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In a video posted to The Ramsey Show – Highlights YouTube channel in June, Dave Ramsey warned people that they will never become millionaires by going into debt. He said: “I want families to retire with dignity, to be able to change their family trees and to be able to live well.
“The idea that sophisticated people borrow money is hogwash, it just isn’t true.”
Mr. Ramsey explained that when creating wealth, taking risks “will bring pain to your families and then you will have to start all over again.”
The American personal finance personality and his team conducted research with over 10,000 millionaires in the United States to find out how they built their wealth.
The Ramsey Group found that 93% of those millionaires did not inherit their money and did not “use the debt to make it happen,†however, they paid off their home sooner.
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Plus, they discovered that these millionaires had money in their retirement plans and mutual funds, “that’s how they made their first five million.”
Mr. Ramsey’s goal is to help people become millionaires, and he says people can’t do it with debt.
He added: “Maybe the billionaires do it, or someone with 30 million, but you have 30 cents and you lose your senses a little bit, you’re broke.”
He emphasized throughout the video that millionaires don’t borrow debt.
He suggests that people should live on less than what they earn.
He continued, “Instead, we have people who want to ‘Bitcoin their way’ or people who say, ‘I’m going to play the lottery’, or ‘I’m going to borrow and not do anything about real estate’ They think it won’t bite them but later.
“Sure, it’ll bite your butt later, it’ll bring you to your knees.”
“It made me, and it will do it for you.”
“Please don’t do that kind of thing, it will hurt your families. “
Mr. Ramsey concluded by saying that people should take their time to build wealth. Getting rich quick won’t help, he said, suggesting instead that people “do it slow and do it well.”
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