'You're Throwing Your Money Away': Rachel Cruze Warns Sports Betting Is 'Taking Down a Generation'

Financial coach Rachel Cruze has warned that sports betting and other attempts to make quick money are putting the financial future of many young adults at risk, particularly men in their twenties. Speaking to FOX Business, the bestselling author and co-host of The Ramsey Show said the pursuit of instant wealth is encouraging risky financial decisions that could have lasting consequences.

Sports Betting Is 'Taking Down a Generation'

Cruze reserved her strongest criticism for online sports betting, which she said is draining the finances of young men at an alarming rate. 'It is usually guys in their 20s that are doing this, and so staying away from that is so, so crucial,' Cruze told FOX Business. 'You're throwing your money away to sports betting. It really is taking down a generation economically.'

Her comments come as online gambling continues to expand across the US, with betting apps becoming increasingly accessible through smartphones and digital platforms. According to a survey by the Siena Research Institute and St. Bonaventure University's Jandoli School of Communication, around 27 per cent of Americans have an active online sportsbook account. Among men aged 18 to 49, that figure rises to 52 per cent.

Cruze said those figures highlight what she believes is a growing financial problem rather than harmless entertainment.

The Appeal of Quick Money

Sports betting is only one part of the trend that concerns Cruze.

She said she regularly sees young adults chasing rapid financial gains through cryptocurrency investments or entering the property market before they are financially prepared.

'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 said.

She added that social media has become a major source of financial misinformation, with influencers often promoting cryptocurrency, property investing, and other fast-track wealth strategies. 'You can hear and see on TikTok things about real estate or cryptocurrency,' Cruze said. 'If anything seems too good to be true, it probably is.'

Social Media Fuels Unrealistic Expectations

Cruze said social media has changed the way many young adults think about success and money. She argued that constant exposure to other people's holidays, promotions, expensive meals, and new homes creates unrealistic expectations and encourages unnecessary spending.

'One thing that is facing this generation, unlike really any other generation, is the social media piece, that you have the ability to see what other people are doing, from job promotions to eating out to vacations,' she said. According to Cruze, constant comparison can distract people from making financial decisions based on their own income and circumstances.

Building Wealth Is Rarely Exciting

Instead of chasing rapid gains, Cruze encouraged young adults to adopt a slower and more disciplined approach to managing money.

'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, like living on less than you make, getting out of debt and investing,' she said. Cruze acknowledged that younger generations often want immediate results, but she argued there is no shortcut to long-term financial stability.

'That's going to be really key for young adults, because they want the quick wins, they want the instant gratification, but that doesn't happen when it comes to money long term,' she said. 'You have to go slow and steady.'

Focus on Your Own Finances

Cruze urged young adults to stop measuring their progress against what they see online and instead concentrate on their own financial goals. 'You really have to put the blinders on and focus on your life, your career, your money situation,' she said. 'You can celebrate other people if they're winning and that's what they're promoting. That's fine. But focusing on your life and being realistic about your numbers is very, very important.'

Her comments align with Ramsey Solutions' guidance, which promotes building wealth gradually through its 7 Baby Steps plan. The framework starts with saving a $1,000 emergency fund, then paying off non-mortgage debt with the debt snowball. After clearing debt, it recommends building an emergency fund covering 3-6 months of expenses, investing 15% of household income for retirement, saving for children's education if applicable, paying off a mortgage early, and finally focusing on wealth building and giving generously.

The step-by-step approach aims to promote long-term financial stability through consistent saving, disciplined spending, and steady investing rather than quick profits.

As sports betting, cryptocurrency, and other high-risk financial trends continue to attract younger audiences, Cruze said the focus should remain on steady financial habits rather than the pursuit of quick profits. She argued that long-term financial security is built through patience, disciplined spending, and realistic expectations rather than short-term wins.