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Financial expert Dave Ramsey is breaking down his strategy for young Americans trying to regain control of their debt. On “America Reports,” Ramsey laid out his “7 Baby Steps to Take Control of Your Money.”
“If I’m sitting there in my twenties and I want to buy a house and I feel like I’ve been boxed out right now, the facts are that that’s true,” said the Ramsey Solutions founder on Thursday.
“The facts are there’s a problem. And I can’t control those facts, but I can control my reaction to them. So the only way you win with money is to control the controllables.”
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Ramsey’s early steps include saving $1,000 for an emergency fund, paying off all debt except your mortgage and building a savings cushion of three to six months of expenses.
He partly blamed young people’s financial struggles on overconsumption and spending too much of their disposable income. His solution, he said, starts with discipline.
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“Get yourself on a written, detailed plan, stay out of a restaurant, get a thousand dollars set aside and then work your way out of your debt,” he said.
Ramsey also argued that major financial institutions, car companies and lenders have contributed to the debt crisis facing younger generations.
“You keep buying things on debt, and you keep letting these companies screw you and put you in a position where you can’t be able to buy a home,” Ramsey said.
“We’ve got to work you out of that and get you away from these people that are taking you to town and they’re getting rich off of you, and keeping you from being able to buy that home and to prosper.”
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Ramsey’s remaining steps include investing 15% of your household income into retirement, saving early for your child’s college fund, paying off your home early, and eventually building wealth and giving it away to others.
Despite the economic outlook for many young Americans, Ramsey insisted the future is not entirely bleak.
“The American dream is not dead, but it feels like it to a lot of people right now,” he said, urging viewers not to lose hope.
