Is Dave Ramsey a Dirty Word (or Two)?

[insuranceexec]

I like Dave but I disagree with SOME of his investment advice. I do beleive that an indivual should live on less than they make, and I think that is his main message.

 

[bluemarlin08]

IMO, Dave helps more than he hurts. I talk to lots of folks that have followed his advice about budgets and debt and have seen some remarkable changes. I know Dave personally and he lives his faith, like it or not, he's a good guy in my book.

 

[xrac]

I agree with what Dave Ramsey says about getting out of debt, living on a budget, and frugality. It makes sense and has helped a lot of people.

What bugs me is that I think what he says about insurance and investments is flat out wrong. If you are heavily in debt and struggling to get your head above water what he says works great but if you have assets and income there are much better ways to employ them then what he teaches. For example I use credit cards extensively. A no no as far as he is concerned but I have carry no balances, pay them in full every month, and collect all types of rewards.

I am also bothered by the fact that he is selling all of those endorsements (like Zanders) and selling his Financial Peace stuff to the churches at pretty stiff prices. You can get the same kind of teaching and literature with a more moderate approach on investments and insurance from Crown Financial Ministries at a fraction of the costs of the Financial Peace stuff. Crown is a true ministry ran by people who have sacrificed for what they believe in. Crown is the successor to Larry Burkett's Christian Financial Concepts (Crown Financial Ministries). As far as I am concerned it would be far better if the church world would discover Crown and quit enriching Ramsey. Ramsey is an entertainer pure and simple who does more good than harm but make no mistake he does do harm.

 

[bobson]

I'm a newly licensed Life, Accident, and Health insurance agent and also a HUGE Dave Ramsey fan. I've noticed so many of the posters on here bash Dave Ramsey. I'm curious - is it because he says Whole Life is a ripoff? Or are his principles not in line with a lot of insurance agents?

Either way - I'm a big fan and he's turned my financial life around. I'm not religious, but I still think his concepts are fantastic and they work. I am extremely excited to get going selling insurance, I'm just working out my business plan now. I think I'd like to focus on term life and possibly LTC. I am also getting my P&C because the reverse mortgage company I work for is opening up an insurance company and I'll be handling their P&C clients.

Thanks for the advice!

The other good thing about entering the business right now is the SEC feels like they should be the final say on just about any financial product you buy. Fixed indexed annuities are just the begining. I'd assume current rate annuities will be next followed up shortly by UL.

I mean clearly state-based insurance regulation has failed, and failed miserably. Everyday we hear about insurance fraud being perpetrated on unsuspecting victims. Seniors losing their entire life savings. Jewish charities losing hundreds of millions of dollars to a fraudulent agent. The insurance departments have even promoted the work of an agent that turns out swindled $50,000,000,000 (that's billion with a capital B) from the American people.

Wait a second...

 

[LGilmore]

"Wait a second..."

man, you are the king.... I start reading your stuff and going wtf? Then snap! spot on.

 

[padthaiforlunch]

Over the last 75 years the S&P500 has gone gang busters. If you have your money sitting in a whole life contract or a fixed annuity you have been getting bent over for the last 75 years. I had one client whose annuity paid him a paltry 4.5% in 2007. This year he will earn 4.5% as well. What a joke!

Such a dry wit!

 

[somarco]

Any agent worth their salt lives by the mantra "By Term and Invest the Difference."

Really?

What color is the sun in your world?

I just don't get why he sponsers Zander Insurance for life insurance.

It's called protecting your investment.

Plus he & Jeff Zander have been buds for a while.

Jewish charities losing hundreds of millions of dollars to a fraudulent agent.

That's odd. I didn't know Madoff limited his scam to those of the Jewish faith.

 

[insuranceexec]

Really?

What color is the sun in your world?



It's called protecting your investment.

Plus he & Jeff Zander have been buds for a while.



That's odd. I didn't know Madoff limited his scam to those of the Jewish faith.

Very well said! I can not add much to that, but to say that more regualtion only creates more greedy politicians trying to feed their own agenda.

 

[TXINSURANCE]

I submitted an application to become an ELP after I swore off Whole Life.

He didn't respond, neither did his staff. I followed up as to the status and no response.

Thank you for wasting my time.

 

[insuranceexec]

I submitted an application to become an ELP after I swore off Whole Life.

He didn't respond, neither did his staff. I followed up as to the status and no response.

Thank you for wasting my time.

Don't feel bad; My Father-in-law, who has been in real estate for almost 30 years, has been an ELP for almost 2 years now and has yet to get a referral.

He just recently found that a house was sold here locally by an ELP in a town about 50 miles away. So I am not sure how the referral program works!