Dave Ramsey Shares The Three Things That Can Keep Kids And Teens Out Of Poverty: ‘You’ve Got A 97% Chance Of Staying Out Of Poverty If…’

Millions of people have turned to Dave Ramsey‘s bestselling financial books and “The Ramsey Show” to achieve their financial goals. Ramsey has spoken with many people and heard numerous financial situations. 

He knows what it’s like to make it and what it’s like to live in poverty. Not only has Ramsey heard both types of stories from various radio show guests, but he has also experienced poverty on the way to riches.

Since enduring his own rags-to-riches story, Ramsey has learned more about finance and recently shared three things that can keep kids and teens out of poverty.

“You’ve got a 97% chance of staying out of poverty if you follow this path,” Ramsey stated.

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The path Ramsey mentions comes from the blueprint William A. Galston laid out after analyzing decades of poverty data. Ramsey detailed what it takes to minimize your chances of encountering poverty. He also mentioned that it’s important for kids and teens to follow each of these steps in order.

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Graduate From High School

Graduating from high school makes it easier to secure various jobs. A high school diploma shows that you have an education and have completed the school system. While you can also attend college to potentially boost your lifetime earnings, Ramsey said that a high school diploma is sufficient. 

The school system can help you build a good work ethic if you complete homework on time and regularly study for exams. This part of the process is the easiest for kids and teens. If you show up every day, you will eventually get a diploma. 

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Get A Job

Ramsey then says that you have to get a job after receiving a diploma. Some people start working full-time after graduating from high school, while others wait until they graduate from college. If you are in college, you can work a part-time job to gain experience and position yourself for a more successful career when you get your college diploma.

At this stage, you should focus on developing new skills and advancing in your career. You may have to job hop if you want to maximize your salary. It’s hard to get big raises each year, but if you are a top performer who regularly applies for new jobs, you can boost your earnings.

It’s important to get your finances right before entering a marriage. That way, you can save plenty of cash while you have the most time you will ever have in your life. It’s more difficult to advance in your career and learn new skills when you are married and raising children. Kids and teens should capitalize on the time they have right now instead of prolonging their career development.

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Get Married At Age 20, Or Older, Before You Have Children

It’s okay to have a girlfriend, but you shouldn’t get married until you turn 20, and that’s the earliest you should get married. Getting married too early and having children as a young couple can create more financial hardships for the couple. Starting a family while you’re young will give you less time to develop career skills and seek higher-paying opportunities.

Individuals should get a firm grasp on their finances before marrying. You don’t need to have the entire nest egg ready to go. You just have to feel good about your progress and your ability to make ends meet. Sure, that’s easier said than done, but Ramsey’s advice demonstrates the value of establishing a career before you lead a family.

Doing these three things does not guarantee that you will achieve financial independence. It just gives you a 97% chance of avoiding poverty. You will have to set ambitious goals and work harder than most people to end up with a high net worth.

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