Dave Ramsey: 10 Money Myths Broke People Believe

Heather Taylor  Tue, August 22, 2023

Who do you go to for financial advice? In a YouTube clip from The Ramsey Show, money expert Dave Ramsey warns listeners to be careful where they get advice about money.

According to Ramsey, 78% of Americans live paycheck to paycheck. This means 78% of Americans should not give out financial advice. “When your broke friends have an opinion [about finances], just smile. No, thank you,” Ramsey said. 

These are the top 10 money myths that broke people believe.

1. I Can Save Money Later

A Ramsey Solutions blog post said being able to save money later is one of the biggest money myths believed by broke people.

Building a solid future starts today, not the day you start to earn more money. Even if all you have to set aside is a little bit of money, it’s less you’ll need to worry about saving later.

‘Get Rich Slow’: Dave Ramsey Offers the Key to Lasting Wealth

2. Used Cars Aren’t Safe

Who drives used cars? Millionaires do, according to Ramsey Solutions, and eight out of 10 millionaires make this purchase without going into debt. Research the type of used car you want to buy, pay for it with cash and you won’t need to worry about taking out a loan or making car payments.

3. My Family Needs the Best or Else They Won’t Be Happy

You don’t need to buy your family everything they want the moment they want it. This doesn’t put their happiness at risk. As the post on Ramsey Solutions reads, the better approach for parents who want to raise money-smart kids is to show them the value of the dollar through hard work.

4. I Can’t Win With Money — I’m Too Old

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https://finance.yahoo.com/news/dave-ramsey-10-money-myths-100111590.html