"Everyone wants to be wealthy. Yet as finance coach Dave Ramsey often points out, there is a reason the saying "the rich get richer and the poor get poorer" continues to ring true. Key Points from 24/7: As Dave Ramsey will tell you, "the rich get richer and the poor get poorer." According to the St. Louis Fed, the top 10% of U.S. households by wealth had about $6.9 million on average. As a group, they held 67% of household wealth."
"So, why is the wealth gap so big? Dave Ramsey argues that your financial habits often determine whether you stay in the poor, middle, or upper class. It is not just about how much you earn. It is about the decisions you make with the money you already have. According to Ramsey, wealthy people approach spending very differently. They do not ask "How much per month?" They ask "How much?" They buy things outright to avoid interest charges, which quietly drain cash over time."
The top 10% of U.S. households average about $6.9 million in wealth and hold 67% of household wealth, while the bottom 50% average about $51,000 and hold roughly 2.5% of total household wealth. Financial habits often determine class more than income. Wealthy households avoid debt, buy items outright to eliminate interest costs, and focus on total price rather than monthly payments, keeping more money working for them. Middle-class behavior commonly emphasizes monthly payments, car loans, credit card rewards, and borrowing for home upgrades, habits that feel manageable but erode long-term wealth accumulation.
Read at 24/7 Wall St.
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