Rachel Cruze is warning young adults — especially young men — that chasing “quick” money through sports betting, cryptocurrency and risky real estate moves could put their financial futures at risk.
Cruze, a financial coach, best-selling author and co-host of “The Ramsey Show,” told FOX Business the mistake she sees young adults making “constantly” is buying into fast-track wealth strategies.
“One mistake that we see young adults making constantly, honestly, and it’s driving me crazy, is online gambling or quick wins to wealth building — things like crypto or getting into real estate when they shouldn’t,” Cruze said.
The daughter of personal finance expert Dave Ramsey singled out sports betting as especially risky for young men.
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“It is usually guys in their 20s that are doing this, and so staying away from that is so, so crucial,” she said. “You’re throwing your money away to sports betting. … It really is taking down a generation economically.”
Roughly 27% of Americans — and 52% of men ages 18–49 — say they have an active account with an online sportsbook such as Caesars, DraftKings, BetMGM or FanDuel, according to a survey from the Siena Research Institute and St. Bonaventure University’s Jandoli School of Communication.
Cruze said young adults are bombarded on social media with promises of easy money where influencers frequently pitch crypto, real estate and other fast-track wealth strategies.
“You can hear and see on TikTok things about real estate or cryptocurrency,” Cruze said. “If anything seems too good to be true, it probably is.”
Instead, Cruze said building wealth is usually less flashy but more reliable.
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“The way of building wealth and becoming financially stable is over a long period of time and doing really boring things that are not exciting and fun, like living on less than you make, getting out of debt and investing,” she said.
Cruze said young adults often want instant results, but there is no shortcut to long-term financial stability.
“That’s going to be really key for young adults, because they want the quick wins, they want the instant gratification, but that doesn’t happen when it comes to money long term,” she said. “You have to go slow and steady.”
She also warned that social media is warping expectations around careers, homeownership and spending.
Cruze said younger generations constantly see other people’s vacations, promotions, homes and major life milestones, which can create pressure to spend beyond their means.
“One thing that is facing this generation, unlike really any other generation, is the social media piece, that you have the ability to see what other people are doing — from job promotions to eating out to vacations,” she said.
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Her bottom line for young adults is to stop comparing, stop chasing and focus on their own numbers.
“You really have to put the blinders on and focus on your life, your career, your money situation,” Cruze said. “You can celebrate other people if they’re winning and that’s what they’re promoting. That’s fine. But focusing on your life and being realistic about your numbers is very, very important.”
Cruze’s warning aligns with Ramsey Solutions’ broader financial guidance, which centers on its “7 Baby Steps” plan to help people pay off debt, save money and build wealth over time.
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