Financial radio host Dave Ramsey told author Lewis Howes that business leaders who hoard wealth may see short-term gains but ultimately limit their growth and relationships.
Ramsey Says Selfish Entrepreneurs Face Stunted Growth
During an appearance on Tuesday on “The School of Greatness” podcast, Howes asked what happens when people only reinvest money into their business and never give outside of it.
Ramsey's response was blunt: “I think their growth is stunted really. You can prosper to a degree, but all the data tells us and all the life experience tells us that the people with fanatical levels of integrity are the ones that do the biggest stuff.”
Generosity Builds Trust, Creativity And Stronger Marriages
Ramsey argued that generosity not only builds trust but also enhances creativity, productivity and personal relationships. “Things move at the speed of trust,” he said.
“When you make giving a standard part of the rhythm of your life, you build that generosity muscle and it affects every relationship you're in.”
He recalled advice from a Kentucky pastor who said in 40 years he had never seen a tithing couple divorce. "When you're unselfish with your money, you’re unselfish with your wife and you’re unselfish with your husband," Ramsey noted, adding that generosity strengthens marriages and parenting.
Ramsey Warns 28-Year-Old Against Starting Fishing Lodge Without Experience
Ramsey, who shares financial advice on his show, often discusses debt management, saving, investing, and personalized financial insights.
He receives calls from people seeking guidance to turn their dreams into realities. Once, a 28-year-old from Chicago called The Ramsey Show expressing interest in starting a fishing lodge in Canada despite having no prior experience.
Ramsey gave him the hard truth, warning, “You have no freaking idea what you’re getting into,” and explained why launching the business was a risky decision.
Ontario Business Owner Faces $450,000 Debt Despite Sales
In March, Jen, an Ontario entrepreneur, faced serious financial strain despite her business generating $870,000 in sales. She had left a 20-year career to pursue her side hustle full-time, moving it from her basement to a physical location.
However, she wasn't paying herself and the monthly expenses of $20,000, combined with $450,000 in debt from a mortgage, renovations and inventory, left her struggling.
Ramsey advised that being heavily in debt while earning no personal income was unsustainable. Jen considered returning to her previous career to earn $100,000 and restore financial stability for her family.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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