So many people have been helped by Dave Ramsey that I'm not sure why I feel like this...When I hear someone gush that they follow Ramsey's teaching I feel like I'm listening to a sermon given by someone that has been brainwashed.
The basic principles of saving and getting out of debt are not complicated DON'T SPEND MORE THAN YOU MAKE by not carrying debt it will free up your money so you can save more it that simple.
I'm for anyone that can help people realize that racking up debt is a harmful thing.
I do have a problem with someone that imposes his opinions and beliefs on others saying his way is the only way to reach their goals and telling these same people harmful things that can actually hinder them from reaching their goals. (AT A PRICE).
Ramsey's personal wealth is now over 55 million dollars, he doesn't need to use a Credit Card or worry about his FICO Score so he can purchase a home, automobile, insurance premiums or now even about a potential employer checking his credit report.
For some reason when I think of Ramsey I visualize a Snake Oil Salesman standing beside a tent selling tickets....Welcome back my friends to a show that never ends Come in side, Come in side.
If you find his advise helpful I'm truly happy for you, but I just can't agree with his advise.
I know I shouldn't even post this because of all his Minions, but I have...so now I can move on.
Thank You
Beckie
This is sound advice and it sounds so simple but if it were, none of us would be here, right? Just like to lose weight you must burn more calories than we take in. Simple right? but obesity is at an all time high. I used to weigh a lot less than I do now and if it were so simple, we'd all be thin & heart disease & diabetes would be some rare thing.
I have quit smoking 18 yrs ago so I know willpower!
I think DR gives people hope & direction when they feel like all hope is lost in the dark. A map to follow, so to speak, that will guide them to a safe place. I haven't listened to his advice for how to invest once you're out of debt so I can't comment on his advice for that.
Many people have no guidance at all, not sure if they're doing the right thing, whether they have debt or not.
We saw a financial advisor when we first had ds17. I already had a TSA with Vanguard (known for low overhead costs) through work that was doing very well. The FA was trying to get us to invest in some mutual fund that had a 5% load (fee) just to invest with them. The returns were no higher than what I was earning with Vanguard AND they skimmed 5% right off the top. What kind of stupid advice is that?
Thanks, but no thanks.
Also we had a very small amount of debt back then and he didn't say one word to stress about getting this paid off ASAP or give us any advice about starting an emergency plan. Wouldn't this be priority advice for a young couple with a new baby & just bought a home?
He looked over our tax return to see if we were missing out on some deduction we'd qualify for and said we're doing all we can there. (My dad has an accounting degree & taught me to do my own taxes since I was 16 but of course tax laws change. A few years ago when we ended up owing instead of getting a refund, we saw an accountant who also said we're doing all we can, just not enough was taken out of my pay and I needed to change my # of dependents for withholding.)
It all seemed like a waste of my time and I felt like "so much for asking the experts".
As I said before, I don't believe in everything he says, esp the part about not funding the retirement plan. Though I have to admit, if we were younger, I might consider it. It would certain cut our payoff time waaay down. omg.
Also, I can't get into his "gazelle intensity". If we starve ourselves financially to the extreme, we won't stay with it. It's like trying to become anorexic to lose weight. Sure, you could do it for a few days, but a year or 2? Not likely on your own.
While I mathematically disagree with not paying the higher interest accounts first, I do agree that paying the smaller ones first is exciting/motivating and not such a huge mountain to overcome. It makes the whole thing seem surmountable. I look forward to pay days just to see the balance drop more.
In my situation, the smaller ones were 0% interest and this really bothered me to focus on those but now that my "list" is so much shorter, I really do feel motivated to keep going.
Sorry for going on & on but I can see why he's popular for so many people.
Still I won't buy anything from him. lol.
and obviously can't pay it all off in 2014, but my goal is to pay 10k in principle this year and get it all paid off by May 2018 (5 years from when I started paying).
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