Dave Ramsey

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Freki
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Re: Dave Ramsey

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Croatoa wrote:Avoiding debt I agree with. Avoiding credit altogether? Not so much.
That was the first thing that struck me as odd about him, and most of what I know is from people I work with who know him, people who have bought his stuff and a few times I've looked at reviews on Amazon for some of his books.

A lady I work with jumped in full bore with Ramsey a few years ago and talked about him exhaustively for several months. "He doesn't even have a credit score!" Also mentioned getting rid of most of their credit cards.

Me: Well, dude's loaded, he can probably get away with that, that wouldn't work very well for most people in this day and age when you want to buy a house. Besides, take us for example, we pay credit cards off every month and rack up points for hotels and airfare. Trick is being disciplined about paying them off.

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vern
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Re: Dave Ramsey

Post by vern »

I think Ramsey gives solid advice to people in heavy debt.

But he also tells people not to declare bankruptcy yet that's exactly what he did back in the day.
Last edited by vern on Thu Aug 29, 2013 12:16 pm, edited 1 time in total.
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Turdacious
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Re: Dave Ramsey

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milosz wrote:Proverbs? Always gotta turn to the Jews.

Nothing from Jesus to justify greed, I suppose.
Jesus is Jewish.
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j-cubed
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Re: Dave Ramsey

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Freki wrote: Me: Well, dude's loaded, he can probably get away with that, that wouldn't work very well for most people in this day and age when you want to buy a house. Besides, take us for example, we pay credit cards off every month and rack up points for hotels and airfare. Trick is being disciplined about paying them off.

Her: 8-[ 8-[ 8-[
Yes this, and you can run into problems renting cars or hotel rooms without a credit card. I hate being in the rental car line behind the person using a debit card.

That said, I believe there have been studies that show people that use plastic spend more on average per trip than those that pay with cash. Even if you pay your card off every month, paying with cash causes more pain in your brain.
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j-cubed
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Re: Dave Ramsey

Post by j-cubed »

vern wrote:I think Ramsey gives solid advice to people in heavy debt.

But he also tells people not to declare bankruptcy yet that's exactly what he did back in the day.
Yes, and I think, having lived through it and seen the problems and aftermath, I think he can speak from a position where others considering bankruptcy at least ought to listen.

I mean, if a meth head that got clean said not to take meth, would you say "That's exactly what you did back in the day."
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DikTracy6000
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Re: Dave Ramsey

Post by DikTracy6000 »

Fukc all Gurus.
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Croatoa
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Re: Dave Ramsey

Post by Croatoa »

Freki wrote:
Croatoa wrote:Avoiding debt I agree with. Avoiding credit altogether? Not so much.
That was the first thing that struck me as odd about him, and most of what I know is from people I work with who know him, people who have bought his stuff and a few times I've looked at reviews on Amazon for some of his books.

A lady I work with jumped in full bore with Ramsey a few years ago and talked about him exhaustively for several months. "He doesn't even have a credit score!" Also mentioned getting rid of most of their credit cards.

Me: Well, dude's loaded, he can probably get away with that, that wouldn't work very well for most people in this day and age when you want to buy a house. Besides, take us for example, we pay credit cards off every month and rack up points for hotels and airfare. Trick is being disciplined about paying them off.

Her: 8-[ 8-[ 8-[
Exactly.

Another thing I don't like about his advice is with debit cards.

1. I've never been able to rent a car or book a hotel using a debit card, despite what he has said.

2. Debit cards are NOT as secure as credit cards. I know this is one of his myths but hear me out. Credit and debit card scams are out there, I've been hit by both myself. The problem is when your debit card gets scammed the crooks have access to the funds in your bank account and could potentially clear you out. Yes, the bank(in most cases) will compensate you for the stolen funds but that can take up to 2 weeks in some cases, the whole time you are basically out of pocket while they investigate.

With a credit card, you contact the fraud dept. they reimburse the money right away while they investigate and then send you a new card. You're not out of pocket.

3. his recommendation for mutual funds. Mutual funds are ok, but they can be relatively expensive considering the fees and MER's etc associated with them. There are lower cost alternatives out there that will also pay dividends(I.e. ETF's).

As already pointed out, I find it funny that he will rip on people declaring bankruptcy even though he did it and was able to start over again.
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The Ginger Beard Man
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Re: Dave Ramsey

Post by The Ginger Beard Man »

I have rented a car and gotten hotel rooms with a debit card. The car was a pain in the ass, the hotels were easy.
As far as no debt whatsoever, somebody already used the meth example. Alcoholics quit drinking altogether, drug addicts have to be 100% clean, too.
I have a friend who goes to debtors anonymous, and it's the same thing. No credit, no debt, at all. Ever.
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Re: Dave Ramsey

Post by milosz »

j-cubed wrote:I mean, if a meth head that got clean said not to take meth, would you say "That's exactly what you did back in the day."
It's more like an alcoholic who went to rehab and AA telling you to just quit on your own.
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johno
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Re: Dave Ramsey

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...
Too many bankruptcy filers never really recover from their financial distress because they never learn new ways to manage their money.

For the last two decades, Dave Ramsey has been passionate about helping people find financial peace. He’ll be the first one to tell you there’s hope after bankruptcy. Twenty years ago, Dave and his wife Sharon filed and lost everything.
...
As a result of that experience, Dave hates bankruptcy. That’s why, when someone asks him about whether or not to file, he’ll always try and help them find a better solution.

Chapter 7 bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 bankruptcy, which is set up like a payment plan, stays on your credit report for seven years. Without a doubt, it’s a long process that will follow you around for years, even after it clears off of your credit report.

That said, Dave doesn’t tell his listeners to never file for bankruptcy. Each situation, just like each potential filer, is unique. Dave and his team will explore every possible scenario to keep from suggesting bankruptcy, but sometimes it’s the only reasonable option.
...

http://www.daveramsey.com/article/the-t ... ankruptcy/...
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TerryB
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Re: Dave Ramsey

Post by TerryB »

Yeah, it's crazy to blast the guy for saying "don't file bankruptcy!" simply because he once filed for bankruptcy.

The best lessons are the hard ones we've learned ourselves.
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Turdacious
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Re: Dave Ramsey

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Bankruptcy laws have changed. Ramsey's advice may have changed to reflect that.
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