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Dave Ramsey has never been shy about what really grinds his gears when it comes to the financial habits of young Americans.
In a 2024 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. (1)”
While this sentiment may ring true for people of any generation, younger Americans certainly have some odds stacked against them amidst high home prices and interest rates.
A Consumer Affairs report found that Gen Z’s money had 86% less purchasing power than baby boomers did when they were in their twenties (2).
Ramsey isn’t frustrated with all Millennials and Gen Z in this age. But he says today’s tough economy — and young Americans’ spending habits — are what’s really holding them back.
“We have record credit card debt,” Ramsey said on his show last month (3).
The numbers add up. Total household debt hit $18.59 trillion in the third quarter of 2025, according to data from the Federal Reserve Bank of New York. Credit card balances, on the other hand, rose by $24 billion from the previous quarter to $1.23 trillion (4).
“They’ve been brainwashed to believe by the big banks that if I use a credit card, I can prosper with the points and the airline miles, which is mathematically ludicrous,” Ramsey added further.
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 in 2024.
A quick daily check-in of your accounts can show you exactly where your money is going.
An app like Rocket Money can easily flag recurring subscriptions, upcoming bills and unusual charges by pulling in transactions from all your linked accounts.
This can help you cut unnecessary costs, and then you can manually redirect savings straight into your retirement fund. No spreadsheets, no guesswork, no stress. Small habits like this can make a big difference over time.
Rocket Money’s intuitive app offers a variety of free and premium tools. Free features include subscription tracking, bill reminders and budgeting basics, while premium features — like automated savings, net worth tracking, customizable dashboards, and more — make it easier to stay on top of your retirement contributions and overall financial goals.
He quipped that “no one accidentally wins the Super Bowl, The World Series or the World Cup,” in a video on his daughter’s channel (5).
In other words, you can’t expect wealth to fall in your lap without effort, and we can’t all call in to the Ramsey Show when we need advice. But hiring a professional near you could help ensure your financial plan is comprehensive.
With Advisor.com, getting set up with a suitable — and professionally-vetted— financial advisor is easy. All you need to do is answer a few questions about your financial situation, and they’ll match you with advisors who suit your needs.
Then, you can set up a free consultation with no obligation to hire to ensure you find the right fit for your wealth-building goals.
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. (6)”
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.
One of the easiest ways to invest — without overcomplicating it — is to open a self-directed trade account with SoFi. You can start on your own terms, buy and sell stocks with no commission fees, and build a portfolio at your own pace.
Even better, you can get up to $1,000 in stock when you fund a new account for a limited time.
SoFi is designed to help you learn investing as you go. The platform offers real-time investing updates, curated content and helpful data so you can follow the markets, track your favorite stocks — helping you make smart decisions about the stocks that matter most to you.
Moby offers expert research and recommendations to help you identify strong, long-term investments backed by advice from former hedge fund analysts.
In four years, and across almost 400 stock picks, their recommendations have beaten the S&P 500 by almost 12% on average. They also offer a 30-day money-back guarantee.
Moby’s team spends hundreds of hours sifting through financial news and data to provide you with stock and crypto reports delivered straight to you. Their research keeps you up-to-the-minute on market shifts, and can help you reduce the guesswork behind choosing stocks and ETFs.
With mortgage rates also still hovering near 6%, it shouldn’t come as a shock that many Gen Zers and millennials aren’t yet able to purchase their first home (7).
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 diversifying into multifamily rentals appeals to you, you could consider investing with Lightstone DIRECT, a new investing platform from the Lightstone Group, one of the largest private real estate companies in the country with over 25,000 multifamily units in its portfolio.
Since they eliminate intermediaries — brokers and crowdfunding middlemen — accredited investors with a minimum investment of $100,000 can gain direct access to institutional-quality multifamily opportunities. This streamlined model can help reduce fees while enhancing transparency and control.
And with Lightstone DIRECT, you invest in single-asset multifamily deals alongside Lightstone — a true partner — as Lightstone puts at least 20% of its own capital into every offering. All of Lightstone’s investment opportunities undergo a rigorous, multi-stage review before being approved by Lightstone’s Principals, including Founder David Lichtenstein.
How it works is simple: Just sign up with your email, and you can schedule a call with a capital formation expert to assess your investment opportunities. From here, all you have to do is verify your details to begin investing.
Founded in 1986, Lightstone has a proven track record of delivering strong risk-adjusted returns across market cycles with a 27.6% historical net IRR and 2.54x historical net equity multiple on realized investments since 2004. All told, Lightstone has $12 billion in assets under management — including in industrial and commercial real estate.
As such, even if multifamily rentals don’t appeal to you, Lightstone could still serve you well as an investment vehicle for other real estate verticals.
Fox Business (1); Consumer Affairs (2); The Ramsey Show Highlights (3); Federal Reserve Bank of New York (4); Rachel Cruz (5); Ramsey Solutions (6); Realtor.com (7)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
