Ramsey Solutions founder and CEO Dave Ram Rambey Joins ‘America’ reports that ‘putting young Americans on the ladder they can use to fight debt.
Financier Dave Ram Ramsey breaks down his strategy for small Americans trying to refinance their debt. “America’s reports,” Ramsey put “7 kids steps to control your money.”
“If I’m sitting there in my twenties and I want to buy a house and I feel like I’m out of pocket now, the facts are that it is,” the Ramsey Solution founder said Thursday.
“Facts are the problem. And I can’t control those facts, but I can control my reaction to them. So the only way you win money is controlled control.”
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Worried woman looking at bills and household budget on her kitchen table. (DamirCudic / istock / istock)
Ramsey’s first steps include saving $1,000 in an emergency fund, paying off all debts except for your mortgage and building a three- to six-month savings for three expenses.
It partly blamed the financial woes of the youth on overspending and overspending. His solution, he said, starts with discipline.
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“Get yourself on a written, detailed plan, stay out of the restaurant, get a thousand dollars set aside and work your way out of debt,” she said.
Ramsey also pointed out that large financial institutions, car companies and lenders have contributed to the debt crisis facing younger generations.
Financial guru Dave Ramsey marks 25 years on the radio during the Siriusxm Town Hall at Siriusxm Nashville Studios in Nashville, Tennessee, on August 22, 2017. (Anna Webber/Getty Images for Siriusx/Getty Images)
“You keep buying things on credit, and you keep letting these companies set you up and put you in a position where you can’t buy a home,” Ramsey said.
“We have to work on that and get these people out of town and get rich off of you, and keep you from being able to buy that home and be successful.”
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Ramsey’s remaining steps include investing 15% of your income for retirement, saving early for your child’s college fund, paying off a home early, and finally building wealth and giving it away to others.
A mature woman leans over her counter in the kitchen of Newcastle’s Tyne Home, checking bills and invoices next to an open laptop. (Solstock/istock/Getty Images)
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Despite the economic downturn for many young Americans, Ramsey insisted the future is uncertain.
“The American dream is not dead, but it feels like it is for a lot of people right now,” he said, encouraging viewers not to lose hope.
Ramsey Solutions founder and CEO Dave Ram Ramsey addresses issues related to market turmoil in response to President Donald Trump’s tariffs on the ‘bottom line.’
