In just 18 months, he was able to pay off $40,000 of his consumer debt. The seven-step program begins with step one: Save $1,000 for your emergency fund, and step two: pay off all debt, except the house, using the debt snowball.
The Power of Reframing Budgeting
Don’t underestimate the power of a psychological or philosophical shift when it comes to your finances. Kamel went from seeing budgeting as a restriction to seeing it as a tool for empowerment, allowing him to transform his life. His book, “Breaking Free From Broke,” is about working to feel less cynical and more hopeful in a toxic money system.
Don’t Underestimate a DINK Life
While Kamel is now a father, he and his wife first went through a phase of a dual-income, no-kids (DINK), lifestyle, which tends to enable greater flexibility. This means income, including his wife’s support, had a higher potential for savings. Living frugally, saving for retirement early, and more, can be simpler without raising kids.
The Impact of Side Hustles and Working Extra Jobs
Through side hustles and working extra jobs, Kamel strategically grew wealth and built entrepreneurial skills. He took his income into his own hands and was able to increase it by taking on additional, flexible work. This work could also potentially grow into a full-time business. On Ramsay Solutions, Kamel has shared ways to earn extra income, including tutoring and taking surveys.
The Saving Benefits of a Low Cost-of-Living State
Kamel lives in Tennessee and with his wife bought a house in the state in 2019. Tennessee’s cost of living is significantly lower than the national average and is among the ten most affordable states, according to SoFi.
Living in a low cost of living state means that you can save faster. Money extends further, so you get to milestones like homeownership faster and easier. If you don’t live in a low cost of living state, see if you can take advantage of a move as a remote worker.
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This article originally appeared on GOBankingRates.com: 6 Ways George Kamel’s Rise Shows How To Build Wealth and Influence
