Personal finance expert Dave Ramsey believes people fail to build wealth because they make impulsive choices to impress others instead of investing their money or following basic financial discipline.
Discussing the importance of deliberate financial planning and taking control of money on “The Ramsey Show,” he said people can save a surprising amount by choosing not to use a credit card and by investing regularly.
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Ramsey said people buy expensive cars and then wonder why their kids’ college fund “didn’t get funded.” He believes that if people invest their money instead of taking loans to buy cars to impress others, it could grow into millions over time.
“You impressed somebody at a stoplight you’ll never meet,” Ramsey said. “Stupid, that’s what that is. Stupid.”
Ramsey stressed the value of being purposeful and deliberate with major parts of life and urged his followers to focus on what they can control. He said that effort into areas like career, marriage, finances and parenting can lead to meaningful improvement.
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“Roll up your sleeves and be a grown-up,” Ramsey said. “Adults devise a plan and follow it, children do what feels good. If you will bother, you can have a fabulous marriage, you can have great kids, you can have money and a career.”
Ramsey said it has become easier than ever to build a successful career and stand out because many people are distracted and not fully engaged in their work. He shared the habits he believes can help people stand out and grow in their careers.
“Tell the truth, smile, and work while you’re at work,” Ramsey said. “Wow, what a culture we live in that it’s that easy to be a big dog. You do that for 15 years, you can change your whole family tree. You do it for 15 days, people will start noticing it. You do it for 15 weeks, you’ll be running the whole place.”
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