Fear, Greed, and Pride Are Keeping You Broke | George Kamel

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0:42What is the mindset that needs to change in people in order for their bank account to change?

0:47George Kamel:Oh, there's a lot of delayed gratification missing from today's culture. And it's not all your fault. like marketing, companies, technology, it all exists to create everything to be frictionless so that your money passes through your fingers like sand. And the problem is if you don't grab a hold of it and make a plan for it before the marketing companies do, it's over. It's game over. Your bank account is going to be back to zero and you're going to be paycheck to paycheck. And here's what's crazy, Lewis. You would think, well, people who make more money, it's much easier for them. I just saw a Goldman Sachs study.

1:26George Kamel:40 % of people who make over$500 ,000 are paycheck to paycheck. So it's not always the case that you make more, you're just going to save more. If you don't get control of it, your lifestyle creep will just rise up to meet you. You'll have a bigger car payment, a bigger house. So 40 % of people making over a half a million dollars a year are living paycheck to paycheck? They're broke. There's nothing left in the month after they make all of their payments. How is that possible? That's my question. Now, Now, if you listen to the Ramsey show, you'll go, oh, I see how it's possible. They overextended themselves, over leveraged, got way too big of a house too soon because now you have to live a$500 ,000 lifestyle.

2:03George Kamel:There's expectations. You don't have to. Of course you don't have to. You got to buy the boat. Sarcasm, by the way. People watching are like, wow, this guy's an idiot. It's sarcasm. But there's expectations you put on yourself, expectations your people around you put on you. And a lot of them are self-imposed, truthfully, because nobody really cares how you live your life. What kind of car do you drive? It's really just how secure are you? The more secure you are, the better your ability to build wealth. It's insecure people who have the hardest time building wealth because every dollar has to be spent flexing to look rich instead of becoming wealthy.

2:37Wow, man. Would you say that emotionally immature people could make lots of money,

2:42George Kamel:but they usually lose it all? Oh, I mean, Dave Ramsey would tell you that. He'll be the first to tell you, he out earned his stupidity in his 20s. He knew how to make money in real estate, but he was so over leveraged, so cocky about it that he lost it all because there was so much risk in his life. And that's why we are so anti debt. It's because debt equals risk. More debt equals more risk. And if you go on social media, which I found out over 60 % of people, 35 and under are social media is their number one source of financial advice. So you're watching a TikTok of a guy telling you to go open up this whole life insurance policy, to borrow money tax-free, and then go buy 10 pieces of property.

3:23George Kamel:All they're doing is being over leveraged, trying to get rich quick. And they're going to fall flat on their face or worst case, buy the guy's course for$3 ,000 and then be broke after that. What is the, if someone says I have an amazing financial opportunity in front of me where I could double my money in the next six to 12 months. It's this revolutionary new thing. It's decentralized. It's this unbelievable opportunity. You got to get it now before everyone. What do you say to someone that's like, I think I can double my money in the next six to 12 months? Oh man. Well, number one, I go, why?

4:00George Kamel:What's behind that? Because usually it's one of three things. It's fear, it's greed, or it's pride. And I call those the three stooges of wealth building in my book, Breaking Free from Broke, because at the root of it, I was looking back at all the Ramsey show calls we've taken where someone fell flat on their face trying to build wealth faster than they should have. And there's nothing wrong with making a lot of money. There's nothing wrong with doing it in a shorter amount of time. But I love this biblical proverb, Proverbs 13, 11 says, wealth gained hastily will dwindle, but whoever gathers little by little will increase it.

4:33George Kamel:And so that's tortoise and the hare. And so the faster you're trying to chase something, the higher the chance you won't get there. So that's the scary part when someone goes, well, I'm going to double my money in six to 12 months. Who told you that? It's a guy, an acquaintance or a guy I met at a party, whatever it is, they're full of it. If it sounds too good to be true, it is. I mean, there's no guarantees in this life. Anyone telling you anything is guaranteed to double your money. You're about to get hosed on this deal. And so the more boring it is, the more excited I get about the opportunity, quote unquote, because I'll tell you, Lewis, the only time I hear the word opportunity on the Ramsey show is when someone is trying to justify a terrible decision.

5:12George Kamel:Really? But they've convinced themselves that I have an opportunity to buy the house from my dad, even though I'm broke and don't have the money. It's always an opportunity. An opportunity to lose your money. Yeah. But that's the human psychology. That's how we can justify it. If it's, well, it's an opportunity. I'll never get this again. and there's always going to be another opportunity around the corner that is getting ready to make you broke.

5:40I have a brand new book called Make Money Easy. And if you're looking to create more financial freedom in your life, you want abundance in your life, and you want to stop making money hard in your life, but you want to make it easier, you want to make it flow, you want to feel abundant, then make sure to go to makemoneyeasybook.com right now and get yourself a copy. I really think this is going to help you transform your relationship with money this moment moving forward. We have some big guests and content coming up. Make sure you're following and stay tuned to this episode of The Daily Motivation Show.

6:21Thank you so much for listening to today's episode of The Daily Motivation. And I hope you have an amazing rest of your day. If you enjoyed this episode, make sure to click the link in the description. That will take you to the full episode of our main podcast on the School of Greatness. And if you are loving the daily motivation, please follow us over on Apple Podcasts and Spotify and leave us a review over on Apple Podcasts right now. And if you want more exclusive content and ad-free listening experience, make sure to subscribe to our greatness plus channel on Apple podcast right now. And if you want to get even more inspiration from our world class guests and learn how to improve your life and take it to the next level, then make sure to sign up for the greatness newsletter and get it delivered right to your inbox over at greatness.com slash newsletter.

7:11Again, have an amazing day. And I'll see you tomorrow with another episode of the daily motivation show.

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