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Videos mentioned: 👇
🎥The Pros and Cons of Dave Ramsey:
🎥How I Built 7 Streams of Income By Age 30 Making $10,000 a Month:
🎥The Dave Ramsey Baby Steps VS The FIRE Community:
🎥Should You Invest or Pay Off Debt?:
🎥How To Increase Your Credit Score:
🎥Why $1,000 Is NOT An Emergency Fund:
🎥 Our $20,000 Pay Cut… Preparing For A Financial Crisis:
Why I Don’t Follow Dave Ramsey Anymore
Today I’m sharing why I don’t follow Dave Ramsey anymore….
I learned about Dave Ramsey about 5 years ago, it was actually an old mentor of mine that introduced me to him, she was moving and gave me her workbook and DVD series from YEARS prior.
At this time I was living paycheck to paycheck, most months I was in the red but I didn’t know how in the red I was because I wasn’t tracking my spending. My student loans were in default and I was just a mess financially. Most of my friends were doing really fun things, going out to eat a lot, camping, and Disney trips. I was embarrassed and tried to live that same lifestyle.
When I found Dave Ramsey, I went HARD. 100% all-in. He is the one that taught me how to budget, how to pay off debt and get right with my money.
Now that I am debt free I’ve learned how to manage our money and I’ve also learned other forms of budgeting and ways to build wealth.
Am I at the point of saying Cancel Dave Ramsey? We shall find out!
I followed Dave Ramsey for several years, I’ve been to his studio, I’ve met him twice but today we are talking about why I don’t follow Dave Ramsey anymore!
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I am not a financial advisor. The ideas presented in this video are personal opinions and for entertainment purposes only….(read more)
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After receiving many comments, this video came across harsher than I intended. I created a follow-up video where I dug in a little deeper as to why I feel this way about the Dave Ramsey Plan as well as gave my PROS to the plan. Check out the video here: https://youtu.be/KFRJtFRKeIM
You have some great points! I still follow him because I believe you can take knowledge from different places to form your overall financial plan. The Dave Ramsey “ish” group is great!
Dislike and stop recommending channel
Lier, for who are you working now
I want to see you when a disgrace hit your life, then you are going to learn
This video overstates
Overstating is like overspending.
You go too far and you need to pull it back, then spend more on damage control. .
You need to type up a retraction and then make a video listing the positives of Dave and then go back and "spend" more time answering to a bunch of comments based on the whole misunderstanding. A lot like being a slave to debt.
If you are a member of a polygamist cult like FLDS and wear a tin foil hat and have underaged wives, Dave is the way to go..
yes, but are you worth 200,000,000
1:29 to be fair…. Dave does say it a STARTER emergency fund. He does say you should go back and build your emergency fund for 3 to 6 month of expenses.
The credit score, what a scam.
I never felt right with Dave. Like you commented… his methods seem to be for addicts that can't can't handle temptation. Way too conservative. I've always been team Suze.
I wonder what Dave's credit score is….I'm sure it's not zero.
His investing advice is hot trash and his views on work from home are unethical and stupid. People like him are why there are boomer memes.
Who cares?
Warren Buffet did say there's no investment that can beat the interest on a credit card. It doesn't matter if the employer matches, it's a match in an asset with a return that's less than paying off the credit cards, at worst you end up cashing out a 401k to pay bills because you couldn't even pay the bills.
Basically a 401k is extremely dangerous to anyone under 60 who can't control their own finances. The penalties will kill the average screw up who cashes out at a terrible time with terrible penalties.
I view Dave Ramsey as… adequate if you are completely lost. There are an infinite number things you could do with your finances & there will always be something else that's "more effective". However, you will make ZERO progress constantly switching strategies.
If your finances are a mess, doing what Ramseys says (no variations, remember your judgement is bad which is why you are in this mess to begin with) will fix the problem. An adequate strategy you follow through on, produces results.
If your finances are good, Ramsey probably isn't for you. I already had no debt, a cash buffer in my checking account, and a 2 year emergency fund. I use credit cards for everything and my credit score reflects that BUT Ive never had a problem controlling my spending & paying the full statement every month.
Basically:
You were raised with & practice prudent financial principles: Dave Ramsey is not for you
You weren't raised with or don't practice prudent financial principles: Dave Ramsey is for you
One if the main problems is mixing mythology & religion with business.
Religious superstition has NO PLACE in a healthy, functioning business.
Define emergency? Some people think that everything is an emergency when most things should have a sinking fund. If you drop your phone and it breaks is that an emergency? Sure if you aren't always clumsy. But if you are "good" at losing, dripping your phone ~ sinking fund.
Oil change~ sinking fund [you know it will be needed]
Tire repair ~ sinking fund [you know it will happen]
Motor replacement, roof repair ~ emergency fund
Washer replacement- depending on age that could be sinking fund. New appliances automatically come with 1 year manufacturer defects warranty. If your family is rough on appliances ~ sinking fund [you know you will need it]
You shouldn't have thousands of dollars in your sinking fund either but include them in your budget to put a few dollars in it to consistently build them. (I don't care what Dave says).
* 401k minimum shouldn't equate to thousands of dollars a year to get the match.
* in my 401k, which is mutual funds, the best performing ones has high expense ratios. So kind of stuck paying the high fees there, especially if I want the employer match
Dave scamsey is a fake..his show is fake!!
She doesn’t understand money well at all. The reason you pay off debts first before investing is because you’re literally throwing away money each month in interest to your debts. If you pay off your debts first, you will have thousands more to invest over the same period instead of investing while paying off debts. It’s simple math. Do not listen to her
If you want to be broke, take this woman’s advice, if you want to be rich listen to Dave who has turned thousands of people into millionaires. She got many things blatantly wrong from the actual Ramsey method. Especially the emergency fund, Dave says 3-6 months at minimum. She just sounds entitled and sounds like she doesn’t wanna have to be on a strict budget, probably so she can treat herself to handbags and heels whenever she wants.