How Do I 10x My Money?

Summary

Ramsey Everyday Millionaires: Episode Summary – "How Do I 10x My Money?"

Release Date: April 2, 2025

Introduction

In this episode of Ramsey Everyday Millionaires, host Dave Ramsey and co-host George Kamel delve into the enticing yet risky proposition of multiplying one's money rapidly. Responding to a listener's ambitious goal of turning $30,000 into $300,000 within a year, the hosts provide seasoned financial advice emphasizing patience over the allure of "get rich quick" schemes.

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Caller’s Ambitious Goal

Timestamp: [00:30]

The episode begins with a voicemail from Kelly, who seeks financial guidance. Kelly outlines her current financial situation and her goal: converting $30,000 into $300,000 within a year. She mentions her recent foray into stocks, bonds, ETFs, options, and day trading, expressing a desire for expert advice to achieve this tenfold increase.

Dave Ramsey’s Caution Against Quick Wealth

Timestamp: [01:11]

Dave Ramsey addresses Kelly's query with a blend of concern and pragmatism. He immediately cautions against the pursuit Kelly is considering, suggesting that her approach may lead to significant financial loss. Ramsey states:

"My first thought... you don't need knowledge, you need patience. This guy's about to lose his butt."
– Dave Ramsey [01:11]

The Risks of Rapid Wealth Accumulation

Dave and George discuss the perilous mindset behind the desire to rapidly multiply wealth. George humorously suggests unconventional methods:

"So let's see what we have today. What do you got for us..."
– George Kamel [01:27]

Ramsey reinforces the dangers of such high-stakes ventures, emphasizing the lack of reliability and the high probability of loss inherent in attempting to "10x" one's money quickly.

The Microwave vs. Crock Pot Mentality

Timestamp: [01:52]

George introduces the concept of the "microwave mentality"—a desire for instant results—contrasted with Dave's endorsement of the "crock pot" approach, symbolizing slow and steady growth. Ramsey elaborates:

"You got to be a crock pot in a world full of microwaves. And this is not just my opinion."
– Dave Ramsey [01:52]

He references a biblical proverb to underscore his point:

"Wealth gained hastily will dwindle, but whoever gathers little by little will increase it."
– Dave Ramsey [01:52]

The Importance of Patience and Long-Term Planning

Timestamp: [02:05]

Ramsey further illustrates his stance by calculating the realistic timeframe to achieve Kelly's goal through disciplined investing:

"Instead of one year... on average, it'll take you probably eight or nine years to get to 300 grand."
– Dave Ramsey [02:06]

He advocates for the "Ramsey plan" of building wealth gradually, focusing on consistent savings and sensible investments rather than speculative trading.

Encouraging Steady Growth Over High-Risk Investments

Ramsey advises against gambling away savings in volatile markets like day trading or options. He emphasizes increasing income and savings rates as more reliable methods for wealth accumulation.

Introducing "George Quotes the Bible" Segment

Timestamp: [02:55]

In a light-hearted exchange, George suggests a new segment highlighting biblical wisdom related to finances:

"I think we need a new segment called George Quotes the Bible."
– George Kamel [02:55]

Dave appreciates the idea, agreeing that ancient wisdom can provide valuable guidance for modern financial challenges.

Final Advice and Encouragement

Timestamp: [03:04]

Dave encourages Kelly—and listeners at large—to adopt a patient, disciplined approach to investing:

"Read a proverb a day... it will give you the best financial wisdom money can buy. No course necessary."
– Dave Ramsey [03:04]

He likens the journey to wealth building to the fable of the tortoise and the hare, advocating for steady progress over hasty actions.

Conclusion

The episode concludes with a reinforcement of Ramsey’s core philosophy: building wealth is a marathon, not a sprint. Listeners are encouraged to seek professional financial advice through SmartVestor for personalized investment strategies, aligning with the Ramsey Network's commitment to responsible and disciplined financial growth.

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Key Takeaways:

1. Avoid Get Rich Quick Schemes: Rapid attempts to multiply wealth often lead to significant losses.
2. Adopt a Patient Approach: Building wealth steadily through consistent saving and investing is more reliable.
3. Increase Income and Savings Rates: Focus on actionable steps to enhance financial stability rather than speculative trading.
4. Seek Reliable Wisdom: Incorporate time-tested advice and consider consulting financial professionals for guidance.

