Everyone in Their Golden Years Should Know This About Money

Saving money and investing are major points of concern for Americans, especially as we age and grow closer to retirement. We want to know that enough of our hard-earned income is left over to get us through our golden years. And while investments and smart money management generally starts in our early adult years, we are never too old to heed advice from our nation’s top money minds.

It’s never too late (no matter how old you are) to start investing in yourself and your future by building a little nest egg. If you’ve reached your senior years and your financial situation isn’t what you’d hoped for, you can still take steps to improve it. Whether it’s setting aside a little each month, exploring investment opportunities, or seeking guidance from financial experts, there’s plenty of options. Today is the first day of the rest of your life, and with determination and patience, you can work toward securing a more comfortable golden age. To help you on your way, 24/7 Wall St. has put together 10 Dave Ramsey quotes every 70-year-old needs to hear. Continue reading to discover the path to financial freedom.

Why We Are Covering This

Living in the United States is expensive. Housing prices are on the rise and gas prices are steep. And with wholesale food prices having gone up roughly 22.4% between January 2020 and January 2024, even groceries are breaking the bank. As the cost of living continues to increase, what it means to “have enough” is steadily changing. Many senior citizens used to be content relying on social security, but now, not even this government safeguard is definite. In our ever-expensive world, taking advice from our smartest investors may be the way to go.

1. Sacrifice

• Quote: “Being willing to delay pleasure for a greater result is a sign of maturity.” -Dave Ramsey
• Rule: Good things come to those who wait. Saving and investing will pay off in the long run if you’re willing to make the sacrifices that go along with it.
• Advice: Drive the car a year or two longer and forego the extra beach vacation. Little changes can add up to big dividends. In a world of hares, be a tortoise and you’ll steadily progress toward your goals.

2. Money Can’t Buy Happiness

• Quote: “Fun can be bought with money, but happiness cannot.” -Dave Ramsey
• Rule: No matter how much fun it seems like it would be or how unfathomably happy it’s going to make you, consider the long-term implications.
• Advice: That Patek Philippe diamond and gem-encrusted watch may look amazing on your wrist but think about what it’s going to cost you in retirement capital.

3. You’re Allowed to Have Fun with Money

• Quote: “Someone who never has fun with money misses the point.” -Dave Ramsey
• Rule: Prioritizing your future doesn’t mean you can’t set aside some “play” money.
• Advice: When the time is right, eat, drink, and be merry!

4. Home Sweet Home

• Quote: “The paid-off home mortgage has taken the place of the BMW as the status symbol of choice.” -Dave Ramsey
• Rule: Choosing fun and clout may provide instant gratification, but that won’t truly matter years down the line.
• Advice: Make paying off your home a priority. While your knees ache and your hair grows thin, you’ll be thankful for your home, no matter how humble.

5. “Alexa, Call Life-Alert”

• Quote: “Every person falls down at some point. Successful people choose to get back up.” -Dave Ramsey
• Info: Successful folk do not allow bad luck or downturns in their retirement portfolio to sidetrack them.
• Advice: Accept the fall, right yourself, and stay the course. Do not accept defeat.

6. Stop Accumulating Stuff

• Quote: “Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make.” -Dave Ramsey
• Info: This is the no-brainer of the bunch, akin to money doesn’t buy happiness. Living on less than you make is definitely a goal, but in these inflationary times, it’s easier said than done.
• Advice: With inflation outpacing increases in income, learning to live with less is more crucial than ever. Adopt this habit now and you’ll see the benefits in the future.

7. Y B Normal?

• Quote: “Debt is normal. Be weird.” -Dave Ramsey
• Info: Be weird is possibly the best advice Dave Ramsey has ever given. It’s simply the best advice period. The largest percentage of U.S. households have debt, even excluding mortgages. The average U.S. adult has debt hovering around 60k.
• Advice: In a nation where debt is normal, getting out of debt is weird. Embrace the weird.

8. It’s Never Too Late

• Quote: “It’s never too late to turn things around. You are the only obstacle.” -Dave Ramsey
• Info: While you may be the only barrier to your financial freedom, some of us face a myriad of stumbling blocks, not of their own making, on the road to financial peace of mind. Changing one behavior can have a ripple effect, however.
• Advice: If you’re able to pinpoint a habit that’s holding you back, changing it could make a world of difference.

9. Pay Cash

• Quote: “You don’t build wealth with credit card rewards and airline miles. You can’t beat the credit card companies at their own game.” -Dave Ramsey
• Info: Paying in cash isn’t exactly the same as paying with cash. As long as you have the funds on hand to cover your charges, theoretically, you’re paying in cash.
• Advice: Trash the credit cards. However, if you absolutely must use one, pay off the balance right away.

10. Baby Steps

• Quote: “You can get anywhere if you simply go one step at a time.” -Dave Ramsey
• Info: Prioritizing your happiness and well-being is crucial for leading a fulfilling life. Ultimately, investing in your happiness will pay off in more dividends than you ever could have imagined when you took that first step. 
• Advice: Simply do the next best thing, one step at a time.

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