Is Dave Ramsey a Dirty Word (or Two)?

[moonlightandmargaritas]

Let's face it: Dave is in it to make money for Dave.

When they start mixing religion with money, it's time to hold on to your wallet. Tightly.

 

[arnguy]

Let's face it: Dave is in it to make money for Dave.

When they start mixing religion with money, it's time to hold on to your wallet. Tightly.

Amen, Paul.

 

[xrac]

Let's face it: Dave is in it to make money for Dave. When they start mixing religion with money, it's time to hold on to your wallet. Tightly.

I have to second that AMEN! I have never known religion and money to turn out to be a good deal. Ramsey makes me real nervous because I do not think that ANYONE should use their religion to enrich themselves.

 

[bluemarlin08]

Aren't we all in business to make money? IMO, I don't believe Dave uses his religious views to adversely influence people to make money. I , on occasion, express my religious views to clients but never from a profit motive. I think lots of folks are jealous of people that are successful and look for ways to ridicule their success.

 

[HomeService]

Dave's advice about driving a car that is paid for - is good advice. That, and the "no credit cards ever.." thing.

 

[Newby]

Dave's advice about driving a car that is paid for - is good advice. That, and the "no credit cards ever.." thing.

His "no credit cards thing" is bullshit.

The correct thing is to use credit cards and pay them off each month. He acts like people CAN'T be trusted to be responsible so they need to chop their credit cards up.

I'm not walking around with a bunch of envelopes full of cash. And I would NEVER use a debit card.

 

[bluemarlin08]

There are lots of people that can't be responsible with thier credit and not using CC is a good idea for them. Some folks are very responsible, that isn't his audience. I talk with lots of folks that have changed their financial life following his recommendations.

 

[360]

I have to second that AMEN! I have never known religion and money to turn out to be a good deal.

You've got that right, the one who really bugs me is that Rick Warren guy. The nerve of him to sell tens of millions of books and then give 90% of his money away to help needy people. What an ***. No one should ever do such a thing. Despicable!

 

[bluemarlin08]

Yep, that Warren guy is certainly a charlaton!

 

[Rivaeast]

It's mainly jealousy. Most life insurance agents know that people should be saving money in the stock market, broad stock mutual funds to be exact. Any agent worth their salt lives by the mantra "By Term and Invest the Difference." If you want to be able to retire you have to be in the stock market. 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!

In fact I think term life is a ripoff. I mean, come on what are the chances I'm going to die before I have enough money saved up so my wife can live comfortably?

If I invest the $600 a year in the Investment Company of America I'll be loaded when I retire (instead of term life insurance). I invested about $3000 of IRA money in ICA about ten years ago. You should see how much that is worth now! Boy oh boy! If I'd have parked it in some sickly annuity, I'd probably only have about $5000 today.

If I could only pass my series 6 & 63, I'd be a hero!

Well not quite... since '07 the spx (S&P 500 index) is off a bit over 30% since Jan 07 ...4.5% looks pretty good....

I'd also suggest pulling the chart on your returns you speak of. If you invested in the spx (again the standard most all fund managers use as a benchmark) you reached the all time high spring of 2000 and after the first pullback in the beginning of this bear market it took you nearly 7 years to break even. Which was the point of again reaching all time high. Coincedentaly, this marks the beginning of the baby-boomers starting to retire which is a new paradyme being introduced into this market.

But I'm off task a bit.... As an insurance sales rep.... I take issues with the notion that paying off debt takes precedence over just about everything in his mind. (Including stopping 401k contributions) In theory this seems to make some sense, but in real world applications this appears irresponsible to me.
Really not any more of a dirty word than Suze Orman