Anybody doing Dave Ramsey? Thoughts? Opinions? Experiences?

[Phlip]

It's responsibility people-from kids, money, school, weight loss, it's all the same thing. Personal responsibility. I'm on my fifth financial how to book, and they all say the exact same thing-get out of debt, live within your means, pay cash, etc. They all go about it in the same way, just some of the steps are mixed around. People in this country have been fed and believed the wrong notion of you can and deserve to have it all...fancy house, fancy car, kids in all sorts of activities, fancy education. Fact is you don't deserve it you need to earn it. Work, save your money pay cash. You deserve not to be strapped to a lifestyle you can't afford.
Go to the library and get DRs book, it's a great place to start.

 

[mrsklamc]

You deserve not to be strapped to a lifestyle you can't afford.

Fabulous quote!

 

[mrsklamc]

Someone asked for opinions on him, sorry, don't think listening to someone that steers people to take financial advice from people that he has a financial interest in is always the best thing to do..

They're a reputable company...and quite frankly not using ad space to sell financial products to an audience who clearly might have need for them would be stupid.

But since you are so good at naming all the things he's doing wrong, why not do it better and make millions yourself?

 

[jemimabean]

I don't have some passionate opinion about Dave, as I've never heard his show. But I borrowed his TMMO book from a friend, and have read it front to back about four times this month.

We are the type people who know that we need to live below our means, but uh, just sort of don't. We waste money on dining out constantly, we're always behind on bills, and we're just sort of a red hot mess in general.

Dave's book, while heavy on the folksy stuff that was a turn off for me, opened my eyes in some huge ways. It gave me the confidence and courage that I needed to take the first step and make a list of all of our debt (up until a few weeks ago I had NO IDEA how bad it was). It gave me small, easy to follow steps that guaranteed some instant success (with the paying off the smallest stuff first).

I'm well-educated and understand that from a numbers perspective it doesn't make much sense to pay off lower interest rates first. But it makes a whole lot of sense from an emotional and psychological stand point, and that is EXACTLY what we needed to get the ball rolling.

I'm not sure that we'll follow every one of his steps to a tee, and I have no clue about his investment advice as we're no where near that. But I can very comfortably recommend his TMMO book to anyone who is feeling desperate, needs a life raft, or just needs some basic advice.

We're three weeks in and the difference in the way we look at money, the lessened stress level in our marriage, and our excitement for the future have all changed dramatically.

 

[DMGeurts]

I don't have some passionate opinion about Dave, as I've never heard his show. But I borrowed his TMMO book from a friend, and have read it front to back about four times this month.

We are the type people who know that we need to live below our means, but uh, just sort of don't. We waste money on dining out constantly, we're always behind on bills, and we're just sort of a red hot mess in general.

Dave's book, while heavy on the folksy stuff that was a turn off for me, opened my eyes in some huge ways. It gave me the confidence and courage that I needed to take the first step and make a list of all of our debt (up until a few weeks ago I had NO IDEA how bad it was). It gave me small, easy to follow steps that guaranteed some instant success (with the paying off the smallest stuff first).

I'm well-educated and understand that from a numbers perspective it doesn't make much sense to pay off lower interest rates first. But it makes a whole lot of sense from an emotional and psychological stand point, and that is EXACTLY what we needed to get the ball rolling.

I'm not sure that we'll follow every one of his steps to a tee, and I have no clue about his investment advice as we're no where near that. But I can very comfortably recommend his TMMO book to anyone who is feeling desperate, needs a life raft, or just needs some basic advice.

We're three weeks in and the difference in the way we look at money, the lessened stress level in our marriage, and our excitement for the future have all changed dramatically.

Very well said!

D~

 

[dvcgirl]

His book is actually pretty full of calling people names, calling people stupid for what they do. Some people may have an issue with name calling - particularly from someone who feels the need to proclaim his religion.

I have the opposite problem with the religion in Dave Ramsey's teachings. Money works the same way if you are Christian or atheist or Buddhist or Muslim or Jewish or Wiccan. The bible verses and "God says" don't add a lot of value, and turn some people off. I almost wish he'd do two editions, one where he takes out the Bible stuff (and chooses a few less "God's Help" stories) and one where he cranks up the Bible stuff (and the "God's Help" stories) and tones down the nastiness.

I'm not a religious person, and I'm completely debt free, but I still find him entertaining. I know plenty of people of faith who call people idiots. I think he's saying what most of us are thinking anyway. Most of the time when he calls people idiots....they are acting like idiots.

