Rachel Cruze: Young Men, Avoid Risky Bets for Wealth

Financial coach Rachel Cruze is sounding the alarm on a pervasive habit among young adults, particularly young men, that she believes is detrimental to their long-term financial health: the pursuit of quick riches through avenues like sports betting, cryptocurrency, and risky real estate ventures.

Cruze, a prominent voice on “The Ramsey Show” and a best-selling author, stated that she consistently observes young people falling into the trap of seeking fast-track wealth strategies instead of embracing the more mundane, yet effective, methods of financial stability.

“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 explained.

She specifically highlighted sports betting as a particularly dangerous pitfall for young men in their 20s. “You’re throwing your money away to sports betting. … It really is taking down a generation economically,” she warned.

Data from the Siena Research Institute and St. Bonaventure University’s Jandoli School of Communication supports Cruze’s concern, indicating that a significant portion of Americans, especially men aged 18-49, actively participate in online sports betting.

Cruze attributes some of this behavior to the constant barrage of “easy money” promises on social media platforms like TikTok, where influencers frequently promote speculative investments in crypto and real estate. “If anything seems too good to be true, it probably is,” she cautioned.

The path to genuine wealth, according to Cruze, is less glamorous but far more reliable. She advocates for fundamental financial practices such as living below one’s means, diligently paying off debt, and consistent long-term investing. “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,” she stated.

Cruze emphasized that the desire for instant gratification, common among younger generations, is at odds with the reality of building sustainable wealth. “You have to go slow and steady,” she advised.

Furthermore, Cruze pointed out how social media can warp financial expectations by showcasing curated highlights of others’ lives, such as vacations, promotions, and major purchases. This constant comparison can create undue pressure to overspend.

Her core advice for young adults is to curb the comparison, abandon the chase for quick gains, and instead focus intently on their personal financial situation. “You really have to put the blinders on and focus on your life, your career, your money situation,” Cruze urged.

Cruze’s insights align with the well-established “7 Baby Steps” financial guidance offered by Ramsey Solutions, which prioritizes debt reduction, saving, and steady wealth accumulation over time.