I thought you were ryan reynold

Except if you TRUMP

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First 📌?

It's almost impossible to get term insurance over the age of 65, so if you plan to use life insurance as your main inheritance (especially estate tax planning) then it can be worth paying more when you're young and healthy to not be left without options.

That is not how term Policy’s work. They don’t build any value it’s just a life insurance policy that if you die within the listed period. the bank pays your family a set amount unless you are murdered or kill yourself. If you don’t die within the listed period then you are literally throwing money away

We really built a system where owning is worth more than working. That's the dumbest thing ever. Let's all build wealth, so we can stop working. Because I'm sure we all want to live in a society that nobody works to maintain.

This was a fantastic episode

So many folks think they can write off everything come tax time. This is true... until you get audited. The IRS isn't dumb and will clock all these little "tricks" you see online.

Very informative, well done video all around 📈

Great advice. The Dave Ramsey model is not a one-fits-all model. With investing - time is your biggest friend. Get started early. Yes - you must be super careful about your debt - what debt you have and how much of it.

Finance my ass

Keep up the good work. I am based in the UK so some of the topics are not directly applicable but the sentiment behind them is transferable.

That's a dude

I recommend removing your end from the shorts. If people don't watch the last second, you lose a huge percentage of views. You also usually lose people on watching on loop.😊

I am pretty sure Dave has not said credit score does not matter. He certainly understands how and why it impacts most financial situations. What he has said, and he is absolutely correct, is it is a false indicator of doing well financially, and in order to have a high credit score, and we as consumers are trained that high / more is better no matter the topic, one has to borrow and repay over and over, which creates more risk and less peace. He gave a great example years ago, which is still a good example though some places are finally changing how they do business, which is why I downgraded it from great to good. Daves net worth is in the $750 million neighborhood. He has a zero credit score because he has not borrowed money in 35 years or so. He can write a check (that is how old this is) and buy an entire apartment complex without a second thought, yet because he has a zero credit score he cannot rent an apartment in that same complex. That is indeed a very stupid system

I feel like people use Dave Ramsey to boost their own subscribers.

It’s really not a bad idea to stay out of debt.

dave is wrong....and then says cheaper loans multiple times. silly

Dave is an idiot. He has no accountability; he is an entertainer, not a fiduciary. He spouted off a few months ago that an 8% withdrawal rate is reasonable. However as someone who always claims the moral High Ground he had an obligation to tell people that if they're going to follow what he said that day, they need to be expecting to fail around 45% of the time on a typical 30-year retirement based on historical evidence. But Dave isn’t a fiduciary, he’s an entertainer, so what the hey. I know you can say well history is no no indication of the future; but it's all we've got and to ignore it is as stupid as people who ignore National History or political history. (Not to mention Dave cites the market history regularly) So, he could have put it another way and said "if you took this advice over the previous 68 completed 30-year rolling time horizons, YOU WOULD HAVE FAILED 45% OF THE TIME." That's objective, that's factual, and most importantly, that's critical for moral High Ground Dave to have done. In statistics a p-value 95% confidence interval is somewhat standard. For medical studies often 99% confidence interval is warranted. NEVER is a p-value 55% confidence interval tolerated...except when "shoot-from-the-hip" ENTERTAINER Dave Ramsey decides it meets his purpose. If Ramsey stuck to his high moral principles, he'd fire himself, but those high morals are only in play when it serves his agenda. He was so outraged that George Kamel put out that 3% withdrawal rate "trash"…but but he's still on the show. Why? Does Dave agree with propagating trash? If anything, Kamel is reasonable and Ramsey's assertion is "trash." At a minimum, he could own what he did and address it...but not Dave, it would bruise his fragile ego. According to Ramsey, he's made many dumb mistakes; however, the last one he made was in the 1980s. So, let's say Billy Bob listens into good old Dave’s show and Billy Bob he knows a little but not much, so he goes to the expert Dave Ramsey. Billy Bob retires January of 2000. He follows Dave Ramsey's advice that he heard because of the guy talks to millions of people he must know. Billy Bob has a million dollar portfolio so he takes out 80,000 in that first year and then adjust for inflation every year beyond that. Billy Bob goes broke in the year 2009 - now Billy Bob is sleeping on a park bench. But let's just entertain some more Dave Ramsey wisdom where he says if you're smart like me, you'll get 12% on your Investments not 10 like the market. Okay so we'll take the same scenario and we'll pretend that Billy Bob is as smart as Dave Ramsey (and the only person in the world smarter than both of them is Warren Buffett) so we're going to bump him up 2% every year over what the market returned. Dave said you can get 12 so if you bump up every year by 2% you're as good as Dave Ramsey. Well it's 2010 instead of 2009 that Billy Bob is broke. You think Billy Bob's going to praise Dave Ramsey now that he only has to sleep on the park bench for 19 years instead of 20. Now, I'm not saying everything that Ramsey says is incorrect. A lot of his advice is reasonable...and it better be pretty good if you're talking to millions of people. However, when he screws up he screws up big time. He always claims the moral high ground; as such he had the obligation to let his millions of people know that in that case, in a typical retirement of 30 years, your ass will end up broke nearly half of the time, and in some cases within a decade. If you really believe he had no duty to say something to that effect, you need to stop worshiping at the alter of Ramsey.

Is this 1% above and beyond a 3-6 month emergency fund?

