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re: Dave Ramsey sued for $150 million over endorsing deceptive timeshare-exit company
Posted on 6/4/23 at 9:49 am to Fear TheSpear
Posted on 6/4/23 at 9:49 am to Fear TheSpear
His son Kige Ramsey must be so proud of his dad.
0
Posted on 6/4/23 at 10:08 am to Fear TheSpear
quote:
They contacted the Bellevue, Washington-based company off Ramsey's endorsement and were told it'd cost them $40,000 for their services. They paid it.
Dave Ramsey aside, here’s my thinking. If you’ve got 40k you’re willing to fork over to a company to get you out of a time share, why not directly negotiate with the time share company on a legit exit? Maybe it costs you 10k or 20k, but you’re still coming out ahead in the end right?
Posted on 6/4/23 at 10:23 am to GeauxTigers123
Dave has some good simple advice for getting out of bad debt. For people who struggle, it makes a lot of sense.
Where Dave lost his way was when he thought that gave him credibility not only in other financial areas, but in non-financial areas as well.
I have a friend who is very involved in a small non-denomination church. Dave’s company does the baby steps program which is good. But they also offer investment advice, insurance, spiritual leadership, church financial bookkeeping, etc. and they suck at all of it.
Where Dave lost his way was when he thought that gave him credibility not only in other financial areas, but in non-financial areas as well.
I have a friend who is very involved in a small non-denomination church. Dave’s company does the baby steps program which is good. But they also offer investment advice, insurance, spiritual leadership, church financial bookkeeping, etc. and they suck at all of it.
Posted on 6/4/23 at 10:26 am to Lsupimp
quote:
The guy is not an advisor, he’s a money “ philosopher “. And he’s so “ on the record “ that his greatest fear is to contradict his rote advice, which every advisor worth his salt, realizes must be tweaked on a case by case basis. Proceed with caution with Dave Ramsey.
Ask any of my clients, they will tell you I often use the phrase “tools in the toolbox” meaning there are different financial tools out there that work in different situations.
In Dave’s world, there are only 3-4 tools and they all should be used by everyone… but only if one of his endorsed local providers is giving it.
Posted on 6/4/23 at 10:28 am to Obtuse1
I used debt the last time to get into a house.
I used debt to try and make money years ago and it didn’t go well. I’m just staying in my lane and mitigating risk. I’ve reached the top one percent so if I left money on the table, it wasn’t money I had the ability to get anyway. I totally agree with you that I could’ve done better with a different skill set.
I used debt to try and make money years ago and it didn’t go well. I’m just staying in my lane and mitigating risk. I’ve reached the top one percent so if I left money on the table, it wasn’t money I had the ability to get anyway. I totally agree with you that I could’ve done better with a different skill set.
Posted on 6/4/23 at 10:35 am to Taxing Authority
quote:
If you send $40k toa stranger over the phone, upfront, how is it someone else’s fault? We live in a post-responsibility era. Nono e is responsible for their own actions anymore.
I agree.
My guess is this couple believed Dave and thus this company due to the “expert” positioning of Dave, and the religious connection.
Posted on 6/4/23 at 10:35 am to DCtiger1
Easy DC, why is my comment dumb? Are you worth north of 4m? I’m all ears. Educate me.
Thank you.
Thank you.
Posted on 6/4/23 at 10:40 am to Fear TheSpear
From which envelope will Dave get this money?
Posted on 6/4/23 at 10:45 am to Will Cover
quote:
Ramsey's company is an ethical-based company.
I would have agreed with this years ago. But that ship had sailed.
The irony for Mr Christian is that he has become slaves to the dollar. He’s become a charlatan just like the tv mega church pastors. There is a reason they all work together.
quote:
Even with the endorsement, the Morrill's and 15 others have their own investigative diligence to do before they signed on the bottom line
All the legal disclaimers will likely get this lawsuit tossed.
That doesn’t change the fact that he is preying on people with his religious connection. He’s not telling people do your due diligence, he’s saying you don’t have to if you use my guy. That is implied.
Posted on 6/4/23 at 10:46 am to Huey Lewis
quote:
He started putting his own reputational credit behind more paid endorsements besides Zander. Zander is fine, most of the rest are not.
Wasn’t Zander one of the first? At that point I don’t think he had yet lost his way.
Posted on 6/4/23 at 10:48 am to Sneauxghost
You’re bragging about your 401k? 
Posted on 6/4/23 at 11:00 am to LSUtoBOOT
There are plenty of people willing to give good advice for free. They're typically just not scumbag radio hosts.
Posted on 6/4/23 at 11:20 am to DCtiger1
quote:
You’re bragging about your 401k?
Something wrong with people using IRAs to plan for retirement?
Posted on 6/4/23 at 1:56 pm to Vols&Shaft83
No, where did I say that. He’s a Ramsey Cultist by his post history and is bragging about a net worth of 4 million. Zero doubt that’s a retirement fund
Posted on 6/4/23 at 4:20 pm to Lsupimp
“with the previous caller’s misery still hanging in the air” …
brill.
brill.
Posted on 6/4/23 at 4:36 pm to Ross
quote:Suboptimal? That's terrible advice. Yeah, Dave, let me hop right on that guaranteed 2.49 percent return there, right away. Geez.
putting all excess money into your low interest mortgage instead of the market is suboptimal advice historically.
Paying off your smallest balance first is also bad advice, and it's advice that reveals the same overall blindness to the concept of rate-of-return.
This post was edited on 6/4/23 at 4:37 pm
Posted on 6/4/23 at 4:40 pm to Porpus
quote:
Paying off your smallest balance first is also bad advice, and its advice that reveals the same overall blindness to the concept of rate-of-return.
I'm not a Ramsey fan but from a psychological point of view it gives a person the sense that they're making progress and incentivizes them to keep going. You had five outstanding balances. A couple of months later you have four. You're making headway even if from a strictly arithmetical standpoint you'd be better off paying on another one first.
Posted on 6/4/23 at 4:45 pm to Jim Rockford
People call Ramsey seeking free advice. Does this provide any legal standard of liability to Ramsey if his advice doesn't pan out? Does he have a fiduciary responsibility to every person that calls? People have to be smarter.
Posted on 6/4/23 at 6:34 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 make 55k a year
Posted on 6/4/23 at 7:40 pm to Jim Rockford
quote:I have less of a problem with that piece of advice than I do with the "pay off your home early" crap. You could easily leave hundreds of thousands of dollars on the table doing that.
I'm not a Ramsey fan but from a psychological point of view it gives a person the sense that they're making progress and incentivizes them to keep going. You had five outstanding balances. A couple of months later you have four. You're making headway even if from a strictly arithmetical standpoint you'd be better off paying on another one first.
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