Financial guru Dave Ramsey says debt is the reason for low financial literacy
Josh Anderson, Associated Press
When GoBankingRates.com asked financial guru Dave Ramsey what contributes to today’s lack of financial literacy, the money mentor simply said, “Debt.”
“It’s become normal,” Ramsey told GoBankingRates.com “It is sold so aggressively that many have come believe it’s a financial tool. It’s not. Debt is dumb. It magnifies your risk in any situation. It prevents you from building wealth.”
To Ramsey, financial literacy means more than simply learning how to deal with money.
“I say finance is 80 percent behavior and only 20 percent head knowledge,” Ramsey told GoBankingRates.com. “You’ve got to make the shift in attitude. You’ve got to get sick and tired of being broke in order to make the necessary behavior changes to win with money.”
He also told the finance site that the recession was “a wake up call for most people” and financial literacy is the “same common sense our grandparents practiced.”
- Review: Larger iPhones eliminate reason to...
- Customers wait all night, get new iPhone 6
- Phone lines are open: Customers camp out for...
- Riverton Hospital expansion aims to meet...
- Burger King Japan's latest meal is the new black
- Yellen says US families need to boost savings
- Financial interventions don't work
- Labor commissioner appoints new Utah OSHA...
- Yellen says US families need to boost... 10
- Financial interventions don't work 7
- Salt Lake City is now 'Ski City USA' in... 5
- Extended warranties a big sell. Are... 4
- PepsiCo latest sponsor to voice NFL... 4
- Dave Ramsey says: Tips for stretching... 4
- FedEx to add 50,000 seasonal jobs 2
- Where’s the app for an earthquake... 2