Dave Ramsey ELP

[Googly Moogly]

xrac,
What part of Ramsey's advice do you find incorrect, except the fact that you believe WL is more the answer than term. I work with many physicians and the vast majority would be much better off if they did follow his advice.

Doctors are perfect clients for whole life. The cash value is flexible and creditor proof.....you can take loans out against the cv in case you need the cash flow......and some policies pay out dividends and interest as if the cash is still in the acccount.

 

[SalemInsuranceGuy]

I got an email from Dave updating his investment advice today. He's still talking 12% in mutual funds since 1801 is the average. And now instead of a 5 to 10 year plan it's a 20 to 50 year plan. I'm not sure I have 50 years left.

 

[Googly Moogly]

Caveat Emptor:
Someone would be nuts even to consider taking financial advice from a guy who's gone bankrupt.

End of story.

Ramsey = shameless, self-promoting, formerly bankrupt, know-nothing guy with a horrible accent that makes him sound like a damn hillbilly from Tennessee

Does that guy even have a license....any license?

 

[SalemInsuranceGuy]

Does that guy even have a license....any license?

I'm pretty sure he still has his Realtor's license because Remax charges 7% through his ELP and I think 1% is his cut.

 

[Googly Moogly]

I'm pretty sure he still has his Realtor's license because Remax charges 7% through his ELP and I think 1% is his cut.

But no insurance??

 

[somarco]

Can't confirm this, but have heard rumors he is part owner of Zander insurance. If so, he could be paid a salary or other comp without a license.

What I do know about Dave is this. He doesn't do anything for free. The guy has more streams of income than Robert Allen.

 

[Newby]

Can't confirm this, but have heard rumors he is part owner of Zander insurance. If so, he could be paid a salary or other comp without a license.

What I do know about Dave is this. He doesn't do anything for free. The guy has more streams of income than Robert Allen.

Most of his "endorsements" are paid advertisments. The local provider for him told me they have to pay a flat fee for the annual endorsement agreement and it was very steep. They had to bid on it against any other agents in this area. Even if Ramsey's marketing never sends them the first lead, they still pay the same. He said it had paid off well for them though.

I would assume that he does own Zander Insurance because he hypes them up big-time.

 

[xrac]

xrac,
What part of Ramsey's advice do you find incorrect, except the fact that you believe WL is more the answer than term. I work with many physicians and the vast majority would be much better off if they did follow his advice.

"Today on the radio he told a younger caller to take a lump sum distribution from his DB pension plan because it would "only" earn 7%, invest the proceeds in good growth mutual funds that would earn 12%. So at retirement the guy would have something like $2,800,000 and then he could use a conservative withdrawal rate of 8% to give him an income of $230k/year. Any RR on this forum would lose their license spouting that king of garbage, but good 'ol Dave uses those numbers like it's a foregone conclusion."

 

[Newby]

Since he's not licensed he can say anything he wants just like your Grandmother could. It's for entertainment purposes only.

It's very effective.

 

[VolAgent]

But does he even bother to disclaim his advice as entertainment only? Anyone else would find themselves censured in an instant doing this. Since he does try to represent himself as a type of advisor, it would be interesting to see someone sue him over this.

Since he's not licensed he can say anything he wants just like your Grandmother could. It's for entertainment purposes only.

It's very effective.