Dave Ramsey lawsuit

[Newby]

I don't know if Ramsey has active licenses -- but I am guessing he would have to for "giving" financial advice, and if he was receiving "commissions" resulting from the sale of disability insurance -- and a B/D; but receiving comp from this time-share operation is going to be very problematic. If he didn't disclose this, he's done. Game, set, match. Over. If he did, I wonder how a B/D could approve this as an OBA. I would think they wouldn't. This is a screaming conflict of interest. However, I have heard that some people have structured "creative" arrangements where they collect "fees" or "compensation" for various services when they don't have the appropriate licenses. I have no idea if that's the case here, but I see some red flags in the various articles.

As far as his disability recommendations, I view this as simply another opportunistic, self-serving sales arrangement. Just like Suze Orman -- who was anti-LTC insurance -- until an LTC company offered her a deal to put her name on an LTC insurance product and to joint market and distribute it with her. Then of course she was all for it! LOL How ironic it was when her own mother needed LTC, and Suze, being against it, didn't secure coverage before her mother needed it, applied when she did, and she got declined. Suze's response was that she was grateful and blessed to be able to afford to move her mother into the finest facility she could find -- and everyone else should learn from this because they couldn't afford what she could, so they should buy LTC insurance. Hypocritical, greed, opportunistic, and what else? LOL.

If you operate in the HNW marketplace, then you don't come up against the Orman, Ramsey types. Maybe Ken Fisher, but that's a whole other story, LOL. Then again, his problems only cost him about $5 billion in assets, tarnished his reputation, and showed the world a side of him the world never saw.

Dave Ramsey charges for his advertising, his endorsements and his lead generation. Not for his advice. He needs no licenses.

 

[Josh]

He needs no licenses.

His life is MUCH easier saying the stuff he says without having a license.

 

[Lloyds of Lubbock]

They are the one's who create the illustrations.
If you drop the trat you get illusions.

 

[titeye]

Will someone please expand on this, and help me to understand the difficulty and stress associated with getting out of timeshares.
My father bought a timeshare more than 30-35 years ago, before he died. At the same time or not too long after, my sister financed the purchase of one. After my father died, my mother wanted out! She was an elderly senior by this time and could not understand the sense it made to continue paying on something she didn't completely own and not using.
Although my sister may have used hers more times than my parents did, eventually she wanted out too. After they called lawyers and some of these timeshare exit companies for advice on how to get out, I simply told them, "Just stop paying, if you want out."
I don't know my sisters situation, but my mother's credit score is close to 800. I don't ever recall a time when her credit score was affected by her action to discontinue paying on the timeshare.
What never made sense to me is why people say timeshares are so difficult the get from under, and are willing to pay someone thousands of dollars more to help them. All the resort can do is cancel your future stays and foreclose.
What am I missing?

 

[toolbelt]

He was a Primerica rep back a few decades ago.

Oh its much more complicated than that. His earlier radio show co-host was Roy Matlock Jr.......of A L Williams.

 

[Travis Price]

Take the video below with a grain of salt, because some parts are nuanced, but it touches on Dave too.

 

[PrivClientSG]

Those are great points. When I was new in the business, I used to quote 12% whenever it was required to achieve the clients goal(s). I did it because I believed the Ibbotson Charts and wanted to prove to the client the guy who could help them achieve their goals. As I matured, I realized that I was not responsible for a client not achieving their financial goals because they didn't start planning sooner.

Thanks. I get your points as well and agree. To me, the Ibbotson charts -- which simply show asset classes and a year by year ROR of those asset classes -- are simply supporting information in order to show, and prove, a point! That point is that MPT and asset allocation is prudent, safe, and is a sound strategy for investing monies. I can see how people might use them, however, fort me, they can show "random" asset class performance and the entire top quartile vs. bottom, quartile/half, etc. That's discussion based. It's information that can educate, allow people to discover, formulate thought, opinion, etc. I never viewed those charts as tools, nor do they speak to to product, getting ROR in products, etc. Thanks.

 

[LostDollar]

Take the video below with a grain of salt, because some parts are nuanced, but it touches on Dave too.

I thought the part about the danger of buying baby pigs if you have cats was pretty straightforward.

 

[LostDollar]

Will someone please expand on this, and help me to understand the difficulty and stress associated with getting out of timeshares.
My father bought a timeshare more than 30-35 years ago, before he died. At the same time or not too long after, my sister financed the purchase of one. After my father died, my mother wanted out! She was an elderly senior by this time and could not understand the sense it made to continue paying on something she didn't completely own and not using.
Although my sister may have used hers more times than my parents did, eventually she wanted out too. After they called lawyers and some of these timeshare exit companies for advice on how to get out, I simply told them, "Just stop paying, if you want out."
I don't know my sisters situation, but my mother's credit score is close to 800. I don't ever recall a time when her credit score was affected by her action to discontinue paying on the timeshare.
What never made sense to me is why people say timeshares are so difficult the get from under, and are willing to pay someone thousands of dollars more to help them. All the resort can do is cancel your future stays and foreclose.
What am I missing?

Comments in the video Travis Price posted suggest that the contracts are not cancellable. couldn't the companies sue?

 

[Allen Trent]

I had a friend tell me they bought a time share a couple of months ago, I didn't have the heart to tell that poor soul they'd made a terrible mistake.

what week are you scheduled to use his timeshare.....LOL