He had a guy call in the other day who was hemmin and hawwin over 10K in debt and whether or not he should spend the 32K they saved up for their kid on their debt. They'd had some financial setbacks, but for the last three years they were making 180K. He let the guy have it a bit..."no, you don't need to spend the piddling amount you saved for your kid (and he was right...if 32K is all you've saved when you're making that kind of money...it's a "piddlin" amount).....you should be able to knock that out in a couple of months."

What's tougher for me is the plugging of the ELP program....and a couple of his sponsors. It compromises his integrity. But I don't need his ELPs, Zander insurance or churchill mortgage. But I only listen to him on podcast, and so I just zip past those plugs.

 

[DawnM]

For those who don't like Dave's style....I am inclined to agree with you. I like his books but I find him hard to listen to. Sensationalism sells, and he delivers the sale well! But his books are good and have sound advice.

Dawn

It's responsibility people-from kids, money, school, weight loss, it's all the same thing. Personal responsibility. I'm on my fifth financial how to book, and they all say the exact same thing-get out of debt, live within your means, pay cash, etc. They all go about it in the same way, just some of the steps are mixed around. People in this country have been fed and believed the wrong notion of you can and deserve to have it all...fancy house, fancy car, kids in all sorts of activities, fancy education. Fact is you don't deserve it you need to earn it. Work, save your money pay cash. You deserve not to be strapped to a lifestyle you can't afford.
Go to the library and get DRs book, it's a great place to start.

 

[mrsklamc]

What's tougher for me is the plugging of the ELP program....and a couple of his sponsors. It compromises his integrity.

Why do you feel that it compromises his integrity?

I only feel that celebrity endorsement of a product compromises their integrity, if they know the product to be a poor one.

 

[dvcgirl]

Why do you feel that it compromises his integrity?

I only feel that celebrity endorsement of a product compromises their integrity, if they know the product to be a poor one.

Well, for one, because he only endorses mutual fund brokers as his "investment ELPs". These are commissioned salespeople selling financial products. And they have a very high tendency to steer clients into financial products with the highest commissions. People would be far better served being "steered" to "fee-only certified financial planners" who charge a flat one time fee to help a person set up their investments. It's far, far cheaper and the CFP isn't selling you any particular product.

Compare him to Clark Howard on this front, who doesn't endorse *anything*. That leaves him open to answer questions about any company on any topic. When he gushes over Vanguard or T. Rowe Price, I know that he really means it because those companies aren't paying him a penny.

If a caller gets through to Dave Ramsey's call screener and openly tells her that they're calling with a complaint about Zander Insurance or Churchill Mortgage, do you think they get on the show? No way. Because those companies are paying him a small fortune to promote themselves on his show, and he would never take that call. That compromises him.

 

[HHSTigerFan]

Why do you feel that it compromises his integrity?

I only feel that celebrity endorsement of a product compromises their integrity, if they know the product to be a poor one.

Because he is a self proclaimed "financial adviser" thats directing people towards products and companies that he has a financial interest in..

Dave is a horrible financial guy, but a good motivator and even better marketing person, has made a lot of money off people that follow his ways..

 

[HHSTigerFan]

They're a reputable company...and quite frankly not using ad space to sell financial products to an audience who clearly might have need for them would be stupid.

But since you are so good at naming all the things he's doing wrong, why not do it better and make millions yourself?

And you know this because "they have the heart of a teacher"?

 

[mrsklamc]

Because he is a self proclaimed "financial adviser" thats directing people towards products and companies that he has a financial interest in..

Dave is a horrible financial guy, but a good motivator and even better marketing person, has made a lot of money off people that follow his ways..

Radio shows have ad space, that's how the format works. If he didn't realize that the best things to market on a financial show were financial products, he'd be too stupid to have a radio show about money.

The people who have paid him money will openly tell you it was worth every penny...so win-win situation and nothing wrong with that. Although it's just as possible to do his plan without spending a dime.

Your doctor makes money off you; your dentist, even pastors. Doesn't mean any of them are inherently nefarious.

 

[mrsklamc]

Well, for one, because he only endorses mutual fund brokers as his "investment ELPs". These are commissioned salespeople selling financial products. And they have a very high tendency to steer clients into financial products with the highest commissions. People would be far better served being "steered" to "fee-only certified financial planners" who charge a flat one time fee to help a person set up their investments. It's far, far cheaper and the CFP isn't selling you any particular product.

Compare him to Clark Howard on this front, who doesn't endorse *anything*. That leaves him open to answer questions about any company on any topic. When he gushes over Vanguard or T. Rowe Price, I know that he really means it because those companies aren't paying him a penny.

If a caller gets through to Dave Ramsey's call screener and openly tells her that they're calling with a complaint about Zander Insurance or Churchill Mortgage, do you think they get on the show? No way. Because those companies are paying him a small fortune to promote themselves on his show, and he would never take that call. That compromises him.

