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re: Dave Ramsey sued for $150 million over endorsing deceptive timeshare-exit company
Posted on 6/3/23 at 1:26 pm to LSUtoBOOT
Posted on 6/3/23 at 1:26 pm to LSUtoBOOT
quote:
You get what you pay for with free advice.
The advice wasn’t free. People were paying a company he endorsed to get out of their time share. The company then conned the clients when they made fraudulent documents saying they were out of their timeshare, but weren’t, or when their money back guarantee wasn’t honored.
1
Posted on 6/3/23 at 1:33 pm to Ross
quote:
I’m not saying it wouldn’t work, but putting all excess money into your low interest mortgage instead of the market is suboptimal advice historically.
That is if you can get or have a mortgage at lower than 5 percent. Now you do better putting that money in the bank or government bonds.
Yes every individual needs to take everything he says with a grain of salt. Also, some of his techniques are a little dated with the rapid changes in income interest and market forces.
The big thing is debt. If you can be free of debt, that can put you on the right track to retirement as that is less future income that you need over time.
Posted on 6/3/23 at 1:39 pm to Fear TheSpear
Like anything else, Ramsay has some good ideas for a small subset of people, but somehow everyone thinks he's a financial guru.
Posted on 6/3/23 at 1:39 pm to Grinder
quote:
Dave Ramsay’s a slimy dude. Not to be trusted.
His Total Money Makeover was a good beginner book.
I paid off all my debt with his debt snowball.
I used his recommended Zander insurance for life insurance and got a great rate and it was really easy process...
Posted on 6/3/23 at 1:52 pm to Fear TheSpear
Those mfers are a goddamn nightmare, before you get high and mighty you better make sure some relative doesn’t own one. They can literally be passed onto some poor unsuspecting heir if you aren’t careful.
This is really an area where we probably need federal legislation as they are full of arbitration clause etc. There is basically no getting out of these mfers
This is really an area where we probably need federal legislation as they are full of arbitration clause etc. There is basically no getting out of these mfers
Posted on 6/3/23 at 1:56 pm to weadjust
quote:
The people that call into his show with $200k in student loans and $50k in credit card debt aren't critical thinkers
And for those people, his advice is actually good. Some people need a debit/cash only life, at least for a while. To some, having a credit card “just for emergencies” is like an acoholic having a few bottles at the house “for when people come over.”
Posted on 6/3/23 at 1:59 pm to Fear TheSpear
I listen to A LOT of regular radio. Some of my favorite talk show hosts seem to have done everything
For example, I listen to a sports station in Atlanta and everday the host talks about how he just did his roof with _______, just painted his house with _________, Just bought a new Mercedes from _________, re landcasped his entire yward with _________, Just got his oil change with ___________
Every single day is something new. Obviouslly, me being in the radio business know they are all bullshite pre written ads to make it look like the host supports the company he/she is talking about, but the average listener does not know this.
I kind of think my examples above is what happened with this Dave Ramsey case. He got paid a lot of money from a company for talking about a service that (he actually does not use) but says he uses and listeners believe him.
It's a HUGE problem with talk radio and I am hoping that if he loses this case, it will elimate this shady advertising tactic with other radio stations because I absolutely hate it.
For example, I listen to a sports station in Atlanta and everday the host talks about how he just did his roof with _______, just painted his house with _________, Just bought a new Mercedes from _________, re landcasped his entire yward with _________, Just got his oil change with ___________
Every single day is something new. Obviouslly, me being in the radio business know they are all bullshite pre written ads to make it look like the host supports the company he/she is talking about, but the average listener does not know this.
I kind of think my examples above is what happened with this Dave Ramsey case. He got paid a lot of money from a company for talking about a service that (he actually does not use) but says he uses and listeners believe him.
It's a HUGE problem with talk radio and I am hoping that if he loses this case, it will elimate this shady advertising tactic with other radio stations because I absolutely hate it.
Posted on 6/3/23 at 2:02 pm to Fear TheSpear
quote:
The Morrills, along with 15 others, are suing Dave Ramsey and his company the Lampo Group (now known as Ramsey Solutions), asking for $150 million over accusations of negligent misrepresentation, unjust enrichment and violation of consumer protection laws. The lawsuit was filed in late April in the U.S. District Court for the Western District of Washington, where the Timeshare Exit Team was located.
While it sucks for the Morrill's and 15 other families, let's get back to the root of the issue. These people voluntarily signed up for a timeshare on their own accord. This is on them, and not Dave Ramsey. The company that paid Ramsey for endorsements should be sued, not Dave Ramsey.
