No. The "gist" of it is that it is a psychological advantage to not be in consumer debt. That is the correct advice for 90+% of Americans.

If you are investing and exceeding your debt service with returns, with liquid reserves to pay off all your consumer debt at any moment and you are strategically doing all this for this reason, Ramsey's advice is not particularly your cup of tea.

But for most Americans living paycheck-to-paycheck, it is brilliant, life changing advice.

This post was edited on 12/31/19 at 2:22 pm

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Posted by kywildcatfanone

Wildcat Country!

Member since Oct 2012

119908 posts

Posted on 12/31/19 at 4:24 pm to Ace Midnight

quote:
But for most Americans living paycheck-to-paycheck, it is brilliant, life changing advice.

Yep, and if 90% of American's would follow it, they would be in overall better financial shape, the MT gurus notwithstanding.

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Posted by cgrand

HAMMOND

Member since Oct 2009

39163 posts

Posted on 1/2/20 at 2:07 pm to Ace Midnight

quote:

But for most Americans living paycheck-to-paycheck, it is brilliant, life changing advice.

i'll disagree with the first part, and wholeheartedly agree with the second. i don't live check to check and havent in a very long time. i understand that the math says keep the debt and invest, but i also know me (hi, me). i do not have the discipline to do leverage and invest, nor to i want that complication in my life.

for those of us who like to keep life simple and uncluttered, and who have the means to accept the potential downside, there is nothing, and i mean nothing, more valuable to me than being 100% debt free

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