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re: Why do people not like Dave Ramsey?
Posted on 10/2/24 at 12:55 pm to notsince98
Posted on 10/2/24 at 12:55 pm to notsince98
quote:
Because his program is primarily based in Christian faith.
Maybe but it's good sound advice I think.
There's a lot in Christianity that is good sound advice (almost always shared with other religions too).
0
Posted on 10/2/24 at 12:56 pm to SlowFlowPro
quote:
Caleb Hammer is a lot better at getting into the details of people whose personal financial train is heading off the tracks.
His content can be very entertaining
Posted on 10/2/24 at 12:56 pm to theballguy
I don't particularly feel strongly about him one way or another, but I do think he has about 5 basic bullet points and he's turned that (mostly) common sense advice into a multimillion dollar empire.
Guy makes fortune telling people not to spend money they don't have.
Guy makes fortune telling people not to spend money they don't have.
Posted on 10/2/24 at 12:57 pm to theballguy
I listened to him many years ago but we were way ahead of his advice in most instances. It got boring for me when someone would present a problem and I could predict what he was going to tell them. I did not call in when we became debt free. Seems like some guy probably late 20s early 30s led a Financial Peace University class at our Church if that's the name of it. Don't know that it's good or bad but probably doesn't hurt. But to answer your question, I don't dislike Dave. I think he has helped a lot of people.
Posted on 10/2/24 at 12:58 pm to Pvt Hudson
quote:
One particular point - he thinks you should save up to put at least 20% down on a home. That isn’t realistic for a first time buyer and ignores the cost of renting as an alternative.
I’ve done it twice
Posted on 10/2/24 at 12:58 pm to theballguy
quote:
didn't know if he was involved in some kind of political or scandalous thing that people didn't like or not.
Yeah I can see how some might think of him as arrogant. He has strong convictions. I don't 100% agree with them but respect that he expresses them and is not a phony.
Well 2 other conceptual issues that prevent me from being able to digest much of him at one time (and I love personal financial content on YT)
1. His solution to most things is "make more money" which isn't the easiest thing and of course would help everyone
2. He promotes mythical mutual funds with returns that do not exist and puffs his chest about how smart he is using these while lying about it.
Posted on 10/2/24 at 12:59 pm to swamptiger99
quote:
Oh, go flip hamburgers. Oh, just pick up a side gig. Oh, just go get more education, but don't you dare take out a loan for it.
I've done these things, still do them (I don't absolutely have to do them) and I'd say it helps out a lot. With all of the stuff out there now, I do not understand why people take out loans for education.
Posted on 10/2/24 at 12:59 pm to Old Money
quote:
His content can be very entertaining
I'll have to check him out. I've never heard of him.
Posted on 10/2/24 at 12:59 pm to theballguy
Because he is not very smart. Anyone that presents himself as "financial guru" so to speak and doesn't know the difference between Geometric Mean and Arithmetic Mean is someone that should not be taken seriously.
Posted on 10/2/24 at 12:59 pm to swamptiger99
quote:
but don't you dare take out a loan for it.
Hell, "don't you use a credit card to pay for it, even if you pay it off every month"
Posted on 10/2/24 at 1:02 pm to SlowFlowPro
quote:
Hell, "don't you use a credit card to pay for it, even if you pay it off every month"
I don't see how you can't use a credit card these days tbh. If you're spending enough on household and business items, it's amazing the amount you can get back in interest while holding on to that money til the end of the month.
Posted on 10/2/24 at 1:02 pm to theballguy
He gives good financial advice to people whose parents never gave them any. His advice is not for anyone with financial sense, but for those without it, it is solid.
Posted on 10/2/24 at 1:03 pm to theballguy
quote:
I don't see how you can't use a credit card these days tbh
Don't let Dave hear you utter this blasphemy.
Posted on 10/2/24 at 1:03 pm to notsince98
quote:
But if you follow his program, that isn't a hard thing to do at all.
This isn't necessarily true depending on where you live and how you lived before.
If you make a good living with no debt in a small city where you can get a house for 300k, sure.
if you already put yourself in a debt hole - which millions upon millions of people have - and don't make great money and live in a large city where houses cost 500k, it could take literally 20 years to save up 20%.
I'm not saying who is right or wrong, but it certainly can be a challenge.
Posted on 10/2/24 at 1:03 pm to 1putt
quote:
His advice is really wise for the most part.
That's just it. It's not his advice. It's advice and knowledge from others that he repackages as his own.
He is not smart nor wise and yes, he is an arrogant prick.
Posted on 10/2/24 at 1:03 pm to theballguy
His no debt whatsoever message is generally false. Debt isn't always a bad thing, especially in the age of near-zero interest when he was pushing it like a religion. Sure, credit cards and their usurious interest rates should be avoided but telling people to buy a 10yo beater on it's last leg in cash instead of a reliable vehicle on a loan is just dumb.
Also telling people with low-interest debt to do whatever they can to pay it off as soon as possible might also be the wrong move when Series I bonds were paying 7-9%
Also telling people with low-interest debt to do whatever they can to pay it off as soon as possible might also be the wrong move when Series I bonds were paying 7-9%
This post was edited on 10/2/24 at 1:08 pm
Posted on 10/2/24 at 1:04 pm to theballguy
quote:
I do not understand why people take out loans for education.
I can pay cash for my degree, it'll only take 10 years to do so. Oh and it continues to go up every year. Since I'm only going part-time, I still have to work full-time/part-time at a dead end job, that MAYBE pays enough for me to live and eat enough calories to make it through the days.
Or I can take out a loan, finish quicker to get a higher paying job, and move up in the world.
Oh wait, no body is hiring and we are all screwed no matter what we do.
Posted on 10/2/24 at 1:05 pm to SlowFlowPro
I hear you man
From a "guru" I just take what works for me and leave the rest. From DR, a lot of it seems to work but I agree, some of it seems impractical.
From a "guru" I just take what works for me and leave the rest. From DR, a lot of it seems to work but I agree, some of it seems impractical.
Posted on 10/2/24 at 1:05 pm to SlowFlowPro
quote:
Good advice to get out of holes but bad advice at maximizing your wealth growth thereafter.
This.
He fills the void of a father that teaches money advice and tells you tough things straight, for a lot of people that never had that growing up.
But once they have escaped the quicksand that is debt and have money that they'd like to grow, then they'd be better off seeking other advice.
Posted on 10/2/24 at 1:06 pm to 1putt
quote:
His advice is really wise for the most part.
Used his plan as a newlywed…never had debt…and those were some lean times !
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