Dave Ramsey - What do you guys think about this financial show/adviser?

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does anyone watch his videos on youtube? or follow his programs? I know hes mostly for americans but I think some things are transferable
 
My sister in Oz follows him, she tried to get me into him I just couldn’t.
 
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Love him and his financial advice. My husband and I have been following his system for 5 years now.
 
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Just seeing if we can revive this thread as Dave Ramsey has been mentioned over on the How Much Do You Earn? Thread.

I’m personally not a massive fan of his- I actually find him quite fascinating in how he has managed to grow such a huge business from very regimented financial ideas - many of which don’t actually hold up in the real world.

Someone mentioned there’s lots of drama around him at the moment - can you share the detail? I’ve not really followed for a while but I’m a nosy witch and would love the ☕ 😂
 
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Just seeing if we can revive this thread as Dave Ramsey has been mentioned over on the How Much Do You Earn? Thread.

I’m personally not a massive fan of his- I actually find him quite fascinating in how he has managed to grow such a huge business from very regimented financial ideas - many of which don’t actually hold up in the real world.

Someone mentioned there’s lots of drama around him at the moment - can you share the detail? I’ve not really followed for a while but I’m a nosy witch and would love the ☕ 😂
I'm personally a big fan, but I do agree that his way isn't the most sophisticated way but I'd say it's the most risk-averse (I'm part of his facebook group) which is why it works for so many people. I believe the drama was that until a couple weeks ago he hadn't fired Chris Hogan who cheated on his wife (which goes against his christian values) because of Hogan's book Everyday Millionaires. Hogan is fired now.
 
I'm personally a big fan, but I do agree that his way isn't the most sophisticated way but I'd say it's the most risk-averse (I'm part of his facebook group) which is why it works for so many people. I believe the drama was that until a couple weeks ago he hadn't fired Chris Hogan who cheated on his wife (which goes against his christian values) because of Hogan's book Everyday Millionaires. Hogan is fired now.
yeah don’t get me wrong I do think the methods work as a way to get people out of debt and in the way that it is simplified with specific steps is good to keep people focused and on track is great but it’s the fundamentalism that’s there is no other way to do it is what I find a bit frustrating about him.

I am all for you do what you need to do though and if it works for you then stick with it!

OMG I did not know this about Chris Hogan - how did it come out that he cheated on his wife? Tbh I couldn’t listen to him - his voice just really grates on me so I skipped a lot of the shows he was on. Shame that he has ruined both his personal and professional life for what I am presuming was a quick fumble?!

Clearly the Christian community are such a massive part of the DR audience for him to essentially fire his right hand man. I wonder if Chris will try to go out on his own and maybe start preaching (no pun intended) his own personal finance plan now.
 
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It looks like some folks have figured out how to translate some of his advice to the UK financial system (https://debtfreefamily.co.uk/dave-ramseys-uk-baby-steps/), but I don't know how it translates to Europe. I wonder if there is a similar financially conservative guru in Europe who is comparable?
I don't understand how this would work if you don't already have a mortgage... I assume you would have a step "get a mortgage" after saving a fully-funded emergency fund
 
I don't understand how this would work if you don't already have a mortgage... I assume you would have a step "get a mortgage" after saving a fully-funded emergency fund
If you don’t have a mortgage they have a caveat of Baby Step 3B where you save for your mortgage before moving onto pension savings.

Sorry for double post but I have just been googling the Hogan drama and there seems to be a lawsuit against DR from several ex employees who are saying they were fired for either getting pregnant while not being married or having sex outside of marriage. Will be interested to see how that plays out.
I personally don’t think religion should play a part in the workplace.
 
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I don't understand how this would work if you don't already have a mortgage... I assume you would have a step "get a mortgage" after saving a fully-funded emergency fund
there is one, it's called babystep 3b, do it either for 2-3 years by itself or do it at the same time as step 4

yeah don’t get me wrong I do think the methods work as a way to get people out of debt and in the way that it is simplified with specific steps is good to keep people focused and on track is great but it’s the fundamentalism that’s there is no other way to do it is what I find a bit frustrating about him.

