Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTThomas KentSat, June 6, 2026 at 4:25 PM GMT+2 9 min readMoneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.When a caller told Dave (1)Ramsey (1) he had managed to save roughly $40,000 in just six months after moving into a higher-paying sales role, he expected to discuss investments. Instead, Ramsey spent much of the conversation explaining what not to do.“The fastest way to get rich quick is don’t get rich quick,” Ramsey told the caller.Top PicksHere’s how to get rich from rising US property values with as little as $100 — and without the stress of angry tenantsDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAPThe IRS usually taxes gold as a collectible — but this little-known strategy lets you hold physical bullion tax-free. Get your free guide from Priority GoldIn other words, when you come into money quickly, the pressure to use it can feel immense. But rushing financial decisions can zero a once-in-a-lifetime change of fortune. Making money is just the first step. Keeping it growing while protecting yourself is the next one.The caller said his household income had climbed above $200,000 a year and admitted he felt overwhelmed by the amount of investing advice available online. Aside from contributing to a workplace 401(k), most of his growing savings remained parked in the bank while he tried to figure out his next move.Rather than recommending a hot stock, cryptocurrency or real estate strategy, Ramsey laid out three investing principles he believes can help investors avoid costly mistakes and build wealth over time.Here are the three investing principles Ramsey says every investor should follow.Principle 1: Know your investmentsRamsey’s first principle was simple.“Don’t ever put money in something you don’t understand,” he said.The advice came after the caller admitted he had largely avoided investing because he didn’t feel confident enough to make informed decisions.Rather than criticizing the hesitation, Ramsey praised it.To make his point, he shared the story of an NFL player who had accumulated $10 million and kept it entirely in certificates of deposit (CDs). The player called it “horrible.”“That’s not horrible,” Ramsey argued. “That’s so much smarter than all the other people you play football with because they’ve all blown theirs or put it in their brother-in-law’s pizza company that went broke, you know?”CDs are low-risk savings accounts where you agree to lock your money away for a fixed term of your choosing — from six months all the way to five years. In exchange, the bank pays you a fixed interest rate that is generally higher than you would have earned from a typical savings account.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info