Dave Ramsey just trashed DVC on the air

[CarolMN]

DVC is a luxury - not a necessity. I suspect most of those who listen to Mr. Ramsey are not good candidates for DVC anyway.

 

[byoung]

I don't know who Dave Ramsey is either, nor do I care. I am happy with my purchase, my family is beyond happy. In fact, it is one of my favorite all time purchases. Take that, Dave Ramsey!!!!!!!!

I second this.

 

[Dean]

I listened to the show online tonight. I heard the comments in question. He painted all timeshares with a broad brush and gave the answer appropriate for most as a retail purchase. He's correct up to a point. But do we really want everyone figuring out how to do timeshare the right way? IMO, he did not dis DVC.

 

[Buckalew11]

I lissten to him in the car everyday on my way to do school pick-up. I think he gives pretty good, straightforward advice. He does paint timeshares with a broadbrush.

I talked to 3 financial planners before buying into DVC. I didn't talk to them about my buying into DVC, just that I was going to. None of them were very fond of timeshares/DVC but one guy did seem like "good for you, as long as you aren't going into debt for it, enjoy it".

So many people are in such deep financial trouble. I think DR does a good job helping people get out of debt. He's pretty tough and almost abrasive but you get used to him if you listen to often enough.

I think he only promotes the "live like no one else, so you can LIVE like no one else" while you are getting out of debt. Then, I think you are "allowed" to enjoy life a little more. And he does have a boat (and I am sure it is a nice, big boat! LOL) And since he has that boat, it wouldn't bother me at all to tell him I have DVC!
He's from my town, btw.

 

[aclov]

I've never listened to him but I've heard of him through the Budget Board. Lots of supporters of his over there. I agree that DVC is not an investment but a prepaid vacation. Although I am vacationing more which turns into spending more $$$ because of it. But it's also created some great memories with family and friends. No regrets here on my purchase.

 

[perdidobay]

Isn't it amazing that we are all happy with DVC, 'cause according to Dave, we should all be unhappy with our bad decision, one that we'd have to pay someone to take off our hands

And I have never considered DVC an investment. My condo, yes, but DVC is prepaying for my vacation accomodations.

 

[GSW85]

OK, I am a financial planner, I own 150 pts at SSR and I like Dave Ramsey.

A DVC purchase is a bad idea if you have to finance it. It is not an investment and should not be viewed as such. If you are not contributing to an IRA/401 K account, you should not be buying DVC. If you owe money on credit cards etc, you should not be buying into DVC. If you have to take a second job to "afford" DVC you should not be buying into it.

That said, if you are well on your way to funding a secure retirement, have no debt other than a mortgage, then DVC is a nice purchase if you like vacationing at nice resorts at Disney.

I have "moderate" net worth clients ($500,000 in investment assets) that I have encouraged to buy into DVC. Why? Many of them never take a vacation and the DVC purchase FORCES them to take an annual vacation. If you can not afford a second home, it is the next best thing. Besides, the $13,000 DVC purchase will have no effect on the eventual retirement of someone with $500,000 of investment assets already.

I do not blame Dave for his "blanket comment" because his audience is largely made up of individuals that have screwed up bad. He probably does not want anyone to go and buy because "Dave said it was OK."

 

[eyeheartgoofy]

I happen to enjoy Dave Ramsey's radio show and am a DVC member.

Dave has spoken out against timeshares on numerous occasions - and, let's face it, DVC is a timeshare. Personally, I think DVC is better than your average timeshare b/c if is fairly easy to unload and Disney has kept the price up with their ROFR. But this might not always be the case - none of us really knows. In the end, DVC is still a timeshare and Dave will probably speak out against timeshares until the end of his time. Personally, I am not at all shocked or offended that Dave did not advocate DVC.

 

[DiznEeyore]

Someone said he is a Christian money expert. Maybe he singled DVC out because of Disney's acceptance of same sex partners for CM benefits and gay day at Disney is a well known event they do not discourage.

Oh, my gosh -- in a MILLION years this would NEVER be the case!! He's against timeshares in general. It has nothing to do with something as abstract as this. Plus, the OP did NOT say he "singled DVC out" -- the caller asked about DVC specifically, then Dave confirmed it was a timeshare, and then went off on his anti-timeshare rant.

 

[DiznEeyore]

OK, I am a financial planner, I own 150 pts at SSR and I like Dave Ramsey.

A DVC purchase is a bad idea if you have to finance it. It is not an investment and should not be viewed as such. If you are not contributing to an IRA/401 K account, you should not be buying DVC. If you owe money on credit cards etc, you should not be buying into DVC. If you have to take a second job to "afford" DVC you should not be buying into it.

