Dave Ramsey Offers Advice For People Who Believe Their Mental Health Limits Their Wealth: 'Get Some Quick Wins That Make You Feel Good'

Can mental health hold you back from making a fortune and retiring early? This question recently came up on "The Ramsey Show," as a caller had some regrets about past financial decisions and feels like he has mental health issues.

Financial personality Dave Ramsey shared some advice for the caller. He doesn't believe the caller should limit himself. Ramsey also provided a path forward during the call.

"Get some quick wins that make you feel good," he stated.

These were some of Ramsey's top insights during the call.

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We All Make Mistakes With Money

The caller expressed regret about not using his mother's inheritance optimally. This detail seemed to weigh on him, but Ramsey explained that it's normal for people to make financial mistakes. While the mistakes sting in the moment, we can learn valuable lessons from them that allow us to make better decisions in the future.

He referred to the caller's situation as the same thing as a normal 30-year-old person who made a mistake once with money. Ramsey himself went broke when he was 26 years old and lost a $4 million real estate portfolio. Some financial blunders are more expensive than others, but we can learn from them.

However, you can't beat yourself over a mistake forever. You can acknowledge that it happened, but you also have to flip the page and look forward to other goals. That's why Ramsey encouraged the caller to build up some quick wins.

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You Get To Choose Your Future

Another theme that came up in the call is that children may follow in their parent's footsteps. For instance, if the father is an addict, it's possible that the child also becomes an addict. The caller's father has some addictions, but the caller doesn't have any right now. 

Ramsey then mentioned that the caller is not destined to follow in his parents' tracks. However, he also stated that everyone is destined to make a choice of whether to follow in their parents' tracks or not. 

Shifting control back to yourself instead of believing that the future is pre-determined is a great feeling. It can help some people break out of mental health issues and embrace new possibilities. Knowing that you can take a different path from your parents is also a healthy mindset if your parents had a lifestyle that you don't want for yourself. 

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Focus On What You're Doing Right

Ramsey has heard from callers who are deep in debt and have a lot of issues to fix before they can even think about saving for retirement. However, this caller is in the opposite situation. He already has a 401(k) and a Roth IRA that he regularly contributes to. 

These retirement accounts allow the caller to minimize taxes while accumulating wealth. 401(k) and Roth IRAs are two of the staples of building long-term wealth and having a good nest egg by the time you are ready to retire.

While Ramsey advocates for getting some small wins, it's also good to acknowledge what's going right. Putting some of your weekly paycheck in a Roth IRA instead of getting deeper into credit card debt is a small financial win. These small wins add up, and when you're getting small wins in areas outside of finance as well, you may be able to kick mental health issues to the curb.

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