DAVE Ramsey tells why he thinks now is the ideal time for Americans to start a business, despite economic uncertainty.
The financial guru and founder of Ramsey Solutions pointed to two highly profitable business models which are free to start.
Ramsey said FoxBusiness at the EntreLeadership Summit in Dallas, Texas, on Monday, which he thinks now is the “best time to history“to start a business.
While the Tennessee-based billionaire acknowledged that the present time has its challenges, he said each era has posed unique problems for business owners.
“If you were in the 70s, you had the Vietnam War, right? If you were in the 80s, you had inflation. You just choose, there is always something telling you not to do it.
“Overall, mechanically speaking, not psychologically, not emotionally, it is the best and easiest time in the history of the world to start a business right now.”
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Dave highlighted the opportunities of starting an online business with digital products that offer lower risk returns than traditional businesses.
“You have YouTube and podcasting, and all of it is free,” he said.
“You can get your name out there,” Ramsey explained. “There is no barrier to entry for these businesses from an economic point of view.
“You can come and go quickly and easily, you can iterate, you can change, and it’s all digital.
“You don’t have to throw everything in the trash if you’ve done something wrong. So it’s a really great time to be in business.”
Dave also had some advice for young Americans who are debating whether to pay expensive college tuition or attend a trade school.
COLLEGE OR COMMERCE?
“Businesses have been underutilized,” said the radio personality, graduated from the University of Tennessee.
“But they are not the complete answer, and throwing out the college baby with the bathwater is a bad idea.
“So if you’re going to 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 in personal finance and radio host of The Ramsey Show.
He is the creator of The 7 Baby Steps method, which has helped millions of people build wealth and get out of 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 initial emergency fund.
Step 2: Pay off all debts (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 family income in retirement.
Step 5: Save for your children’s college fund.
Step 6: Pay off your house sooner.
Step 7: Build wealth and give.
Ramsey himself has a $700 million fully paid-off real estate empire, according to Iced coffee time.
On YouTube @TheRamseyShow there is more than three million subscribers.
See what Dave advised a 70-year-old non-retirement caller to do.
And how one of his fans paid off a $234,000 debt in 31 months.
This story originally appeared on The-sun.com read the full story
