Dave Ramsey reveals why now is ‘the best time to be in business’ & which models have ‘no barrier of entry’
DAVE Ramsey has said why he thinks now is an ideal time for Americans to start a business, despite economic uncertainty.
The financial guru and founder of Ramsey Solutions pointed out two highly profitable business models that are free to start.
Ramsey told FoxBusiness at the EntreLeadership Summit in Dallas, Texas on Monday that he thinks now is the "best time in history" to start a business.
While the Tennessee-based multi-millionaire acknowledged that the present time has its challenges, he said every era has posed unique problems for entrepreneurs.
"If you were in the 70s, you had the Vietnam War, right? If you were in the 80s, you had inflation. You just name it, there's always something telling you not to do it.
"Overall, mechanically speaking, not psychologically, not emotionally, it's the easiest and best time in the history of the world to start a business right now."
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Dave highlighted the opportunities to start a business online with digital products that offer lower risk returns than traditional brick-and-mortar companies.
"You've got YouTube and podcasting, and all of it's free," he said.
"You can get your name out there," explained Ramsey. "There's no barrier of entry to these businesses from an economic standpoint.
"You can come and go quickly, easily, you can iterate, you can change, and it's all digital.
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"You don't have to throw it all in the dumpster if you did it wrong. So it's really, a great time to be in business."
Dave also handed out some advice for young Americans who are debating whether to pay expensive college fees or to go to a trade school.
COLLEGE OR TRADE?
"The trades have been underutilized," said the radio personality, who is a graduate of the University of Tennessee.
"But they're not the whole answer, and throwing college out the baby with the bath water is a bad idea.
"So if you're gonna get a four-year degree, study something useful!" he exclaimed.
The average student loan balance is $38,290, according to Experian.
WHO IS DAVE RAMSEY?
Dave Ramsey is one of the most renowned voices on personal finance and host of The Ramsey Show radio phone-in.
He is the creator of The 7 Baby Steps method, which has helped millions build wealth and ditch debt.
Dave Ramsey's 7 Baby Steps
Dave Ramsey advises his followers to follow a seven-step plan to save for emergencies, pay off debt, and build wealth.
Step 1: Save $1,000 for your starter emergency fund.
Step 2: Pay off all debt (except the house) using the debt snowball.
Step 3: Save three to six months of expenses in a fully funded emergency fund.
Step 4: Invest 15% of your household income in retirement.
Step 5: Save for your children’s college fund.
Step 6: Pay off your home early.
Step 7: Build wealth and give.
Ramsey himself owns a $700 million empire of fully paid-off real estate, according to The Iced Coffee Hour.
On YouTube @TheRamseyShow has over three million subscribers.
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See what Dave advised a 70-year-old caller with no retirement to do.
And how one of his fans paid off $234,000 debt in 31 months.