I am all for you do what you need to do though and if it works for you then stick with it!
I understand that, I personally see it as a really good brand message - it makes his brand image very clear. But yes there are more risky ways of course.

I personally don’t think religion should play a part in the workplace.
That's a tricky one, I agree with you but if you're going to work at a company with christian values.. it's not a surprise
 
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I understand that, I personally see it as a really good brand message - it makes his brand image very clear. But yes there are more risky ways of course.
Yes I completely agree with you on this. That is his brand. And clearly as a brand it works! The man is a multi millionaire.
I wouldn’t necessarily say that other ways are more risky. I guess it just depends on your view on finance.
I would actually say that during the pandemic it has shown that debt isn’t necessarily the enemy that it is made out to be by DR. Debt is always negotiable. For example if I had £5k debt and followed the steps to just have my £1k emergency fund and then paid off all the £5k without saving another penny and then lost my job I wouldn’t be able to last very long on £1k but if I had utilised the debt in my favour - ensuring it was interest free and paid off a set amount each month whilst saving the rest in the same time period I would maybe have only paid off £2k (as an example) and could have saved the other £3k. Yes it would mean I would still have the £3k still on the card but I could continue paying that off monthly and still have more of a cushion to cover me while looking for a new job. not only that but I could negotiate that debt to try to get it reduced if I really needed it. Dave even suggests this to listeners who are in a lot of debt they cannot afford. If I was able to get the debt reduced by half I would be better off by having that extra £1.5k in the bank.
i wouldn’t say that is any riskier than just paying off all your debt before building your savings. It is just prioritising a different aspect of your budget.
That's a tricky one, I agree with you but if you're going to work at a company with christian values.. it's not a surprise
Yeah this is a good point actually - I guess they knew what they were signing up for.
Is termination of employment based on pregnancy/your sex life even legal? I don’t know what the employment laws are like in the states.
 
Yes I completely agree with you on this. That is his brand. And clearly as a brand it works! The man is a multi millionaire.
I wouldn’t necessarily say that other ways are more risky. I guess it just depends on your view on finance.
I would actually say that during the pandemic it has shown that debt isn’t necessarily the enemy that it is made out to be by DR. Debt is always negotiable. For example if I had £5k debt and followed the steps to just have my £1k emergency fund and then paid off all the £5k without saving another penny and then lost my job I wouldn’t be able to last very long on £1k but if I had utilised the debt in my favour - ensuring it was interest free and paid off a set amount each month whilst saving the rest in the same time period I would maybe have only paid off £2k (as an example) and could have saved the other £3k. Yes it would mean I would still have the £3k still on the card but I could continue paying that off monthly and still have more of a cushion to cover me while looking for a new job. not only that but I could negotiate that debt to try to get it reduced if I really needed it. Dave even suggests this to listeners who are in a lot of debt they cannot afford. If I was able to get the debt reduced by half I would be better off by having that extra £1.5k in the bank.
i wouldn’t say that is any riskier than just paying off all your debt before building your savings. It is just prioritising a different aspect of your budget.

Yeah this is a good point actually - I guess they knew what they were signing up for.
Is termination of employment based on pregnancy/your sex life even legal? I don’t know what the employment laws are like in the states.
I have no idea if it's legal or not, but I'd assume it depends on the laws in the state itself and perhaps the contract they signed? When I said it was riskier I was thinking about business debt (if your business fails then how do you repay that loan? did you plan out how much you were going to borrow and how to pay it back if tit hits the fan?). Or too much mortgage debt, having several down payments and using them to buy several properties is a good way to do it, but what if you can't find a renter? or there's a plumbing problem? or you lose your job and you can't find a renter at the same time? Some people are able to handle doing it in other ways, but I just think his way is the easiest for the average Joe to handle and less risky overall. As for the 1k fund? I agree with you somewhat but I also see what the idea is behind it - if you lose your job with 1k as a single person you quickly pick up a tit job to have money coming in till you get a proper job again, and it's a good motivator to pay off debt asap.
 
