DAVE RAMSEY

Dave Ramsey says: Don’t stress about national debt, just focus on personal finances

May 2, 2023, 1:00 PM

(Photo by Jemal Countess/Getty Images for Peter G. Peterson Foundation)...

(Photo by Jemal Countess/Getty Images for Peter G. Peterson Foundation)

(Photo by Jemal Countess/Getty Images for Peter G. Peterson Foundation)

Dear Dave,

I’m a senior in high school, and I’m enrolled in a personal finance class. From your perspective, should I be worried about the national debt being over $30 trillion, and should this affect a person’s overall personal finance strategy?

— Chris

Dear Chris,

I’m sorry you have to worry about such things at your age. I, personally, have a long history of fretting about, and alternately being angry about, the national debt being out of control. This is mainly because it represents a Congress that’s out of control, and the fact that the American people don’t seem to have enough backbone to vote these clowns out. So, they keep spending like there’s no tomorrow. There’s probably a tipping point somewhere, but the good news is it hasn’t happened yet.

I’m with you on this when it comes to being concerned, though. I think the entire situation represents a lack of discipline on the American people’s part and on the part of our elected officials. It’s pitiful, and it’s outrageous. Now, does it affect my investing? Not one bit. I invest based on good long-term track records, because the national debt has been out of control for as long as I’ve been alive.

Here’s the thing. If everything did finally fall in on itself, there’s nothing at all you could’ve invested in from a financial point that would protect you. So, if I were you, I wouldn’t worry too much about it, or walk around scared that I was suddenly about to lose everything. In my mind, it’s going to take more than a crop of inept, or dishonest, politicians—and there have been bunches of those, from both sides of the aisle—to sink this thing called America. I believe the country, and its people, are much more resilient than that.

You’re a thoughtful young man, Chris. But I want you to remember one very important thing. What happens in your house carries much more weight in your life than what happens in Washington, D.C., or the White House. That means being personally responsible for yourself and your money. Live on a written budget, save money and stay away from debt. If you do those things, I think you’re going to be okay!

— Dave

ENDORSEMENTS

Dave Ramsey

(Pexels Photo)...

Dave Ramsey

Dave says: If you’re not going all in, stay out

Think twice before diving into that new business venture! Success requires a hefty 40-50 hours a week commitment.

20 hours ago

(Pexels Photo)...

Dave Ramsey

Dave says: Seeking mediation with a neutral third-party advisor”

If someone close to you is having financial problems with their spouse, it might be best to refer them to a marriage counselor rather than insert your own advice.

3 days ago

In this week's article, Dave Ramsey talks about when to buckle down and climb out of that financial...

Dave Ramsey

Dave says: Getting out of a big mess doesn’t always feel good, but it’s necessary

Getting yourself out of a financial big mess doesn't always feel good, but sometimes, it's necessary to get back on track.

8 days ago

People sitting at a table, looking upset about bills....

George Kamel

The normalization of debt: How it happened and why it’s keeping you broke

The financial systems we trust benefit from our struggles. Break free from the cycle and rethink your financial game plan.

10 days ago

Person taps to pay or purchase....

Dave Ramsey

Dave Ramsey says: A lesson he’ll remember for the rest of his life

As much as coming in to save the day would feel good, teaching lifelong financial lessons could feel even better in the long-run.

15 days ago

Someone logs their financial progress on a self-made savings tracker....

Dave Ramsey

Dave says: Embracing financial discipline is a sacrifice you won’t regret

If you're determined to increase your savings account, consider using cash-only. Though it might be tedious, it is definitely worth it.

17 days ago

Sponsored Articles

...

DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

...

Collins Comfort Masters

Here’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

Dave Ramsey says: Don’t stress about national debt, just focus on personal finances