Hi,
I’ve lived in the U.S. for the past 20+ years but I don’t know who he is.
Online search tells me that he is a radio show host/financial adviser.
I see his name often in College Confidential these days and seems like some people really dislike him. Can someone tell me why?
Thanks!!
I don’t dislike Dave Ramsey. Some people think he is a militant in terms of how to save and not overspend. I think some of his stuff is good common sense.
Look at his book…”Total Money Makeover”. I’m sure you can get it at a library.
My ds and dil are fans. They are in an incredibly strong financial position for just turning 30 and 4 kids between 1 and 8.
He lives in my town. He’s a pretty popular guy around here.
He’s a financial advice guy. Some people don’t like him because he lost a lot of money and had to file bankruptcy, and now makes money telling other people how to deal with their money.
His big thing is to live debt free. He has some ways to pay off debt, called snowballing, by lining up all your debts and paying the smallest ones first, then when that’s paid off pay the next smallest one with the money you had been using to pay the one you just paid off, etc.
He is a devout Christian and his financial views are tied to that. Some people dislike this.
But he does tithe his full amount. Some church or causes out there must adore him.
Thing is, afaiac, he’s more right than wrong. His focus is practical, not some latest investment scheme (and lingo) many advisors promote. No hocus pocus. Build an emergency fund (1k,) pay down debts as fast as you can, then don’t spend what you don’t have. Get an affordable car, rather than a fancy car on a loan. He’s more forgiving of buyng a home, that debt.
One conflict on CC was when he dismissed the way people choose colleges.
Another thing that some disagree with is the “snowball” method. Some prefer to tackle the debt with highest interest rate first and then proceed on that basis to then paying off the next highest interest rate debt, etc. No one can argue that folks HAVE been helped by his methods and others have been helped by other methods. The main thing is to get people to live below their income, pay off debt, and save; I don’t really care what person or plan works for them, as long as it’s not hurting others.
I love him. Not everyone will agree with his religious views but that does not detract from good solid financial advice. We’ve gifted his book “Total Money Makeover “ to kids, friends and co-workers. His plan includes priorities in saving, getting rid of debt, and then building wealth. It works.
I’m pretty indifferent actually. His advice is pretty basic and you can hear similar from other financial advice giving gurus like Suze Orman and others. Personally, I prefer to get my financial advice without the religious overtone but if others find it helpful, more power to him and them. You can find videos online that are compilations of his show which show some moments that I personally find unbecoming and borderline sexist/misogynistic (kind of shock jocky) and he has been criticized by former employees on his hiring and workforce practices.
If he gets some people to save, live below their means, and be financially responsible, good for that and them. Personally, his style/schtick does not resonate with me at all.
I’m a Dave Ramsey fan and I wish I would have started listening to him 10 years before I did. A lot of people don’t like his hardcore attitude about debt and living within your means, which is fine, but there sure are a lot of people in this country struggling to keep their heads above water too, so I don’t put a lot of weight on their opinions.
I listen to his show once in a while. Not crazy about all the products he tries to sell, and he has given his daughter a platform to do the same. Some of his advice is flat out wrong, but conforms to his formulaic approach,
Interestingly, he despises all student loan debt. Including medical school debt. I would rather not be limited to only doctors whose families could afford to pay their way.
And his son in law, I think.
I like what he has to say for the most part, and used to look around and read his forum which is no longer operating.
I also like Suze Orman too - and was on her show one time. I did a 911 emergency session with her. ** the emergency turned out to be a HUGE blessing and a good thing; but stressful at the time.
I have a relative in his mid 30s who was in horrible debt several years ago when he got a new job with an employer who sponsors Dave Ramsey courses. He saw the light, rented a room instead of an apartment, ate a lot of ramen, got out of debt, and even traveled to scream that he was debt-free on the show. He teaches courses now.
I find it very hard to listen to the show. There will be a few minutes of good advice, then sales and religion and pomposity take over for way too long before there’s another brief interlude of good advice.
I think one question I would ask is any conflict of interest pushing insurance products by his sponsor Vander Insurance and whether or not he has a financial interest in that company or gets a any kind of kick back?
Is he looking out for the best interest of his listeners and readers of his books, or his own interests.
A quick google search shows his net worth at $55,000,000 and he owns a huge house in TN worth $5,000,000.
Just think how much more his followers would have if they didn’t buy his products.
So there’s your answer, @HiToWaMom . For some people, his advice calls to them. Like a religion, it changes their life. I have listened to him on and off for a very long time. If you are terribly in debt and it is crushing you, getting religion about it the Dave Ramsey way can work.
If you are comfortable and knowledgeable about your finances and debt isn’t killing you, you’ll probably feel like @rhododendron’s second paragraph described.
You can easily listen to one of his podcasts and make up your own mind.
Same. I’ve only listened to it briefly and it turned it off immediately. We are not Christian, so I guess that’s enough reason for it not to resonate. I find it totally grating.
Nothing he is peddling is rocket science. My husband and I have always been debt free other than our mortgage which we actually paid off ahead of schedule in the past year. We are cash flowing our kid’s affordable college education. HIs use cash only idea is nuts IMO. Carrying a ton of cash is just risky. We use reward credit cards and pay in full every month. Obviously doing that takes some practice and discipline for some but if you use reward cards carefully, it can be well worth it.
And I am not of the belief all debt is bad debt. I actually think the bigger issue in this country is predatory loan practices. Like allowing parents to taking out any amount in parent plus is just irresponsible and a set up for financial ruin of some for example.
I also find it interesting and a bit puzzling that some people seem to need a cult of personality to do positive things in their life. He’s a narcissistic white male giving advice of mixed quality wrapped in Christian language while he rolls in money made off of them. After filing for bankruptcy himself. I actually think he’s fine for people wth lower income taking first steps at financial control. I think his advice is somewhat irresponsible for those with more assets and complexity in their portfolio. Consulting with a financial advisor periodically to talk about our situation specifically has been helpful.
https://www.whitecoatinvestor.com/how-dave-ramsey-may-be-leading-you-astray/
If you can do middle school math and have above average impulse control you do not need to listen to Dave Ramsey. He is a scold with a grating voice.
If money leaves your accounts before it has time to settle in and you keep falling further behind, you should listen to him and do exactly what he says, because his message is perfectly targeted for you, and you’ll be better off with him than without him.
If you have piles of money and are wondering how to invest it effectively, block him immediately, his investment advice is toxic. That’s not a problem for people with large credit card debt, but is a problem for people with positive net worth.
Like most people, he’s right about some things and wrong about others. He is trying to help people, and trying to make money for himself. Sometimes he falls for his own hype, but that doesn’t mean he has nothing to offer anyone.