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Message
re: Heard Dave Ramsey's daughter speak at a luncheon a few weeks ago
Posted on 4/21/17 at 10:23 am to baldona
Posted on 4/21/17 at 10:23 am to baldona
quote:
To play devils advocate, there's plenty of $5,000 boats out there that anyone can fish with their family in.
I once bought a pretty nice Bass boat for $2,500.00, it had not been used in a long time and took a little money to get it in shape, oddly enough the person selling it was heavily in debt and trying to raise money to keep his house.
0
Posted on 4/21/17 at 11:56 am to Serraneaux
She brings to mind the phrase, "Born on third base but thinks she hit a triple"
Posted on 4/21/17 at 12:52 pm to D Tide
quote:
Out of curiosity I looked into this one time and I remember them being a good bit above what I was seeing as the going rate
Dave never mentions that but I wouldn't doubt it at all. I doubt if you don't have a great credit score you will be able to obtain a great rate, it's that simple.
There's quite a few small things like that that Dave leaves out that are quite a big deal but don't go with what he teaches. He has to make his money, so it's not exactly NPR. Not saying it's right or wrong, it is what it is.
Posted on 4/21/17 at 12:54 pm to hungryone
quote:
She brings to mind the phrase, "Born on third base but thinks she hit a triple"
From the little I've heard her speak, she isn't like that at all. She is a great speaker, and she still remembers the times (or so she says) when they were little and not well off.
Posted on 4/21/17 at 2:13 pm to Serraneaux
quote:This is stupid for most people. Debit card is less secure. Cash is a pain in the arse. She probably lives where full service gas station is mandatory. Discover Card cash back adds up nicely if you pay off credit card monthly.
doesn't own a credit card
Posted on 4/21/17 at 2:13 pm to D Tide
They are an endorsed local provider or ELP for Dave Ramsey. Companies pay them to be ELP's. The companies are vouched by Dave Ramsey and then pay a fee to get mentions and endorsements from him.
Posted on 4/21/17 at 11:32 pm to baldona
quote:
From the little I've heard her speak, she isn't like that at all. She is a great speaker, and she still remembers the times (or so she says) when they were little and not well off
I think one of the reason Dave's thing works is because it's born of experience. He basically was a financial idiot who made a ton of bad decisions and got dealt some bad hands, and he changed his ways and turned it around.
When you are trying to get people to change their ways, the most powerful message has come from people who have changed their ways. It's why the most respected drug counselors are former addicts, why the most respected prison to work program counselors are former prisoners.
His daughter, who may be smart and perhaps remembers watching her dad and mom eat beans and rice, will never, ever have that same backstory that Dave has. That doesn't make her a bad person, of course, but people are going to give her the "she was born with this, she never had to struggle" look.
Unfortunetly, working for your dad and buying an 800K house won't help her case any.
We have this same problem in the CPA profession. A number of CPAs inherited their practice from a parent, so they sit at 30 running their own firm, and act like they don't understand why every CPA doesn't do this. Worse, they are held up as experts by some in the community. Well gee, if I was given a book of business at 28, had no student loan debt, etc, I could build on that as well.
Posted on 4/21/17 at 11:50 pm to LSUFanHouston
quote:
He basically was a financial idiot who made a ton of bad decisions and got dealt some bad hands, and he changed his ways and turned it around.
Financial idiot? He had a degree in finance.
This post was edited on 4/21/17 at 11:53 pm
Posted on 4/22/17 at 7:22 am to D Tide
quote:
Out of curiosity I looked into this one time and I remember them being a good bit above what I was seeing as the going rate
This is the way of every Ramsey ELP. And people blindly use them based on Ramsey referral. My buddy just switched over there and is killing it with less competitive products. Nashville home prices are up 37% from last year alone. 87% over three years. But yeah, no 30 year mortgages. Always have 20%, even with no kids, credit, or student debt. One size fits all financial advice.
