‘You’re gonna get there’: Dave Ramsey tells divorced mom, 51, with no savings she can retire a millionaire. Here’s how

Trisha, a 51-year-old divorced mother of four, found herself in a dire financial situation after her husband left her with his job and a $130,000 annual income in 2022. With no retirement savings and a new car payment of $596 per month, Trisha called The Ramsey Show for guidance. Ramsey, confident in her ability to become a millionaire by retirement, encouraged her to follow his 7 Baby Steps.

He recommended that Trisha pay off her $25,000 car loan and start saving for an emergency fund, even if it meant sacrificing some of her savings. Ramsey then focused on Trisha's retirement goals, suggesting that if she invested 15% of her income from age 51 to 70, she could accumulate $600,000 to $800,000 by the time she reached 65 or 70.

Trisha, who earned $52,400 and worked a second job, was also eligible for a 401(k) match. Ramsey emphasized the importance of process-driven and math-driven approaches to manage her finances, and suggested that Trisha use a tool like Rocket Money to track her finances and stay on top of her investments.