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Message
re: Why do people not like Dave Ramsey?
Posted on 10/2/24 at 4:27 pm to SlowFlowPro
Posted on 10/2/24 at 4:27 pm to SlowFlowPro
Simpletons? Like yourself?
0
Posted on 10/2/24 at 4:28 pm to theballguy
quote:
Why do people not like Dave Ramsey?
His advice is fine for financial illiterate.
Where he loses me, He was a guest on a Podcast and asked, “if I gave you an interest free loan of $10mm for 10years or 20yrs to invest in market or real estate…whatever you want, would you take it”. He said no bc debt is stupid. Now think about that…
Posted on 10/2/24 at 4:29 pm to La Place Mike
quote:
That's just it. It's not his advice. It's advice and knowledge from others that he repackages as his own.
Yep. He’s repackaged Larry Burkett’s material. Still good advice though.
Posted on 10/2/24 at 4:30 pm to Tiger985
quote:How do you know I don't? I do alright. and I didn't have to do anything unethical to earn it either.
Well he runs a successful business and has a net worth of $200 million. Why didn't you do it genius?
It's generally a bad idea to worship rich people because they're rich.
This post was edited on 10/2/24 at 4:31 pm
Posted on 10/2/24 at 4:30 pm to theballguy
quote:
Why do people not like Dave Ramsey
People don’t like to be told they are responsible for their own problems.
Posted on 10/2/24 at 4:54 pm to theballguy
I dint like a multi millionaire talkin down 2 me just because I’m not a multimillionaire!
Posted on 10/2/24 at 5:00 pm to SlowFlowPro
So he is basically you, arrogant and no one likes
This post was edited on 10/2/24 at 5:01 pm
Posted on 10/2/24 at 5:00 pm to theballguy
quote:
I do not understand why people take out loans for education.
Because the incremental economic gains are still worth it for most (not to mention the qualitative gains like network, experience, learning how to analyze problems, etc.). Lifetime ROI still generally outstrips the lifetime cost. Average lifetime income for a bachelor's is about $1 - 1.5M more than that of someone who just holds a high school diploma. The opportunity cost of the average education debt (~$30K or so for those who hold it, which is not everyone) is about $500 - $700K for the equivalent in market returns over the same time period, and that's IF you invest every single penny and don't touch it over the entire time period and that debt number is likely lower when comparing like for like time period (given that average lifetime is looking backwards whereas opportunity cost is looking forwards).
Obviously, there are exceptions (the OT's favorite tradesman who owns his or her own small business vs. the Ivy Leaguer barista making an hourly wage), but those tend to be the exceptions rather than the rule.
Think of the tradeoffs: someone who goes into $400K in undergrad and medical school debt to become an orthopedic surgeon. Is that worth it? By any conventional economic analysis, it is absolutely worth it. That's an obvious one.
But what about law school? The tradeoff analysis becomes a bit less clear, but for the most part for most people, it is worth it in an economic sense. Same for high level MBA programs, etc.
This post was edited on 10/2/24 at 5:02 pm
Posted on 10/2/24 at 5:05 pm to Gee Grenouille
quote:
both of those things don't sound important to the people he's primarily trying to help.
Really? His dumb arse is giving advice to his followers about safe withdraw rates from their retirement accounts. It's pretty damn important to know the difference. So yeah it is important to people "he is trying to help".
Posted on 10/2/24 at 5:15 pm to SlowFlowPro
quote:
Good advice to get out of holes but bad advice at maximizing your wealth growth thereafter
This here! He was a great marketer before he went bankrupt.
One way to avoid going broke: start every year with $Million$ of contractually guaranteed income.
Posted on 10/2/24 at 5:20 pm to SlowFlowPro
He's really not aiming for a sophisticated investor type. He's looking at the middle class folks who got in such a hole that his advice if taken means they are not working from the grave....or relying solely on Social Security
Posted on 10/2/24 at 5:24 pm to SlowFlowPro
quote:
promotes mythical mutual funds with returns that do not exist and puffs his chest about how smart he is using these
He often tells people that the should expect 10-12% returns (not getting into net, gross, what type of fund, etc).