Ramsey's company is an ethical-based company. Perhaps he didn't do his due diligence before endorsing the Timeshare Exit Team, but again, that is not Ramsey's company. Even with the endorsement, the Morrill's and 15 others have their own investigative diligence to do before they signed on the bottom line.
These idiots made at least 2 bad decisions --- and probably many more. Now they're looking for a pay day from Ramsey for their own stupidity.
This post was edited on 6/3/23 at 2:03 pm
Posted on 6/3/23 at 2:07 pm to jrobic4
quote:
I am a CFP and have a master's in finance...I can that, unequically, he is the worst person in personal finance...
Both somewhat true and somewhat not true. The people Ramsey is good for are the debtoholics that much like alcoholics need to go to a meeting 5 days a week. They need someone to give very simple instructions that have little if any leeway. They have to follow the steps religiously. For that segment of the population, his advice is often good.
For a person or couple with a modicum of self-discipline Ramsey's methods will leave money on the table.
Posted on 6/3/23 at 2:15 pm to Grinder
quote:
Dave Ramsay’s a slimy dude. Not to be trusted.
He’s in the category of TV preacher.
Well known, but sometimes controversial figure, around these parts.
LINK
LINK
A lot of his comments are condescending and very judgmental. Because of this, he turned me off years ago.
Very wealthy now. $55M. Some think he's out of touch with the current needs of his listeners because he's far removed from having to make ends meet like many of us.
Posted on 6/3/23 at 2:38 pm to Will Cover
quote:
Ramsey's company is an ethical-based company. Perhaps he didn't do his due diligence before endorsing the Timeshare Exit Team, but again, that is not Ramsey's company.
It WAS an ethical-based company 20 years ago. It has gotten extremely bad over the last 5 or so years.
Dave built a personal brand based on the image of a tough love straight shooter. His advice was simple and I effective. People respected him for that and bought his books because of the image and reputation he built on the air over the course of many years.
Then he started trying to milk more money out of his business model by selling books from on-staff hacks who don't have the same level of reputation credit built up. But he backs them with his own credit so people buy their idiotic shite. He started putting his own reputational credit behind more paid endorsements besides Zander. Zander is fine, most of the rest are not. There's no doubt he jumped the shark when he started doing localized paid endorsements. Dave Ramsey doesn't know a single frick about a good electrician to call in Baton Rouge. But if you listen to his show and trust him you'll call Mr. Electric and get fleeced.
Posted on 6/3/23 at 2:54 pm to Huey Lewis
I see the repercussions of his buy term invest the rest weekly,
Posted on 6/3/23 at 3:02 pm to Tarps99
quote:
The advice wasn’t free. People were paying a company he endorsed to get out of their time share. The company then conned the clients when they made fraudulent documents saying they were out of their timeshare, but weren’t, or when their money back guarantee wasn’t honored.
I meant the advice from Ramsey was free, was it not?
Posted on 6/3/23 at 3:03 pm to jrobic4
quote:
I am a CFP and have a master's in finance...I can that, unequically, he is the worst person in personal finance...
Worse than that homeless methhead in the other thread? I doubt that.
Posted on 6/3/23 at 3:08 pm to PetroBabich
I’ve had a zero score for 3 years. It’s actually awesome to never pay debt. People should try it before bashing it. You can always go get some debt if you miss it that much. Let the broke a** peeps down vote in 3 2 1
Posted on 6/3/23 at 3:15 pm to Fear TheSpear
Dave Ramsey is a complete shite - yes, a rich shite, but still a shite.
His financial advice works okay for some Americans, but only because some Americans are complete fricking idiots when it comes to the absolute most basic financial strategies.
It's the equivalent of showing an uncontacted tribe a radio. Its mind-blowing, and seems like magic.
His financial advice works okay for some Americans, but only because some Americans are complete fricking idiots when it comes to the absolute most basic financial strategies.
It's the equivalent of showing an uncontacted tribe a radio. Its mind-blowing, and seems like magic.
Posted on 6/3/23 at 3:18 pm to Fear TheSpear
Dave has perfect financial advice if you want to drive a 20 year old beater and have a bunch of money in the bank that you can't use till you retire.
Posted on 6/3/23 at 3:28 pm to PetroBabich
I actually like Dave hes gives some very good advice but theres a few things i dont agree with him on. But all in all i like him.
Posted on 6/3/23 at 3:59 pm to Jacherse
quote:Only after not getting the answers I want here.
You guys listen to radio for financial advice?
Posted on 6/3/23 at 4:02 pm to Fear TheSpear
Not a fan of Ramsey but I seriously doubt the radio mouth can be sued for getting paid by a company paid advertisement.
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