Ramsey Everyday Millionaires

Episode: I’m New to Investing—How Do I Get Started?
Date: October 17, 2025
Hosts: Dave Ramsey, Ken McElroy
Guest Caller: Blake (Asheville, NC)

Episode Overview

In this engaging episode, Dave Ramsey and Ken McElroy respond to a listener named Blake, who is about to start a higher-paying job and wants to know how to begin investing. The episode focuses on practical, foundational investing advice for beginners, the importance of getting out of debt first, and a spirited defense of the American Dream and capitalism. The tone is motivating, direct, and laced with Ramsey’s signature tough-love humor.

Key Discussion Points & Insights

Blake’s Situation and Question

• [00:09] Blake shares he's starting a new job with a $1,900/month raise, moving to $25/hour for four 12-hour shifts a week, and finally has the financial margin to consider investing.
• [01:11] He asks: “I want to start investing money. I've not had any wiggle room…by the time I’m 60.”

Dave’s Core Investing Advice

• 401(k) and Roth 401(k):
  • [01:34] If available, set up a Roth 401(k) after 90 days at the new job.
  • [01:43] “That means it’s going to grow tax free, but you’re gonna pay taxes on the money that you put into it now, which is whoop deep, Dee. No big deal. And they’re gonna match it probably…which is okay.” – Dave Ramsey
• Mutual Funds:
  • [01:51] Invest in growth, growth and income, aggressive growth, and international mutual funds.
  • Seek funds with a track record of 5 years or, preferably, 10 years.
  • Compare options based on average annual returns.
• Contribution Amount:
  • [02:32] "We recommend you put 15% of your income, not more, not less, into your 401k. Now that is if you are debt free and have your emergency fund in place of three to six months of expenses. Is that true?" – Dave Ramsey

The Priority: Debt Elimination Before Investing

• [03:06] Blake confirms he still has $36,000 in student loans.
• [03:20] “I’m going to attack that like my hair is on fire.” – Dave Ramsey
• Ramsey’s process:
  • Use the raise and tighter budgeting to pay off debt aggressively, targeting one year to clear the student loans ($3,000/mo x 12 = $36,000).
  • Leverage weekend side gigs for extra income.

Motivation, Side Hustle, and Acceleration

• [03:46] Ken suggests Blake’s weekends are a prime opportunity to accelerate debt payoff.
• [03:54] Blake details his event production side gig (concerts, weddings, corporate events).
• [04:13] Dave encourages relentless hustling until debt is gone: “I’d be working all the time for a short period of time…because the faster you get out of debt, the faster you get to invest, the faster you’re wealthy. Hello.”

The American Dream & Mindsets About Wealth

• [04:40] Ken and Dave push back on negativity about capitalism:
  • Ken contrasts negative social media narratives with Blake’s situation.
    • [05:16] “This is a separate narrative than what you hear on TikTok and Facebook and all the things. This is the real deal here. So I applaud you, Blake, because you are. The numbers change when people do.” – Ken McElroy
  • [05:33] Dave critiques the “capitalism is dead” narrative:
    • “The communist professors have put out the poll. The capitalism is dead...you need to keep in mind where this crap is coming from. Yeah, okay. So capitalism is not dead. As a matter of fact, it is the best way in human history at this particular moment in time.”
• [06:22] Dave highlights the opportunity for young people:
  • “If you are right now in your 20s, you have the most opportunity to build wealth the fastest of any time, in any period, in any location since man began walking the earth beside Eve. Old Adam, remember him? ...This is the best moment in time where I, in my 20s, right now, broke. I could be a millionaire so freaking fast, it would blind you.”

No “Victim” Mentality; Focus on Action

• [07:03] Dave lampoons “victim mentality,” contrasts it with a proactive approach:
  • “If you sit around and suck your communist thumb and swine about capitalism and wages and house prices while living in your mother's basement typing on your $2,000 iPhone instead of working your little butt off, then you deserve what you get because you're signing up for victim mentality. We don't do victim around here. We do Victor. Blake is a Victor.”
• [07:35] Ken and Dave dismiss the idea that protest or online negativity drives real economic progress.
• [07:58] Dave emphasizes the ease of launching businesses in the digital age, noting that failure is just a step on the path:
  • “…you can just decide and I’m in business. And a minute and a half later you have a website and Shopify, set the stinking thing up and you start selling your little idea. And then when it fails, you can start another one next week...”

Closing Motivation

• [08:30] Ken: "Blake just got a promotion and he has got a side hustle on the weekend. If he can do it, you can do it."

Notable Quotes & Memorable Moments

• On Roth 401(k):
  • “That means it’s going to grow tax free, but you’re gonna pay taxes on the money that you put into it now, which is whoop deep, Dee. No big deal…” – Dave Ramsey [01:43]
• On urgency to get debt free:
  • “I’m going to attack that like my hair is on fire.” – Dave Ramsey [03:20]
• On American Dream skepticism:
  • “...here’s a young man who is on the precipice of realizing the American dream, and he’s calling in with a question like this. … This is the real deal here.” – Ken McElroy [05:16]
• On opportunity:
  • “This is the best moment in time where I, in my 20s, right now, broke. I could be a millionaire so freaking fast, it would blind you.” – Dave Ramsey [06:34]
• On choosing action over victimhood:
  • “We don’t do victim around here. We do Victor. Blake is a Victor.” – Dave Ramsey [07:05]
• On modern ease of starting businesses:
  • “And a minute and a half later you have a website and Shopify, set the stinking thing up and you start selling your little idea. And then when it fails, you can start another one next week.” – Dave Ramsey [07:58]
• On role models:
  • “Poster child, that guy right there, man. He’s a stud...That guy’s going places, right? You don’t want your daughter marrying a dreamer...” – Dave Ramsey [07:08]

Timestamps for Key Segments

• Blake’s new job and raise: [00:09] – [01:08]
• Investing basics (401k, Roth, mutual funds): [01:28] – [02:53]
• Debt-first principle before investing: [03:06] – [03:46]
• Side hustles and speeding up debt payoff: [03:46] – [04:31]
• Refuting pessimism about wealth-building: [04:40] – [08:30]
• Hosts’ motivational send-off: [08:30] – [08:37]

Summary Takeaways

• New to investing? Start with your work retirement plan, ideally a Roth 401(k), choosing strong, long-term mutual funds.
• But—investments wait: if you have significant debt and no emergency fund, focus everything on becoming debt-free first.
• Use all available income, including side hustles, to erase debt with urgency ("like your hair is on fire"), then invest 15% of your income for the long haul.
• Ignore pessimistic media and victim mindsets: the opportunity to build wealth in America is alive and well, and real stories like Blake’s prove it.
• The only barrier is personal action and discipline. Anyone can replicate Blake’s blueprint: work hard, avoid excuses, and build wealth step by step.

For more investing help, visit RamseySolutions.com.

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