Posted on 4/22/17 at 8:10 am to Serraneaux
quote:
It's just that she didn't become "debt" free on her own and it's not as easy as she is portraying it to be.
Is she portraying it to be easy? Every time I've heard Ramsey (which isn't a lot) he never sells his system as easy. It may uncomplicated, but not easy.
And the daughter stands for what Ramsey sells as his end goal - generational wealth.
Posted on 4/22/17 at 10:48 am to Antonio Moss
quote:
And the daughter stands for what Ramsey sells as his end goal - generational wealth.
This
DR always speaks of growing your family tree and raising your kids with the knowledge and character to carry that torch.
Posted on 4/22/17 at 11:15 am to Cooler
Posted on 4/22/17 at 3:24 pm to Cooler
Sounds like a cultish work environment Dave has over there
Posted on 4/23/17 at 12:35 pm to Serraneaux
quote:
they definitely live what they are preaching
Isn't that kinda the problem?
You think multi millionaires and people who live paycheck to paycheck follow the same exact rules of personal finance?
The opportunity costs of a mistake is massively reduced in the former case.
Posted on 4/24/17 at 12:55 pm to Serraneaux
Exactly. I would be doing great if I didn't have a mortgage or student loans to pay for. If I had those handed to me then guess what, I could have paid for my vehicle in cash as well but instead I have another form of debt.
Posted on 4/24/17 at 2:33 pm to BigB0882
quote:
Exactly. I would be doing great if I didn't have a mortgage or student loans to pay for. If I had those handed to me then guess what, I could have paid for my vehicle in cash as well but instead I have another form of debt.
They teach getting and staying out of debt. Dave is worth $60 mil or more. Would it not be against what he preaches for his daughter to get out a loan unnecessarily? Dave doesn't hide his wealth, he talks about his boat, his cars, his gun collection. He also talks about donating 10% to his church. I don't agree with all he says, but nitpicking things like that is just absurd.
Dave rarely says that his method is the easiest or fastest way. What he does say is that it's the way with the least risk and the way that he has proven works.
Arguing Dave's way is wrong is absurd. Sure there are better ways sometimes for those that are smart, but those 'smarter' ways also carry a risk that Dave doesn't believe in.
This post was edited on 4/24/17 at 2:35 pm
Posted on 4/24/17 at 2:41 pm to BigB0882
quote:
Exactly. I would be doing great if I didn't have a mortgage or student loans to pay for. If I had those handed to me then guess what, I could have paid for my vehicle in cash as well but instead I have another form of debt.
Sounds like you may be a candidate for Dave's get out of debt plan.
Posted on 4/24/17 at 2:48 pm to baldona
quote:
Arguing Dave's way is wrong is absurd. Sure there are better ways sometimes for those that are smart, but those 'smarter' ways also carry a risk that Dave doesn't believe in.
One size fits all financial advice is impossible to be the right advice for everyone. I think everyone who listens to his show and hears a caller who they can relate to should follow his method like gospel. Had I followed him I would be disgustingly poorer than I am today. I've used cheap money to push my way into the 1% of earners in TN. I simply couldn't have done it with savings/cash.
Posted on 4/24/17 at 3:02 pm to ItNeverRains
quote:
One size fits all financial advice is impossible to be the right advice for everyone
I agree, but it in your situation it still was most likely not wrong. I don't understand why people like you can't understand that. I agree it may not always be the absolute best advice but just because it's not the best does not make it wrong.
I said already in this thread that his advice is not really fit for small business owners. But at the same time I think it's very easy to understand what he says makes sense. If you do everything you can to not borrow money, you are taking on less risk.
This post was edited on 4/24/17 at 3:03 pm
Posted on 4/24/17 at 4:21 pm to baldona
quote:
I agree, but it in your situation it still was most likely not wrong. I don't understand why people like you can't understand that.
I'll meet you halfway and say Dave Ramsey's financial advice would be less right for me and millions of others like me. Deal?
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