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Dave Ramsey has never been shy about what really grinds his gears when it comes to the financial habits of the young.
In a recent interview with Fox News, Ramsey — a boomer — shared his true feelings about millennials and Gen-Z’s financial habits: ”They are awful. They live in their mother’s basement. They can’t figure out why they can’t buy a house because they don’t work.”
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While this sentiment may ring true for people of any generation, younger Canadians certainly have some odds stacked against them, given the high home prices and interest rates. The precarious political situation isn’t helping, as Canada is currently facing the highest youth unemployment rate in about 25 years.
45% of Canadians between the ages of 18 and 34 attribute the steadily rising housing prices to be their biggest source of stress, while 43% blame the escalating rental costs, according to the FP Canada 2025 Financial Stress Index.
Despite these daunting economic circumstances, it is still possible for millennials and Gen Z to invest in the real estate market even if they are priced out of buying a home right now.
Investing for the future
Ramsey is a big proponent of the importance of investing for the long term. In a February blog post, he wrote: “A solid investment strategy gives you focus, clarity and direction — and you need all three to become a successful investor.”
But having this clarity and direction is easier said than done, whether you’re just starting to build your portfolio or looking to expand it.
Luckily, there are investing platforms out there that come equipped with expert guidance so you can start building your wealth without having to become an investing savant.
Using a discount brokerage like CIBC Investor’s Edge can help you save on exorbitant fees and commissions while staying on top of your investing goals.
You can get expert insights from industry titans on when to buy, hold and sell stocks and other securities, which can be instrumental in growing your net worth. CIBC also offers real-time news and stock alerts as well as powerful research tools.
Active investors — who make at least 150 trades in a quarter — can enjoy a discounted $4.95 commission on each trade. Plus, those who have at least $10,000 across all registered and non-registered accounts are exempt from having to pay any account maintenance fees.
Grow your money with real estate
Research published by Statistics Canada found that home prices rose by 109% between 2005 and 2016, while the Consumer Price Index rose by 22%. In the Greater Toronto Area alone, home prices have skyrocketed by 30% since 2019.
So, it shouldn’t come as a surprise that many Gen Zers and millennials are still unable to purchase their first home.
Ramsey himself is passionate about earning passive income through real estate, and in a March blog post suggested investing in residential and vacation rentals, with the caveat that “renting out a house isn’t for the faint of heart — even if you hire a property manager.”
If you’re a first-time homebuyer, you can open a First Home Savings account (FHSA) with CIBC Investor’s Edge and get a tax break on contributions of up to $8,000 in a year.
CIBC doesn’t charge any account fees for FHSAs, and you can make a withdrawal when you purchase your first home. If you don’t end up using your FHSA to buy a home, it can be transferred to your RRSP without impacting your contribution room.
If you’re unable to purchase a home — or simply don’t want to take on the added responsibility of becoming a landlord — you can still gain exposure to the real estate market by investing in real estate income trusts (REITs) through CIBC Investor’s Edge.
REITs are required by law to distribute at least 90% of their income to shareholders through dividends, helping you set up a reliable source of passive income.
If you’re under 25 with a CIBC Smart Start chequing account, you can trade commission-free and skip the minimum balance requirements.
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Prioritize planning
Recently, the hashtag #daveramseywouldntapprove on TikTok has appeared across thousands of posts and millions of views. In these videos, millennials and Gen Z are exposing their money habits that the financial guru in question definitely wouldn’t approve of — like a Disney World shopping spree on credit or a $16 cocktail.
Creating a budget and overall financial plan can be the exact spark you need to ignite to improve your financial situation.
In a video with his daughter Rachel Cruze on her YouTube channel, Ramsey shared that getting on a budget is one of the best things you can do with your money. He quipped that “no one accidentally wins the Super Bowl, The World Series or the World Cup.”
You can create a custom budget and track where your money is going at all times with Monarch Money.
Once you link your accounts — including investments and real estate — you will be able to view every transaction through one clean, searchable list. This way, you can spot any unexpected charges, such as unwanted subscriptions, quickly and seamlessly. Monarch Money also helps you forecast your spending beyond just one month, as well as save for big goals along the way.
What’s more, you can get 50% off your subscription for the first year when you sign up using the code WISE50.
What To Read Next
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- I’m almost 50 and don’t have enough retirement savings. What should I do? Don’t panic. Here are 6 solid ways you can catch up
- Here are the top 7 habits of ‘quietly wealthy’ Canadians. How many do you follow?
— with files from Aditi Ganguly
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.