If, as a CFP, I made these kind of assumptions, I'd have my credentials pulled
Posted on 10/2/24 at 5:26 pm to SlowFlowPro
quote:
Hell, "don't you use a credit card to pay for it, even if you pay it off every month"
We're at what, a Trillion dollars in CC debt in this country? You and many on this board probably don't need his advice, but for every 1 of us, there's 10, 20, 100 people out there that are just financially dumb.
Ramsey said long ago, "if you're carrying a balance on your CC, you just financed that Big Mac at 18% interest." That should drive it home for many, but it falls on deaf ears sadly.
Posted on 10/2/24 at 5:53 pm to Cuz413
I agree. There are ppl that really could use his advice but thankfully I was taught how to manage money at young age. I have made money off leveraging debt and Dave is against that.
I refuse to use debit cards because it’s direct access to my bank in case of fraud. I’m not putting my own money at risk, I will use the issuing banks money. Everything goes on a credit card and it’s paid off every month. Why turn down the free cashback rewards as well?
Some ppl just can’t do that tho
I refuse to use debit cards because it’s direct access to my bank in case of fraud. I’m not putting my own money at risk, I will use the issuing banks money. Everything goes on a credit card and it’s paid off every month. Why turn down the free cashback rewards as well?
Some ppl just can’t do that tho
This post was edited on 10/2/24 at 5:55 pm
Posted on 10/2/24 at 6:07 pm to 1putt
quote:
His advice is really wise for the most part. But I’ve always thought he was an arrogant jerk.
I tend to agree. Dave and his certified financial providers advocate for high load funds which are very expensive and can eat away your gains. These managed high load funds are expensive and aren’t as good as cheap index funds or even exchange traded funds. Some of his funds are front loaded with 5% fees. That’s insane with the choices we have now.
Posted on 10/2/24 at 6:31 pm to theballguy
I think Dave's schtick is useful for most Americans: Completely financially illiterate and don't even know they are upside down in net worth (or what it even means). For those, he's a much needed wake up call.
And he has a lot of good, common sense principles.
That said, leveraging debt can be a powerful thing if it's the right kind of debt, and being used to leverage a producing or appreciating asset like a business or real estate. This is not his sweet spot. He's a very conservative, risk averse advisor.
I wish my parents and grandparents had listened to his advice. The grandparents died with negative net worth, and my parents are on their way to the same.
And he has a lot of good, common sense principles.
That said, leveraging debt can be a powerful thing if it's the right kind of debt, and being used to leverage a producing or appreciating asset like a business or real estate. This is not his sweet spot. He's a very conservative, risk averse advisor.
I wish my parents and grandparents had listened to his advice. The grandparents died with negative net worth, and my parents are on their way to the same.
Posted on 10/2/24 at 6:35 pm to theballguy
My impression of Dave Ramsey: He is an arrogant, smug "good for thee, but not for me" a-hole who probably hasn't followed his own advice in 20 years. No, Dave, YOU never eat out, ride in a 15-year old car and live in a 3 bedroom ranch house with shag carpet while you praise the Lord for becoming a multi-millionaire off the backs of good church-goin' folk who buy your stupid books.
Posted on 10/2/24 at 8:02 pm to SMU Tiger Fan
quote:
My impression of Dave Ramsey: He is an arrogant, smug "good for thee, but not for me" a-hole who probably hasn't followed his own advice in 20 years. No, Dave, YOU never eat out, ride in a 15-year old car and live in a 3 bedroom ranch house with shag carpet while you praise the Lord for becoming a multi-millionaire off the backs of good church-goin' folk who buy your stupid books.
You missed his whole point.
Your post is absurd.
He only says to do that sort of stuff while you have consumer debt. Once you are out of that you can do nice stuff on his plan.
He is open about the fact that he drives really nice cars, has a huge house, and travels the world.
You seem jealous.
This post was edited on 10/2/24 at 8:02 pm
Posted on 10/2/24 at 8:04 pm to Sofaking2
quote:
That’s insane with the choices we have now.
Go on… what company do you recommend for a financial advisor group?
Posted on 10/2/24 at 8:12 pm to theballguy
Because he actually calls people out for the stupid money decisions they make. Dave Ramsey is a boss
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