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\n George Kamel \/ George Kamel <\/p>\n
Commitment to Our Readers<\/p>\n
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by For many people, budgeting<\/a> feels like the financial version of eating your vegetables. They\u2019re forced to swallow spreadsheet entries of dollars in and out, leaving them hungry for something more fun.<\/p>\n George Kamel<\/a> understands this perspective. Now a personal finance expert, best-selling author, and familiar face on the Ramsey Network, Kamel<\/a> once thought budgets were boring \u2014 and he was flat broke. \u00a0<\/p>\n Fortunately, he made one major change to his budgeting habits that helped him go from a negative net worth to being a millionaire<\/a>: He adopted the mindset that budgeting doesn\u2019t have to be punishment. Instead, it could give him more power and freedom, along with more money, in the future. \u00a0<\/p>\n<\/p>\n GOBankingRates spoke with Kamel as part of our\u00a0Top 100 Money Experts<\/a>\u00a0series about how he developed this habit and shifted his money mindset.<\/p>\n<\/p>\n Finding Freedom in Budgeting \u00a0<\/p>\n If you think of your budget as a list of things you cannot afford or do, you\u2019re certainly not alone. Kamel once felt the same way. But once he started budgeting in earnest, he realized the process wasn\u2019t about imposing limits \u2014 it was about gaining clarity on his spending and saving habits<\/a>. With a little knowledge, he was empowered to make positive changes. \u00a0<\/p>\n \u201cA budget shows you where your money\u2019s going, makes a plan for what\u2019s coming in, and plugs the leaks on what\u2019s going out,\u201d he said. \u201cThat\u2019s how you create margin. And that margin gives you breathing room, peace of mind and the ability to finally move forward with your goals.\u201d\u00a0<\/p>\n As he learned more, Kamel let go of the idea that he had to be perfect at maintaining his budget. He embraced the notion that budgeting is about being intentional with your money<\/a>.\u00a0\u00a0\u201cA budget is present you giving future you permission to spend \u2014 with a plan and purpose behind it,\u201d he added. \u201cFreedom doesn\u2019t come from ignoring your money. It comes from telling it where to go.\u201d<\/p>\n Creating a Roadmap for the Future \u00a0<\/p>\n Kamel joked that he used to think budgeting was reserved for broke people and Excel-loving accountants. While he was not an Excel-loving accountant, he was broke and determined to get back on his feet financially. \u00a0<\/p>\n<\/p>\n Developing his budget helped him focus not on what he couldn\u2019t have but on making sure he had money left over for the future. With the financial roadmap that a budget provides, you can see where your money has been and where it\u2019s going. \u00a0\u00a0\u201cThink about it like this: You wouldn\u2019t drive across the country without a GPS. You\u2019d end up in a Taco Bell parking lot crying into a Crunchwrap,\u201d he said. \u201cBut with a GPS \u2014 aka your budget \u2014 you know where you\u2019re headed and how to get there. You can even pull off for snacks, because it\u2019s in the plan. That\u2019s the mindset. You\u2019re not losing freedom. You\u2019re gaining control.\u201d \u00a0<\/p>\n Time To Stop Feeling Like a Failure \u00a0<\/p>\n When Kamel began his 10-year journey from broke to millionaire<\/a>, he was burdened by student loans and credit card debt. He often felt overwhelmed by the sense that he had no idea what he was doing. Worse, he felt like he was failing. But continuing as he had been wasn\u2019t an option. \u00a0<\/p>\n \u201cOne of the best things I ever did was quit doing the same thing over and over expecting different results. Instead, I followed the proven Ramsey plan<\/a> to ditch debt and built wealth,\u201d he said. \u201cFear is a terrible financial advisor.\u201d\u00a0<\/p>\n Ultimately, everyone should find a financial plan that fits their situation. Consulting with a financial advisor<\/a> who understands your unique, personal situation can be a smart move. Still, using a budget to put the facts on paper is a powerful first step. \u00a0\u00a0\u201cStart small. Swap the bad habits for good ones,\u201d Kamel advised. \u201cTrack your progress. And watch your confidence grow.\u201d \u00a0<\/p>\n<\/p>\n Bottom Line<\/p>\n George Kamel went from broke to millionaire by changing his mindset about budgeting. Instead of seeing it as a way to tighten his belt, he viewed tracking his expenses as a way to empower his future self with more money. This seemingly small change has led to significant long-term results. <\/p>\n This article is part of GOBankingRates\u2019\u00a0Top 100 Money Experts\u00a0series, where we spotlight expert answers to the biggest financial questions Americans are asking. Have a question of your own?\u00a0Share it on our hub<\/a>\u00a0\u2014 and you\u2019ll be entered for a chance to win $500.<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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