Personal finance expert Dave Ramsey believes the biggest obstacle keeping people from building wealth isn't a lack of knowledge — it's a lack of hope.
Dave Ramsey Explains Why People Avoid Saving And Budgeting
In a 2023 appearance on The Iced Coffee Hour podcast, Ramsey explained that many people don't take financial action — like saving, budgeting, or investing — because they don't believe it will make a difference.
"I'm not positive, but I think it has something to do with hope," Ramsey said. "I don't believe if I save money, I can really be a millionaire… so I'll just spend the money and have a great weekend, and then Monday I'll be broke and have anxiety again."
Planting Corn And Building Wealth: Ramsey's Message Of Hope
Ramsey compared financial effort to farming, explaining that no one would go through the work of planting corn without believing it would grow, a reflection of the role hope plays in taking action.
Ramsey added that one of The Ramsey Show's main missions is to restore that hope by using math, humor, and real-life success stories. "Half our job… is to inject hope," he said. "You can do it."
Ramsey Slams Debt Culture, Urges Americans To Rethink Spending Habits
Last week, Ramsey called out Americans for mismanaging their income and relying on debt. Sharing a video on X, Ramsey rejected the notion that low income is the root cause of financial struggles.
“You’re not broke because you don’t make enough,” he wrote. “You’re broke because you give your income to everyone else.”
Ramsey aimed at credit cards, car loans, student debt, and home improvement financing, calling them “stupid” and warning against borrowing to fund lifestyle upgrades.
He urged viewers to use a zero-based budget, pay with cash, and follow the debt snowball method. "Your income is your #1 wealth-building tool… No more excuses," he said.
Ramsey Says Broke People Give The Most Money Advice
In a post from June, Ramsey explained why financially struggling individuals are often the most vocal with money advice. According to Ramsey, it stems from a fear of being left behind.
"Broke people care deeply about what you think," he wrote on X. "They're afraid that you're going to outpace them because you're doing smart things with money."
Ramsey contrasted this with truly wealthy individuals, saying they don't care about impressing others. "Most people who aren’t broke don’t give a crap what you think," he added. "They didn't do it for you."
He emphasized that financial independence begins when people stop trying to impress others, which leads to more thoughtful spending and lifestyle choices.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