Notable Quotes:

• "Wealth gained hastily will dwindle, but whoever gathers little by little will increase it." – Dave Ramsey [01:52]
• "You got to be a crock pot in a world full of microwaves." – Dave Ramsey [01:52]
• "Read a proverb a day... it will give you the best financial wisdom money can buy." – Dave Ramsey [03:04]

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For more insights and personalized financial advice, connect with a SmartVestor professional through RamseySolutions.com.

Transcript

[Dave Ramsey]

This episode is brought to you by SmartVestor. Connect with an investing pro near you at RamseySolutions.com SmartVestor. You know, we've got a phone number to call, of course, and we get a lot of voicemails on that. And so occasionally we like to a little segment called sorry, we missed your call, where we listen to the voicemail and respond without them. Without having to talk to them.

[George Kamel]

Yeah.

[Dave Ramsey]

So let's see what we have today. What do you got for us, Kelly?

[Caller (Kelly)]

I actually am trying to get some financial advice on If I have $30,000, which I do, and another thousand to fifteen hundred a month, what would be the best move or strategy to turn that 30,000 into 300,000 in one year? The last month or two, I've been learning stocks, bonds, ETFs, options, day trading. Still got a lot further to go on acquiring knowledge whenever it comes to that, but just wanted to get some info from someone that actually knows what they're doing and talking about. Thank you very much.

[Dave Ramsey]

Good question. My first thought, Ken, was you don't need knowledge, you need patience. This guy's about to lose his butt.

[George Kamel]

Yeah, but he wants to. He wants to 10x that. 30g's.

[Dave Ramsey]

30 grand to 300 grand in one year. Go to Vegas, my man. I was going to say hit the craps table. Good luck.

[George Kamel]

Highly, highly prospective investment. It's a quick turnaround.

[Dave Ramsey]

Yeesh. My question is always with these. Why? Why the urgency and the desperation to turn 30 into 300? What is this get rich quick mentality? Where is it coming from? Social media, likely friends. Social media. I saw a guy who posted that he does day trading, and if I buy his course, he'll show me how to 10x my money, guaranteed.

[George Kamel]

It's the microwave mentality.

[Dave Ramsey]

You got to be a crock pot in a world full of microwaves. And this is not just my opinion. One of my favorite proverbs from the Bible, Ken, wealth gained hastily will dwindle, but whoever gathers little by little will increase it. It's ancient wisdom.

[George Kamel]

Wow.

[Dave Ramsey]

You gain wealth fast, you're going to lose it even faster. And so you're going to fall in your face trying to do this. And I want you to build wealth. And I popped it into my investment calculator just to kind of get a lay of the land. Instead of one year, if you had 30 grand, you're 30. I don't know. If you're in your mid-30s, let's say 30 grand, you're adding 1500amonth, 10% rate of return. On average, it'll take you probably eight or nine years to get to 300 grand. And I'd much rather you gain it slow and keep it than try to risk it all by day trading or doing options trading and lose it all. So that's my take. That's our that's the Ramsey plan is let's get rich slow. Let's build wealth the right way and not be in a hurry to do it. If you want to make more money, go increase your income. You can increase your savings rate, but trying to gamble this away is not not the move.

[George Kamel]

I like it. I think we need a new segment called George Quotes the Bible.

[Dave Ramsey]

I would love that actually.

[George Kamel]

I think that would be great. I thought you did a good job there. The guy calls, leaves a voicemail and you drive.

[Dave Ramsey]

This is my encouragement to his name's Travis. Go read a proverb a day. You can read it in a whole month if you just do that and it will give you the best financial wisdom money can buy. No course necessary. You can read it online for free, download the Bible app. But I'm telling you there's just some, there's some wisdom in being the tortoise instead of the hare. We know how that story plays out for swings every time.

[George Kamel]

Every time.

[Dave Ramsey]

So thanks for the question though. Thanks for tuning in to Ramsey Everyday millionaires need help with your investments? Connect with a smartvestor [e-mail] smartvestor or click the link in the show notes. Ramsey Solutions is a paid non client promoter of participating pros. Learn [e-mail] SmartVestor.