He lives near me in the greater Nashville area. Give me the good and bad opinions you have about his financial talk show.
2007-09-21 08:47:39 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Well I can tell some of the people who answered haven't listened a lot or don't really know the program. As for the stopping retirement to pay off debt - he looks at it this way (correctly I believe) - would you take out a loan to fund retirement? Most likely the answer is no - that is essentially what you are doing if you keep paying into retirement with debt (beyond a 1st mortgage). Generally speaking, people who carry revolving debt are not faithful contributors to retirement. The supposed loss in compounded interest is, in reality, not there. Without the debt payment you can really charge up the retirement contribution and you will MORE than make up for it.
As for responsible use of credit cards, the question is, why do you need them at all? If you budget wisely, you don't need a float for 30 days (which is the result of "responsible use"). My wife and I are also proof of his research - when you use Credit Cards vs. cash you will spend 12-18% more money. We are 100% cash basis now and I believe we spend less (and want for nothing).
As for the Christian comments - he uses them but he is hardly overtly religious in in teachings. He uses Bible quotes occasionally in his books and on his shows. I'm not a particularly religious person. I basically see him as a financial counselor who happens to be Christian. No biggie there at all - if you really think it is overt - you probably haven't listened to him very much.
As you can tell, I regularly listen to him and I've read two of his books (Total Money Makeover and Financial Peace). My wife and I have completed the plan and are in teh best financial position of our lives.
2007-09-21 10:28:17 · answer #1 · answered by Bill S 3 · 2⤊ 0⤋
Hybrid approach here... I've got a debit card I use for nearly everything. However, I more often use the credit card for online purchases and for any kind of long-term things (like my failed Sunrocket VoIP service !!) I'll also use it for business travel since I expense back my items. That being said, it stays in my wallet when I'm out and around town 95% of the time. It's easy to spend with a credit card and how many people are having problems with credit card debt, interest rates out of control, ridiculous marketing, changing of terms only by the credit card company, etc. Remember, Ramsey also suggests that people get emergency fund money up front to avoid having to put yourself in a debt risk situation for emergencies. Also for big ticket items, Ramsey is going to suggest saving the money, and then buying. Receiving interest on funds before spending is cheaper than paying it in form of a loan. Many people can't manage well with credit cards. Dave Ramsey's plan is rather "pure" and simple, but the nice thing is, it's pretty simple to follow or keep up with.
2016-05-20 03:11:40 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I am a big fan! All his tips are great. The only exception is that I believe credit cards can be used wisely. He doesn't believe in using them at all. If you are financially responsible enough, I don't think there's a problem as long as you use wisdom and caution. I personally don't have any because I know I'm not responsible enough yet. Also, tithing, setting a budget, and sticking with it is the best thing I've ever done for my finances. After sticking with it for a year and a half, I saved enough to take my family to Disney World next month. I would also recommend that you read "Rich Dad, Poor Dad" by Robert Kiyosaki.
2007-09-21 09:00:58 · answer #3 · answered by Popcorn 2 · 1⤊ 0⤋
I listen to Dave as often as I can. My husband and I have read The Total Money Makeover and having been following his baby steps since January.
I enjoy listening to his show because it helps keep us motivated. Hearing how people are winning with money and becoming debt free makes me realize that we can do it too! He also helps folks who need it, and shows compassion for them.
I wouldn't call him "overtly" Christian, etc. He is a Christian and doesn't try to hide it, but he's also not ramming it down anyone's throat.
2007-09-21 10:56:47 · answer #4 · answered by Jen G 5 · 2⤊ 0⤋
Dave Ramsey Rocks.....
I truly support the positive things above that have been said about him.
He will turn your financial life around.
I (love) Dave Ramsey!!!!
2007-09-23 13:42:37 · answer #5 · answered by net810 3 · 2⤊ 0⤋
He is great! I listen to him every time I can. We have been using his principles for almost 2 years and it is working great. We have stopped our retirement and we are focused on getting out of debt. As soon as we are debt free we will sock a ton of money in to the retirement and be fine at retirement. If you listen regularly you will hear him say that if you are "gazelle intense" about getting out of debt stop your retirement and focus hard on getting out of debt but if you are kind of sort of working on getting out of debt then don't stop the retirement because you aren't serious. Most people it will only take about 14-24 months to get out of debt- not a long time to stop the retirement. PLUS he tells you do not take the money out of your retirement to pay off the debt (unless facing foreclosure) so that money will continue to grow while you are doing your debt snowball.
Dr. Laura is overly religious. Dave earned a finance degree prior to becoming a Christian. Dave is a Christian that is also a successful financial counselor. He uses Christian principles "borrower is slave to the lender" to teach us. (Borrower is slave to the lender- isn't that true? Most people are working to pay the bank for their car, house or mastercard instead of working to save money for themselves...think how much money goes out of your budget each month in payments.)
I think every person should take FPU. In America- we wouldn't be in the finacial problems we currently are in if we all had more financial common sense.
2007-09-22 02:42:56 · answer #6 · answered by mldjay 5 · 3⤊ 0⤋
I listen to his show everyday
And he is coming to the new Fox Business Chanel Oct 15
2007-09-21 14:34:24 · answer #7 · answered by Anonymous · 2⤊ 0⤋
I agree with some of his advice.
But one major thing I disagree with him on is him telling people to stop contributing to their retirement to pay off small debts.
The amount of compounding interest lost is way more than the interest saved by stopping the retirement and paying off the debt.
Another thing I disagree with is he says he's a Christian, yet he is constantly telling people to get the credit card companies to settle for a portion of what is owed.
The Christian principal would be to pay back every penny you borrow, not to steal from the credit card company by not paying them what you agreed to pay.
2007-09-21 08:55:37 · answer #8 · answered by mister_galager 5 · 1⤊ 1⤋
I don't listen to his show. I have been to his website. Some of his ideas are very good -- like snowballing credit card debt. But some are not -- like the retirement.
I have real problems with the "Christian" stuff. I don't know why it's necessary to throw religion into it. My experience is that people who have to label their business "Christian" ain't really very Christian.
Basically, his advice is very good for people who have overwhelmed themselves in debt and have no financial management skills.
2007-09-21 09:09:00 · answer #9 · answered by bdancer222 7 · 1⤊ 3⤋