I Was Wrong About Life Insurance: What Dave Ramsey Taught Me About Money, Debt, and Control

I’ve always been good with money. Even as a teenager, I made smart choices. When I won scholarships to go to college, I didn’t spend the extra funds—I put them in CDs to make sure I didn’t touch them. I was proud of that. Looking back, I realize that while I was making thoughtful decisions to protect my money, I wasn’t always making the best ones to grow it. If I had invested those funds in a mutual fund instead of a CD, I could’ve set myself up for more financial growth.

Fast forward to today—running a mission-driven business, raising kids, and making values-based decisions every day—I’ve had to unlearn and relearn a lot about what it truly means to build wealth.

One of the biggest shifts came when my cousin introduced me to Dave Ramsey. His 7 Baby Steps and his perspective on life insurance, debt, and wealth-building completely reshaped how I view financial health—not just personally, but as a business owner too.

I Was Wrong

For a long time, I believed that life insurance — especially whole life or cash value policies—were a smart way to protect my family and build wealth. But as I dove deeper into Ramsey’s teachings, I realized that those policies have poor returns compared to what I could get by investing directly in a mutual fund.

The problem wasn’t that I wasn’t trying to make smart financial decisions—it’s that I didn’t have the full picture. Until recently, I didn’t fully understand how my life insurance policies worked—or how my money could be working harder for me in other places.

Dave Ramsey’s 7 Baby Steps

Ramsey’s steps aren’t flashy—but they’re practical, simple, and powerful. Here’s what’s been reshaping the way I think about money:

1. Save $1,000 for your starter emergency fund

Even if you’re great with money, a small buffer can make a big difference. It’s not about wealth—it’s about breathing room when the unexpected happens.

2. Pay off all debt (except the house) using the debt snowball

I used to think carrying some debt was normal and manageable. Now I understand that debt isn’t just financial—it’s emotional. Ramsey’s debt snowball method helps you build momentum and confidence by knocking out the smallest debts first.

3. Save 3–6 months of expenses in a fully funded emergency fund

This is what real security looks like. For entrepreneurs especially, knowing you have cash reserve gices you the freedom to make bold decisions without fear. The emergency fund needs to be in an interest bearing account, mine is with Industrial Bank.

4. Invest 15% of your household income in retirement

This is where the life insurance conversation changed for me. I’m no longer putting money into a policy I might never benefit from—I’m investing in a mutual fund and Roth IRA where my money can actually grow.

5. Save for your children’s college fund

This step was one I already felt good about. I’ve been maxing out my son's 529 accounts for the tax benefits since they were born. On their birthdays I ask guests to contribute to their 529s and not give gifts. This small intentional move allows me to signal to my friends and family our family goals.

6. Pay off your home early

A few years ago, I made a change and started paying half my mortgage every two weeks. That one simple shift means I make one full extra payment each year—without it feeling like a sacrifice. And that one extra payment each year? It can cut 4 to 6 years off a 30-year mortgage and save tens of thousands of dollars in interest. It’s a small move that’s making a big difference.

7. Build wealth and give

Ultimately, it's not just about what you can keep—it's about what you can give. When your money is working for you, you're empowered to be generous, to create legacy, and to live with less stress and more purpose. For me, part of the purpose is giving to causes I deeply believe in—like National Bail Out, a Black-centered collective that supports our comunities and fights for liberation. I want to be able give consistently, not just when it's convenient, but as part of my financial rhythm. That's what real freedom looks like

Lessons from BLK + GRN: Business Money Is Different

Running a business challenged me in a completely different way. My biggest blind spot with BLK + GRN was understanding business accounting and taxes. For years, I didn’t fully understand what my accountant or bookkeeper were doing. I could read the reports, but I couldn’t explain the strategy behind them.

That changed when I made BLK + GRN learner. As I cut back expenses, streamlined operations, and took more ownership of the day-to-day, I forced myself to learn, I got into QuickBooks, understood the basics of cash flow, and finally wrapped my head around tax categories and started filling my taxes with Tax Act. I stopped outsourcing what I didn't understand—and started learning it instead.

Now, I make decisions with clarity, not confusion. And that’s the kind of control I want not just in business, but in every part of my financial life.

This isn’t a story about failure—it’s a story about growth. About how someone who was always “good with money” realized there was still so much more to learn.

If you’re feeling overwhelmed, unsure, or even just curious about how to manage your money better—start with the Baby Steps. Reevaluate what you’ve been told. Challenge what you’ve been doing out of habit.

I was wrong about life insurance—but I’m so glad I was. Because being wrong opened the door to a whole new way of thinking. And from where I stand now, financial freedom looks clearer, more purposeful, and more empowering than ever.

Because when you change your relationship with money, you change your life.