, Columnist
Personal Finance Has Failed to Reckon With Inequality
Advisers have to be honest about what allows some people to build wealth while making it harder for others.
Let’s get real.
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When well-known personal finance author and personality Dave Ramsey said in an interview on Fox News that he didn’t believe in stimulus checks, because “if $600 or $1,400 changes your life, you were pretty much screwed already,” social media erupted with responses of rage.
His statement felt like a summation of the traditional, often shame-based approach to personal finance. It highlighted how much the industry upholds the bootstrap narrative — that anyone can live well if only they try hard enough. There’s little recognition of the roles that luck and privilege play when it comes to financial security and well-being.