Dave Ramsey is one of the dumbest "financial advisors" I ever heard. His financial advice is the same for everyone regardless of the situation. Never borrow money, including for mortgages.if you have debt, live on spam until you pay it off.
For some people this may be good advice, but it is often horrible advice. I know many extremely successful businessmen, and they all took loans for their businesses at some point.You need to take risks in order to make money.
What is a better long term strategy, using your money to purchase a single building mortgage free, or purchasing ten income producing buildings with mortgages. Any successful investor will tell you the latter (assuming they are good investments).
The only reason Dave Ramsey has a penny to his name is because he somehow got people to listen to his crap radio show, because his investment IQ is non-existent.
Sorry for the off topic rant, but I have long had issues with Dave Ramsey giving shitty advice , and frankly don't give a rats ass about his opinion on anything
That’s where your wrong kiddo... he is neutral on mortgages.
Also, his deal is to get people on the quickest path towards actual wealth building and financial security... not some bullshit the credit card shills on r/personalfinance get paid to push about leveraging your self till you have anxiety attacks on a small dip in the economy. To be honest, his advice is sound and the majority of us retard fish need to hear it.
I know lots of failed small businesses who thought they would make it during corona. If you never floated credit to build your business, you’d be perfectly fine during these shutdowns. Pissed off, but okay.
About 10-12 years ago, listening to Ramsey, I thought the same way as you. I couldn't see a way to dig out of debt, much less pay off a mortgage and own my house outright. What he was preaching at the time was unrealistic to me and our family circumstances.
But, even so, we paid attention. We started out by paying off the credit card debt. And then, made sure to keep them paid off. We paid off our car loans and made sure that any cars we bought from then on were paid fully in cash (no loans). Finally within about 8 years we paid off the mortgage. We owe nothing to anyone other than taxes each year. Our retirement investments have been snowballing and our working days will be cut short by about 10 years.
It's not easy. And I can definitely relate to your opinion about how you feel about his advice. But, there's actually a few nuggets of wisdom you can get from getting as debt-free as possible. Mainly, not being a slave to the banks or creditors.
My issue with him is not because I can't see how to pay off debt. I personally do not have much debt, and the little debt I have I could pay off today if I wanted to.
My issue with him is that he gives the same advice to everyone regardless of the situtation.
He could be replaced by a robot saying cut your expenses, pay down your debt, don't take any loans.
Kind of weird how people who listen to Ramsey end up as debt free millionaires and those that don't complain about being poor their entire lives. Funny coincidence I guess.
You miss the key point about his show and his advice, he says it almost every episode I have heard, he says "f you want to go out and take risk, go in debt to try and make it to the big time, then this advice is not for you, you can do what you want, but if you want to get out of debt and move towards a healthy retirement, then listen in."
And he is right, I have no doubt if you follow his advice, you may have to "do without" for a year or 5 or even 10, depending on how much you make and how closely you follow his plan, but you will come out of it and will then move towards being what he calls an "everyday millionaire", and that doesn't mean you will be living the high life driving high end cars and living in mansions.
It means you will have no debt, will own your home and have a healthy college fund for your kids, and a healthy retirement for you when you are still young enough to enjoy it. Anything after that, so long as you don't go into debt to buy it is perfectly fine.
Anyone who says that is bad advice is a damn fool.
Dave Ramsey is one of the dumbest "financial advisors" I ever heard. His financial advice is the same for everyone regardless of the situation. Never borrow money, including for mortgages.if you have debt, live on spam until you pay it off.
For some people this may be good advice, but it is often horrible advice. I know many extremely successful businessmen, and they all took loans for their businesses at some point.You need to take risks in order to make money. What is a better long term strategy, using your money to purchase a single building mortgage free, or purchasing ten income producing buildings with mortgages. Any successful investor will tell you the latter (assuming they are good investments).
The only reason Dave Ramsey has a penny to his name is because he somehow got people to listen to his crap radio show, because his investment IQ is non-existent.
Sorry for the off topic rant, but I have long had issues with Dave Ramsey giving shitty advice , and frankly don't give a rats ass about his opinion on anything
That’s where your wrong kiddo... he is neutral on mortgages.
Also, his deal is to get people on the quickest path towards actual wealth building and financial security... not some bullshit the credit card shills on r/personalfinance get paid to push about leveraging your self till you have anxiety attacks on a small dip in the economy. To be honest, his advice is sound and the majority of us retard fish need to hear it.
I know lots of failed small businesses who thought they would make it during corona. If you never floated credit to build your business, you’d be perfectly fine during these shutdowns. Pissed off, but okay.
About 10-12 years ago, listening to Ramsey, I thought the same way as you. I couldn't see a way to dig out of debt, much less pay off a mortgage and own my house outright. What he was preaching at the time was unrealistic to me and our family circumstances.
But, even so, we paid attention. We started out by paying off the credit card debt. And then, made sure to keep them paid off. We paid off our car loans and made sure that any cars we bought from then on were paid fully in cash (no loans). Finally within about 8 years we paid off the mortgage. We owe nothing to anyone other than taxes each year. Our retirement investments have been snowballing and our working days will be cut short by about 10 years.
It's not easy. And I can definitely relate to your opinion about how you feel about his advice. But, there's actually a few nuggets of wisdom you can get from getting as debt-free as possible. Mainly, not being a slave to the banks or creditors.
My issue with him is not because I can't see how to pay off debt. I personally do not have much debt, and the little debt I have I could pay off today if I wanted to.
My issue with him is that he gives the same advice to everyone regardless of the situtation.
He could be replaced by a robot saying cut your expenses, pay down your debt, don't take any loans.
Kind of weird how people who listen to Ramsey end up as debt free millionaires and those that don't complain about being poor their entire lives. Funny coincidence I guess.
That sounds like something a poor person would say
You miss the key point about his show and his advice, he says it almost every episode I have heard, he says "f you want to go out and take risk, go in debt to try and make it to the big time, then this advice is not for you, you can do what you want, but if you want to get out of debt and move towards a healthy retirement, then listen in."
And he is right, I have no doubt if you follow his advice, you may have to "do without" for a year or 5 or even 10, depending on how much you make and how closely you follow his plan, but you will come out of it and will then move towards being what he calls an "everyday millionaire", and that doesn't mean you will be living the high life driving high end cars and living in mansions.
It means you will have no debt, will own your home and have a healthy college fund for your kids, and a healthy retirement for you when you are still young enough to enjoy it. Anything after that, so long as you don't go into debt to buy it is perfectly fine.
Anyone who says that is bad advice is a damn fool.
You mean I’d have to be uncomfortable only to live a moderately wealthy life! How dare you, REEEEEEEEE!!!