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I have no idea if it's legal or not, but I'd assume it depends on the laws in the state itself and perhaps the contract they signed? When I said it was riskier I was thinking about business debt (if your business fails then how do you repay that loan? did you plan out how much you were going to borrow and how to pay it back if tit hits the fan?). Or too much mortgage debt, having several down payments and using them to buy several properties is a good way to do it, but what if you can't find a renter? or there's a plumbing problem? or you lose your job and you can't find a renter at the same time? Some people are able to handle doing it in other ways, but I just think his way is the easiest for the average Joe to handle and less risky overall. As for the 1k fund? I agree with you somewhat but I also see what the idea is behind it - if you lose your job with 1k as a single person you quickly pick up a tit job to have money coming in till you get a proper job again, and it's a good motivator to pay off debt asap.
Yeah definitely fair points and I guess it is always down to the individual to ensure they don’t over stretch themselves with any debt that is taken on. I actually am really risk averse personally and it stresses me out to have debt so the way I have found I am most comfortable is to be debt neutral I.e. I will take out interest free finance for certain things (atm it is a new kitchen) but I will only do it once I have the money saved in my account to pay the full amount off if needed. Might seem counter intuitive but it allows me to use that money in either investments or high yield savings accounts and just siphon off the amount needed to pay the credit off each month. It is more complex but not risky.

I completely agree as well that his way is easy for the average Joe. He has managed it excellently to build a business on an easy to understand concept.

and just to be totally clear I have no issue at all with anyone following the DR plan. I think anything that gets people taking control of their finances, paying down debt and planning for their futures is a good thing - I just wish he taught people a bit more of the nuances of finance but I doubt that would have gotten him to where he is today. It is more the cult like worship that is bestowed upon him and the blind belief that everything he says is gospel that frustrates me about him as he really plays into that role I think.
 
Yeah definitely fair points and I guess it is always down to the individual to ensure they don’t over stretch themselves with any debt that is taken on. I actually am really risk averse personally and it stresses me out to have debt so the way I have found I am most comfortable is to be debt neutral I.e. I will take out interest free finance for certain things (atm it is a new kitchen) but I will only do it once I have the money saved in my account to pay the full amount off if needed. Might seem counter intuitive but it allows me to use that money in either investments or high yield savings accounts and just siphon off the amount needed to pay the credit off each month. It is more complex but not risky.

I completely agree as well that his way is easy for the average Joe. He has managed it excellently to build a business on an easy to understand concept.

and just to be totally clear I have no issue at all with anyone following the DR plan. I think anything that gets people taking control of their finances, paying down debt and planning for their futures is a good thing - I just wish he taught people a bit more of the nuances of finance but I doubt that would have gotten him to where he is today. It is more the cult like worship that is bestowed upon him and the blind belief that everything he says is gospel that frustrates me about him as he really plays into that role I think.
If you can handle doing it that way that's fine. I think if you want to understand the nuances of finance it's important to listen to different people, because as a brand I agree that he wouldn't have had as much success. I'm not sure if I'd consider it cult-like, I just think many people are grateful/relieved (and are also religious) that they've found something that works for them and are over enthusiastic about it?
 
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I follow his financial advise that’s as far as it goes. Hogans affairs were allegedly some time ago, it’s as his divorce is getting nasty that’s he’s since been fired from DR. Any who makes me soo thankful I live in a country with tit hot employment laws. Firing a pregnant women doesn’t seem very Christian to me
 
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Just saw this thread linked in the How much money do you make thread, and thught this article well worth sharing. Has all the Hogan details etc:


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A very popular financial advice guy in Australia is the Barefoot Investor Scott Pape. I've read both Ramsey's Money Makeover and Pape's book, and thought the latter was better and more realistic. https://www.barefootinvestor.com/
(But I don't follow all of his advice!)
 
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