Podcast Summary

Podcast: Ramsey Everyday Millionaires
Episode: Will Dave Ever Invest In Cryptocurrency?
Date: September 29, 2025
Hosts: Dave Ramsey, Co-host (likely Chris Hogan or another Ramsey Solutions expert)

Episode Overview

This episode digs into Ramsey Network’s foundational investment philosophy in response to a common modern question: Should you invest in cryptocurrency? A caller’s query about using crypto to pay down debt sparks a candid discussion about crypto, fads in investing, and protecting your long-term wealth. Dave Ramsey and his co-host reinforce the network’s principles—avoid debt, build wealth steadily, and resist speculative fads—with the signature Ramsey humor and directness.

Key Discussion Points & Insights

1. Caller’s Situation: Should I Cash Out Crypto to Pay Off Debt?

[00:19–00:54]

• Caller Josh from Pennsylvania has paid down significant debt and asks if he should liquidate $20,000 in crypto to finish paying off the remainder.
• Dave and his co-host unequivocally recommend cashing out any non-retirement investments—including crypto, stocks, mutual funds, or even cash under the bed—to accelerate debt repayment.
• Quote:

  "Anything that you had money in that was not retirement, we would tell you to liquidate it and clear your debt."
  —Dave Ramsey (00:47)

• The reasoning: You regain control of your most powerful wealth-building tool—your income—when it’s not tied up in debt payments.

2. Dave’s View on Cryptocurrency (and Other “Faddish” Investments)

[00:54–03:38]

• Dave emphasizes that the advice to liquidate is not about crypto specifically; it’s the same for any non-retirement investment. However, he doesn’t hide his skepticism regarding crypto.
• Quote:

  "It just gives us a little bit more joy when it’s something as stupid as crypto to tell you to do it."
  —Dave Ramsey (01:51)

• Dave compares crypto to other commodities and speculative investments:
  • He doesn’t buy gold, oil, or other commodities.
  • He sees crypto as a currency (like the yen or Deutsche Mark) with little track record and high volatility.
  • He views crypto as a fad, akin to Beanie Babies or emu farming—“all the cool kids doing stupid stuff.”
• Notable analogy: Investing in crypto is as irrational, in his eyes, as investing in Beanie Babies for your child’s college fund.
• Quote:

  "Right now, it’s just all the cool kids doing stupid stuff... It's as dumb as Beanie Babies."
  —Dave Ramsey (02:42)

3. Will Dave Ever Invest in Crypto?

[02:00–03:38]

• The co-host directly asks if Dave would ever invest in crypto, and under what circumstances.
• Dave insists he would not, because it’s a commodity, not a true investment with a track record, and he never invests in commodities or currencies.
• He reiterates his policy:
  Quote:

  "It’s not going to be a proven investment because it’s a commodity. And commodities are never a proven investment. That’s a problem."
  —Dave Ramsey (02:06)

4. The Dark Side of Crypto: Scams and Financial Losses

[04:29–05:24]

• The co-host and Dave discuss the rampant scams in the crypto space and massive financial losses people have experienced.
• Dave recounts a particularly heart-wrenching story involving a catfishing romance scam, where a woman was persuaded to cash out her 401(k) for a supposed boyfriend she had never met—highlighting the role crypto plays in modern scams.
• Quote:

  "Oh, my God. I mean, that stuff’s everywhere. We’re getting that stuff in here by the tidal waves into our offices by email. Help us with this. Help? We’re not the FBI. We can’t help you with this. It’s just, you know, try not doing stupid stuff. That’ll help."
  —Dave Ramsey (04:51)

Notable Quotes & Memorable Moments

• Dave, on crypto investors:

  "You went to church on Easter, but that was it."
  (01:15)
  A playful jab at the caller for following Ramsey advice only partway.

• Dave, on fads:

  "People were buying Beanie Babies, and I’ve had people call me on the show in the old days... I had people put their kids' college fund in Beanie Babies."
  (03:21)

• Co-host, on scams:

  "The amount of scams... and the amount of things people have lost. I mean, so much money people have lost in it."
  (04:29)

• Dave, advice to listeners:

  "Try not doing stupid stuff. That’ll help."
  (04:51)

Timestamps for Important Segments

• [00:19] – Caller’s question: Using crypto to pay off debt
• [00:47] – Dave’s recommendation to liquidate non-retirement investments
• [01:51–02:42] – Dave’s perspective on crypto as a fad, comparison with Beanie Babies/emus
• [02:00] – Would Dave ever buy crypto? (direct Q&A)
• [04:29] – Discussion of crypto scams, romance scam anecdote

Tone and Style

Throughout the episode, Dave Ramsey’s tone is candid, direct, and occasionally cheeky—employing analogies and anecdotes to drive his points home. Listeners are left with a clear sense of Ramsey Network’s long-standing skepticism of crypto and emphasis on steady, traditional wealth-building strategies.

Best takeaway:
If you’re tempted by fads like cryptocurrency, remember Ramsey’s cardinal rule: Protect your income, avoid debt, and don’t let hype derail your long-game financial plans.