Dave Ramsey Lays the Two Choices You Have with Money: "You can make excuses, or you can take control of your money. But you can't do both."

Dave Ramsey hasn't been one to mince words. He gets direct in conversations with his listeners when the situation calls for it. He's not afraid to tell people that they have made financial mistakes and have to recover from them, and he's also eager to congratulate people who are on the right path.

One of Ramsey's recent X posts highlights how people end up on either of those paths. Some people are on the way to achieving their financial goals, while others continue to dive deeper into debt. It all revolves around your ability to take control of your money.

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Small Gains Can Snowball into Big Portfolios

You don't have to contribute a lot of money to your portfolio each month to secure big gains. For instance, Ramsey explains that investing $100 per month into a good growth stock mutual fund from age 25 to age 65 can result in a nearly $1.18 million portfolio. 

Ramsey also mentions that if you make the average household income of $79,000 and invest 15% of it each year, you will retire with around $11.6 million. He goes on to say that even if he is half wrong, a $5.8 million retirement portfolio still puts you at a strong advantage. 

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Debt Prevents People From Saving More Money

Not everyone can save 15% of their paycheck each year or even $100 per month. Ramsey pointed to debt as a key culprit for this trend. Student loans, mortgage payments, and credit card debt all add up. Some of these financial products have double-digit APRs. 

Ramsey recommends prioritizing debt repayment. Once you are out of debt, it's easier to invest a larger percentage of each paycheck into a good growth stock fund. Ramsey believes that anyone with good financial discipline who is under 40 can become a millionaire by the time they retire. He also says that people above 40 can still reach a seven-figure portfolio but that they have to "get serious."

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Pay Attention to How You Think About Money

Ramsey capped off his X thread by saying that we can either make excuses or gain control of our money. Getting control of money isn't a matter of how much you earn. Instead, it's about your mindset.

Some people feel in full control over their money even though they are earning less than the median household income. However, there are some millionaire sports athletes who end up going broke a few years after they retire.

It's good to pause and reflect on your money thoughts. It's good to think of ways to earn and save more money while moving closer to your long-term financial goals. However, if most of your money thoughts revolve around not having enough cash or being envious of wealthy individuals, it can hold you back.

Changing the way you think about money can change how much of it you bring into your life. A positive mentality and a desire to achieve long-term goals can help you become a millionaire by the time you are ready to retire.

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