The Ramsey Solutions National Study of Millionaires found that getting rich is often a slow process that involves consistently investing, spending money carefully and staying away from debt. But if you do find yourself getting a big inheritance, winning the lotto or lucking out on an investment, you should make the right decisions to avoid losing your new wealth.
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In a YouTube video, personal finance expert George Kamel laid out 15 steps to take if you get rich quickly. Some of these tips are useful even if you have more modest wealth now.
Keeping your new wealth status secret for as long as you can is a smart move, though it’s more challenging if you had a public win advertised through the media. Otherwise, you risk people you know pressuring you for money or even strangers stealing from you.
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While suddenly quitting your job can seem tempting, Kamel recommended continuing to work while you figure out your next moves. A big lump-sum payout isn’t always possible, and you may need to work with monthly or annual payments.
Plus, you’ll likely lose some of the cash to taxes.
Once you get your money, a high-yield savings account is a safe temporary destination until you decide whether to invest it elsewhere or use it for another purpose.
You’ll also earn much higher than the 0.39% national average savings account rate that the Federal Deposit Insurance Corporation reported on Aug. 18, 2025.
You likely won’t see the whole portion of your windfall due to income taxes due on the amount. That’s why it’s smart to consider taxes before spending anything.
“If taxes aren’t taken out before you get the money, get with a tax pro to estimate how much you’ll owe the IRS come tax time,” Kamel said. “Then set that amount aside in a different account where you won’t accidentally spend it on a private jet.”
Kamel recommended working with the trusted financial advisor you already have, as making the switch once you become rich can be risky. For example, the new advisor might not make decisions in your best interest, which could result in higher fees or even the loss of your money.
Being careful with money might seem more important for the financially insecure, but it’s also essential once you have a large financial cushion you need to protect and make work for you.
Kamel discussed how a lottery winner called in to The Ramsey Show after losing his windfall due to gambling. A personal finance course can help you avoid such mistakes and wisely use your money to stay rich.
A Certified Financial Planner Board of Standards survey found that around 83% of American households had debt in 2024. Now is the time to pay it all off and eliminate payments and interest charges. You should also aim not to find yourself in that place again.
“Ditch debt for good and choose to opt out of the system that’s designed to make credit card companies and banks filthy rich,” Kamel said.
While risky investments like crypto or trending stocks can tempt you with potentially high returns, Kamel recommended a more boring approach.
This includes making maximum contributions to your 401(k) and IRA, buying real estate with cash, and investing in index funds in a regular brokerage account. Kamel also encouraged understanding any investments first.
If you haven’t paid off your home’s mortgage yet, you can do that now to save money on interest. Kamel explained that aspiring homeowners can also finally make the move to purchase a place fully in cash.
Since you have a lot more to lose if you’re wealthy, you’ll need to consider the risk of liability lawsuits that your existing insurance policies won’t fully cover. That’s why Kamel recommended umbrella insurance for anybody with a net worth above $500,000.
Trust & Will’s 2025 Estate Planning Report found that only 45% of Americans have made estate plans. This can lead to confusion and tough decisions for your family should you die or become incapacitated.
Kamel recommended having a power of attorney and documents explaining who should get your assets and how to handle your affairs.
While Kamel said a will is usually enough for the average person, he explained that the wealthy should consider trusts. Otherwise, you risk your heirs misusing what you leave behind.
Trusts are often complicated, so discuss your situation with a trusted attorney.
“The truth is giving is the most fun you can have with money, and what’s the point of having money if you’re not going to use it for good?” Kamel said.
He suggested a minimum 10% giving rate for the average person, which you could easily exceed if you’re rich. Consider options like donating to charities, family members or needy people in your community.
When you let family members and friends borrow from you, it can easily make things awkward and cause arguments if they don’t repay you. Kamel suggested avoiding such conflicts by just giving them money when you want to help.
Kamel encouraged using your money in ways that you find enjoyable, such as going on your dream vacation or making a long-awaited major purchase.
However, still keep the long term in mind and avoid making spending decisions that will eventually hurt you. That includes not falling into the lifestyle creep trap, which can even leave wealthy people struggling to pay the bills.
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This article originally appeared on GOBankingRates.com: George Kamel: Take These 15 Steps If You Get Rich Quick
