Dave Ramsey Says Let Your Kids 'Cut' Up Your Credit Cards So They 'Won't Ask to Use Them'

Personal finance expert Dave Ramsey says you should completely get rid of credit cards and encourage your family to avoid using them if you want to get out of debt and build long-term wealth. Discussing the importance of sticking to the basics on "The Ramsey Show," he said the shortest path to building wealth is to avoid debt and get into the habit of paying with cash or a debit card. Ramsey said fixing financial problems comes down to common sense, but requires major sacrifices. Don't Miss: Fast Company Calls It a ‘Groundbreaking Step for the Creator Economy' — Investors Can Still Get In at $0.85/Share Missed the AI Boom's Biggest IPOs? This Platform Lets Everyday Investors Access Private Tech Early "Get those credit cards out, light some candles and have a plasectomy ceremony," he said. "Let the children help you cut them up so the children won’t ask to use them because they know they’re gone, let them experience the death of plastic in your house." ‘Newfound' Way of Life Ramsey said getting out of debt and building wealth means giving up a "normal" lifestyle, working more, selling what you don't need, and cutting unnecessary spending. He said you should be prepared to face criticism and even be made fun of for this "newfound" way of life. "If your broke friends are making fun of your financial plan, you are right on track, sweetheart," he said. "If you find out that some of your Facebook friends aren’t real friends, then you’re right on track because they weren’t. And not everybody that likes something on social media really likes it." Trending: Americans With a Financial Plan Can 4X Their Wealth — Get Your Personalized Plan from a CFP Pro Simply cutting out credit cards will only get you so far financially unless you create a careful plan to increase your income and make smart money decisions for the future. Domain Money offers personalized, CFP professional-led financial planning for people who want to make smarter, more confident decisions about their money. This service is designed especially for professionals and households earning over $100,000 a year, who are ready to take their financial planning to the next level with personalized, expert guidance. ‘Poor People' Can't Do Charity Ramsey said small financial habit changes like using debit instead of credit and saving consistently can lead to a retirement with "dignity." He said that while many see the wealthy as “evil,” they often feed hungry children and give billions to charity. "You can be outrageously generous when you have wealth," Ramsey said. "I’ve noticed that poor people don’t feed many hungry kids. Look at the billions of dollars Americans give away every year in charity. It’s because they had billions of dollars." Read Next: Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom Wall Street's $12B Real Estate Manager Is Opening Its Doors to Individual Investors — Without the Crowdfunding Middlemen Image: Shutterstock