Sometimes you can get the best advice by poking the bear.
One write-in guest on The Ramsey Show found out the hard way after trying to “make sense” of Dave Ramsey’s investment advice.
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“You keep saying to invest $100 a month beginning at age 30 and you’ll be worth $5 million at 70 years old,” wrote a man named Isaiah. “That’s the most ridiculous thing I’ve ever heard.”
Isaiah pointed out that the life expectancy of a white American male is 72 years old, while for a Black male it’s 68, meaning “most people will never live to see $5 million.” He asked Ramsey to help him “make sense of this advice”.
Ramsey, who called Isaiah “entitled” and “belligerent,” said the real issue is the idea “you’re supposed to get rich in 10 minutes”.
Here’s why investing still makes sense — even if America’s lifespan stats suggest many men won’t live long enough to enjoy all their savings.
Crunching the numbers
Ramsey admitted that Isaiah isn’t completely wrong about life expectancy, but said he was putting words in his mouth.
“We have never said $100 a month from [ages] 30 to 70 is $5 million — it’s not,” Ramsey said, in a recent episode. “It’s $1,176,000, and that would be true of … any 40-year period of time you wanted to pick.”
In 2023, the life expectancy for a man born in the U.S. was 75.8 years. For women, it was 81.1, according to the National Center for Health Sciences.
A Stanford study also found that “people who survive to age 65 are continuing to live longer than their parents — a trend that doesn’t appear to be slowing down.”
Ramsey said that saving $100 a month was an example — the idea is to save something every month and start building a “money mindset.”
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
What is a money mindset?
A money mindset is “your unique set of beliefs and your attitude about money,” explained co-host Rachel Cruze in a blog for Ramsey Solutions.
That mindset “drives the decisions you make about saving, spending and handling money” and “shapes the way you feel about debt.”
Cruze pointed to a Ramsey Solutions study of more than 10,000 millionaires, which found that 97% believed they could become millionaires. “And having that mindset — not an inheritance, fancy education or wealthy parents — is exactly what caused them to succeed.”
Some people have an “abundance mindset,” a belief that there are plenty of opportunities for everyone to grow wealth. Others have a “scarcity mindset,” the belief that resources are limited and wealth is hard to come by.
An abundance mindset focuses on possibilities and potential. A scarcity mindset focuses on limitations and fear, which can lead to unhealthy financial behaviors, such as overspending or hoarding.
Shifting your money mindset
Changing your mindset is easier said than done. It often means identifying where your limiting beliefs come from — maybe your upbringing or past money mistakes. Then it takes time and self-reflection to overcome them.
An abundance mindset means looking at how to build wealth over time. It’s not just about saving $100 a month — it’s about how you use that money, whether through growing assets, investing or developing passive income streams.
“Millionaires focus on wealth creation, not just income generation,” wrote business strategist and CPA Melissa Houston in an article for Forbes. They “don’t chase quick wins or get-rich-quick schemes.”
Instead, they build sustainable wealth “through investments that appreciate over time” and make sure their money works for them through stocks, real estate and scalable business models.
They also invest in themselves, Houston added, whether that’s through personal or professional growth, finding a mentor or building a strong network.
“They constantly improve their skills, stay ahead of trends and surround themselves with high-value connections,” Houston said.
That doesn’t mean taking reckless risks — or avoiding risk altogether. It’s about educating yourself and learning how to take calculated, strategic financial risks. You can also start small by developing healthy habits. Create a budget, track your expenses and live below your means. Pay off high-interest debt or avoid it altogether.
Set clear financial goals. Start with small, achievable ones — like saving a little each month — and build up as your confidence grows. You might even want to work with a financial advisor to create a long-term plan.
As Ramsey told Isaiah, 89% of America’s millionaires are first-generation rich.
“Son, roll up your sleeves, live on less than you make, get out of debt, deny yourself a little bit of pleasure,” he said, “because you’re acting like a four-year-old.”
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