Just a thought ... if someone has the time and inclination to take on a second job to pay for their vacation, why is it any business or concern of anyone else's? I always find posts like this really insulting and irritating.

Amazingly enough, many of us manage to make financial sense of our lives without financial planners telling us what we "should" and "should not" be doing.

 

[DisDaydreamer]

Just curious, who in Hades name is Dave Ramsey?

EXACTLY! I'd like to know who my enemy is before attacking.


EDIT: Got me so riled up I didn't even think to scroll down read followups

What a jig he has. He acquired $4mil in real estate.... lost it all in bankrupcy... and now counsels people on how to get out of debt. Only in America.

I'm just going to ignore him.

 

[Olaf]

I have "moderate" net worth clients ($500,000 in investment assets). . .

I love your description of someone with those kind of assets. Unfortunately, most Americans don't have that kind of portfolio.

DVC is a luxury. I've been surprised by some of the posts I've seen on these boards. Things like "can we afford it", "how do you budget your dues", "do you think I'll pass the credit check", etc.? If you have to ask any of those questions, then DVC probably isn't for you. DVC is for after you've paid all your bills, funded your IRA's, and paid into your savings.

DH and I fall into the "never take a vaction" group. DVC has forced us to plan our vacations and get away from the rat race. It's worth it for us.

 

[Fitswimmer]

I didn't buy DVC for sound financial reasons, I bought DVC because I love going to WDW!!!
It's nobody's business how I paid for it, how I pay my annual dues or what my financial situation is. If I was having money issues, you bet I would take a second job to keep my DVC! I would never presume to make judgements about other people's financial decisions-unless I am supporting them through my taxes. Such as: If you're paying for your groceries with Food Stamps, maybe DVC isn't really a hot idea.

 

[twinklebug]

He knows he's ticking off DVC & Disney lovers. Riling people up boosts ratings. We see it all the time on the DISboards.
That's what sponsors want to see.
That's how this guy keeps his job.

 

[wyodan]

Exactly twinklebug! The more contraversy he makes, the more listeners he can bring..

 

[salmoneous]

DVC is a luxury. I've been surprised by some of the posts I've seen on these boards. Things like "can we afford it", "how do you budget your dues", "do you think I'll pass the credit check", etc.? If you have to ask any of those questions, then DVC probably isn't for you. DVC is for after you've paid all your bills, funded your IRA's, and paid into your savings.

I disagree here. Yes, Disney vacations are luxuries. But some people with bills to pay and less-than-fully funded IRA's buy luxuries.

If you are going to take Disney vacations anyway, you want to do it the smartest way financially - *especially* if you are lacking in funds. I'm not saying it's smart to take nice Disney vacations. But if you are going to take them anyway, DVC makes sense for most people, even if short on funds.

 

[CarolA]

of course the idiot just lumped it into all the other timeshares and said no one is satisfied after they buy it and you have to PAY someone to take it off your hands...
I think we ALL need to email him with the truth about DVC.

http://www.daveramsey.com/index.cfm?fuseAction=dspMailDaveOnAir

For those of you who are Dave fans.... believe HALF of what he tells you and remember that IF a timeshare company PAID Dave he would suddenly find this the "best vacation value in the country"

I have known people who worked for Dave... Dave wants you to believe he has YOUR best interest in mind... Yes, he does as long as he get PAID... Dave has DAVE in mind and not you... If Dave could make $5 ripping you off he is all over it. (NEVER go to one of his "perferred money planners"!)

I refuse to listen to Dave knowing what I know. Don't bother writing him, he will just use your email to make fun of you because in Dave's world he is the ONLY person who knows what is right and if you don't agree with Dave that gives him the right to abuse you!

 

[MickeyBabe]

Isn't it amazing that we are all happy with DVC, 'cause according to Dave, we should all be unhappy with our bad decision, one that we'd have to pay someone to take off our hands

Me, me, me... could someone pay me to take a small BWV contract off of thier hands????

 

[DisDaydreamer]

I refuse to listen to Dave knowing what I know. Don't bother writing him, he will just use your email to make fun of you because in Dave's world he is the ONLY person who knows what is right and if you don't agree with Dave that gives him the right to abuse you!

Ditto... In fact I don't listen to any talk radio shows where the host's name is part or all of the name of the show.

 

[calypso*a*go-go]

DVC is a luxury - not a necessity. I suspect most of those who listen to Mr. Ramsey are not good candidates for DVC anyway.

This is exactly what I was thinking! Anyone that is in debt and listening to a radio program specifically geared towards reducing that debt shouldn't even consider the extravagance of a timeshare (whether DVC or not). I think his whole mantra is to buy based on necessity...not emotion.