Ramsey Solutions founder Dave Ramsey discusses the impact of low-cost borrowing on consumers and offers personal financial advice.
It’s never too late to teach your children to be financially responsible. In fact, the earlier, the better, according to financial expert Dave Ramsey.
“It starts early,” the Ramsey Solutions founder said during an interview on “Cavuto: Coast to Coast” on Wednesday.
Ramsey talked about many topics during the interview and drew on his own and his family’s experiences, when it comes to focusing financial responsibility on children.
“We taught them to work, that’s an old thing. I think it’s called child abuse now,” he joked. “But they had to work, all of them, and they all developed a work ethic.”
Dave Ramsey explained how he taught his kids to have a good work ethic on FOX Business’ ‘Cavuto: Coast to Coast.’ (Anna Webber/Getty Images for SiriusXM / Getty Images)
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His children even consider performance when choosing who they want to marry, he said.
“Rachel, my daughter… you are always on your show… you work really hard, and all three of them work,” he said. “They marry people who work hard because they don’t respect people who don’t work hard and aren’t victims.”
He said his children are “self-sufficient” and once a strong work ethic has been achieved, “you have found someone with character who can carry the weight of wealth, because wealth is heavy, and you don’t want to put it in.” a weak person because it will destroy his life and make him a trust fund baby, and they will have their own reality show.”
‘The Ramsey Show’ co-host and financial expert Rachel Cruze joined ‘Cavuto: Coast to Coast’ to discuss ways to manage expenses amid inflationary concerns.
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Pointing to the youngest generations. Ramsey praised how “amazing” and “powerful” Gen Z is.
However, the expert noted that some of the generation “have a legal problem today.”
“Their salaries do not match the increase in housing, until today they were excluded from that housing market because it has just started,” he said. “They have a lot of concerns about whether that’s legal.”
That concern is something a personal finance guru can relate to. He shared that when he was 23 years old, he was also “kicked out” of the housing market where the interest rate was 17%. However, it was only for a short time.
“Your life is not a snapshot. It’s a scene. It’s a movie scene. There will be another frame, and another frame, and another frame, and another,” he said. “And as you go along, there will be a moment in time when this turns on you and you’ll be fine.”
“He will come but today is bad,” he concluded.
Ramsey Solutions founder and CEO Dave Ramsey discusses how Americans can prepare themselves financially for retirement in ‘The Bottom Line.’
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