I would hope that if someone called with such a complaint he would at least look into it...Thanks for having legitimate points!

 

[mrsklamc]

And you know this because "they have the heart of a teacher"?

No...that's ELPs, not Churchill...but for someone who hates him so much you must spend a lot of time listening to him.

 

[HHSTigerFan]

Radio shows have ad space, that's how the format works. If he didn't realize that the best things to market on a financial show were financial products, he'd be too stupid to have a radio show about money.

The people who have paid him money will openly tell you it was worth every penny...so win-win situation and nothing wrong with that. Although it's just as possible to do his plan without spending a dime.

Your doctor makes money off you; your dentist, even pastors. Doesn't mean any of them are inherently nefarious.

I am quite sure that both Dave and his company are making money off their relationships.. but is it in the best interest of his listeners?

When I go to the doctor, its fully disclosed to me ahead of time what those fees are.. Dave never mentions he has a financial interest in the companies that he promotes and he should..

One more thing I see Dave do is bad mouth CCCS plans simply because they are his competition.. For people in severe CC debt, they are a great option, much lower APR's, cards are closed and a little bit of counseling.. Those plans seem like something he would endorse, but he does nothing but say how bad they are..

 

[dvcgirl]

Radio shows have ad space, that's how the format works. If he didn't realize that the best things to market on a financial show were financial products, he'd be too stupid to have a radio show about money.

The people who have paid him money will openly tell you it was worth every penny...so win-win situation and nothing wrong with that. Although it's just as possible to do his plan without spending a dime.

Your doctor makes money off you; your dentist, even pastors. Doesn't mean any of them are inherently nefarious.

No, of course it doesn't make them nefarious. Radio shows make money by selling ad space. Dave (and Clark Howard) don't even control all of those spots, and often they'll have gold sellers, even debt solution companies buy space. But they shouldn't *endorse* any of those companies that buy space when they are doling out financial advice.

That's why he has next to no credibility with me on the investment front. His advice and investment projections are way off.

I listen to him because I like his common sense, no-holds barred approach to helping people get out of debt. He's entertaining..... But I think that's where most people should stop taking his advice.

 

[HHSTigerFan]

No...that's ELPs, not Churchill...but for someone who hates him so much you must spend a lot of time listening to him.

I listened to him for a few months, used it as motivation to get our finances in better shape, but then finally had to stop because I couldn't take his lousy advice and his marketing machine.

And honestly, if the 2 radio stations in this area that carried him didn't pull his show, would probably still listen sometimes just to hear what he has to say..

 

[mrsklamc]

I am quite sure that both Dave and his company are making money off their relationships.. but is it in the best interest of his listeners?

When I go to the doctor, its fully disclosed to me ahead of time what those fees are.. Dave never mentions he has a financial interest in the companies that he promotes and he should..

Well, Zander and Churchill both have A+ ratings with the BBB so apparently their customers are pleased with the services they offer.

Do you expect every commercial on every television and or radio show you listen to to disclose that it's a paid ad?

 

[dvcgirl]

I am quite sure that both Dave and his company are making money off their relationships.. but is it in the best interest of his listeners?

When I go to the doctor, its fully disclosed to me ahead of time what those fees are.. Dave never mentions he has a financial interest in the companies that he promotes and he should..

Well, it's pretty clear that he has a financial interest in Churchill and Zander....when I used to listen to him on the radio (and not by commercial free podcast), those company ads run constantly.

What's more fuzzy is his explanation of his ELP program. What he always says is...."these are the people that we endorse, they don't work for me....." And *very* occasionally he does say that these individuals pay him a fee to be in that program but that they have to have "the heart of a teacher", which I'm not exactly how he quantifies . You don't get into the ELP program just by having "the heart of a teacher", you need to pony up the fee.

Still....knowing all of his faults on this front, I still think he helps a lot of people and makes a lot of money for himself in the process. I don't have a problem with that at all....only when he crosses those fuzzy lines and then he feels a lot more like a salesman than a teacher (which is what he always calls himself).

You have to hand it to him though, he's taken a radio show and a book and figured out every possible way on the planet to monetize it.

 

[dvcgirl]

I listened to him for a few months, used it as motivation to get our finances in better shape, but then finally had to stop because I couldn't take his lousy advice and his marketing machine.

And honestly, if the 2 radio stations in this area that carried him didn't pull his show, would probably still listen sometimes just to hear what he has to say..

Right...that's why I listen, because he's entertaining. I love Clark Howard and frankly, he gives much, much better advice on investing and is a much better consumer advocate. But he's often a bit boring.... Dave Ramsey may give bad advice with respect to investments, and he's always selling everything "Dave", but he's entertaining. That's why I still listen.