Dave Ramsey Says 'Stop Trying To Keep Up With The Joneses. They're Broke.' – Warns People Are Fake Rich, Average Household Debt Is $175,075

Keeping up with the Joneses might look glamorous on Instagram, but here's the cold, hard truth: the Joneses are broke. That's not just a catchy line – it's wisdom straight from Dave Ramsey himself. And let's be real, the man has a point. Americans aren't buying yachts or island getaways with their debt – they're just trying to stay afloat. Spoiler alert: it's not working.

According to Ramsey's 2018 Facebook post, "Stop trying to keep up with the Joneses. They're BROKE." Fast forward to today and the data backs him up. A Nerdwallet report found the average U.S. household owes $175,075, covering everything from mortgages to credit cards. Oh and the grand total for all of us combined? A gut-punching $17.94 trillion in household debt as of late 2024.

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Have your neighbors with the shiny new SUV and weekly DoorDash deliveries figured it out? Think again. Mortgages alone average $230,918 per household, while auto loans chip in another $37,274. Even credit cards sneak in $10,563 of "oops, I'll pay it off later" debt. Add student loans averaging $55,777 and suddenly those avocado toast jokes aren't so funny anymore.

Ramsey puts it bluntly in a 2020 Instagram post: "Don't buy things you don't need with money you don't have to impress people you don't like." Translation? Living fake-rich now just means you'll be real broke later. And let's not forget his Texas-inspired wisdom: "Big hat, no cattle."

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It's not just the millennials drowning in loans, either. Gen X leads the debt parade with an average of $157,556, while Boomers, who should be living the RV dream, are still hauling around $94,880 of debt. Even Gen Z is already $29,820 deep – most of them haven't even started their careers.

The moral of the story? Stop worrying about the Joneses. They're not the role models you think they are. Instead, focus on living within your means and making smart financial choices. Whether that means creating a budget, seeking guidance from a financial expert or simply rethinking unnecessary splurges, it's all about taking control of your money – no matter where you're starting from.

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