A) You can get an apartment without a credit score or co-signer. That’s a fact. B) If you pay off your debt you can invest MORE. And get MORE money later. If you pause investing it motivates getting out of debt. C) I get 12% or more with my mutual funds. D) Depending on your nest egg size you can definitely take out 8%. E) You are taking a majority of his points out of his context. Out of context it is crazy advice. Inside the whole picture it’s the best advice.

Great video! Lot of good insights from a sharp guy. Thanks TK and AllStreet!

You lost the plot in less than 30 seconds. Ramsey doesn’t say credit score doesn’t matter, he says if you don’t use debt then a credit score is irrelevant. There’s a difference

Dave has addresses all these issues, you're not saying anything i haven't heard already.

Blud's beefing with a senior citizen 💀

Thomas is a fantastic advisor and anyone commenting about age/experience is completely illogical. All his advice is sound and well thought out. That’s all that matters

Great post Thomas! It’s funny how much Dave loves mutual funds, I don’t know if he even understands the differences and similarities between them and etfs

(1) If you've been around long enough to have a good credit score, you should have enough saved up to buy a car for cash and then you'll pay 0% in interest. (2) The same applies to getting an apartment: just live with your parents until you naturally get a good credit score by simply paying off your daily purchases within 30 days. (3) A 401(k) _match_ is not what Dave is talking about. A match is _free money._ Dave is talking about ordinary investments, as in putting your money into stocks, bonds, etc... Yes of course if you're getting free money from your employer then you should generally maximize investment. (4) If you have a car loan that magically has a below market interest rate that's lower than what you can get from a safe investment, then chances are you were overcharged for the car to begin with. I've seen 0% interest rates on cars and even had someone brag to me about them. It was a luxury model costing many times what this guy should have spent on his commuter.

It is good to hear someone saying basically what I've been thinking. Dave does a good job of teaching basic budgeting and the concept of living debt free--things I learned from my grandparents. He sort of teaches the difference between a need and a want, which is the other part of living frugally. I'm glad you figured out where he gets his 12% figure. I've invested for 20+ years with an excellent advisor and have consistently demonstrated growth right at 8% yearly average NET OF FEES. Sure, I've seen years of 20+% gains, and some bad years. I figured Dave had to not be talking Net of fees, and mutual funds can have lots of layers of hidden fees! He has many good points, particularly in the early stages where people who never learned to live within their means are getting started, but he't not an expert in retirement or investing. He's also been very good at turning what started out as basically a church related service to people who needed it into a multi million dollar enterprise that will be able to support his family for generations. His videos have become a consistent advertisement for the books and services offered by his group while keeping the "good guy helping church people" image.

Dave Ramsey's advice is designed for the lowest common denominator at the behavioral level. If you don't have bad financial behavior issues, following Dave's advice to the letter will be sub-optimal, but Dave's simple plan was easier to create and is easier to follow. BTW, another thing that Dave gets "wrong" is debt snowball instead of avalanche, and of course, he advocates snowball for behavioral reasons.

While I appreciate your effort, I think it's better to learn from someone with a TON of experience like Dave. Is his advice for everyone? No. But I already own several properties and have zero debt because I started listening to him years ago. Everyone reading this, go with what's proven over what some random guy has to say. Note: I'm an entrepreneur myself and I really appreciate hard work of others, but something as sensible as finances, it's better to just go with what works.

Dave Ramsey wouldn’t be getting a car loan at all. Pay Cash or don’t buy it all os the Ramsey Motto

I think the idea of not taking on debt such as for rental properties or business loan is because it's risky. What happens when you can't rent out the house? What happens when you don't sell enough product to pay back your business loan? Now your in deep poop and your stressed and you'll have to take on more jobs just to work your way out of debt and put food on the table.

I *feel* (don't have data to prove it) that Dave Ramsey's "specific audience" is roughly 90-95% of the U.S. Population. High-debt, low-income, and bad spending habits is virtually everybody. Like others in the comments, I agree that your math and logic checks out. But how many people follow good advice? For example, consider suggesting to someone they exercise 60min seven days a week and eat a low-carb, sub-1000cal/day diet. Great advice, right? However, very few people actually do it. Dave knows that a vast (and i mean VAST) majority of Americans, at least when it comes to personal finance, are lazy, slovenly, forgetful, and procrastinators. This is considered HEAVILY when he gives financial advice. I feel his critics don't understand that. Consider Dave's advice on credit cards, which many people attack him for. "You'll rack-up a ton of miles while paying zero interest if you pay off your credit card every month!" True! However, again, Americans are lazy, slovenly, forgetful, and procrastinators. Suggesting somebody pay off their credit card every month? Sounds like a great plan but, maybe 5% of the U.S. population will actually stick to that plan. Hence, why Dave's advice is to avoid credit cards altogether.

The problem i have with Dave is 1. Please keep religion out of it I'm not looking for religious videos or advice in any way. 2. He makes people who are in a rough spot sound like they are morons if they spend a single dollar on anything enjoyable until they are out of debt. This is not feasible for most people. Just like being on a 1500 calorie diet and going to the gym 7 days a week isn't feasible for people trying to lose weight. Sure both ways are technically the fastest way to fix the issue. But humans are.... human. When your trying to be extreme at anything you're more likely to rebound than trying to improve moderately. If you haven't spent a single dollar on anything fun in a year you'll get burned out. Now you just chopped off $5k in credit card debt and because your burned out you do something stupid like drop a new TV ir something on your credit card.

Credit score also is used in the car insrance market. I got a big savings when my agent saw i had a 815 credit score.

Smooth man, great channel. I agree, but this is a different mentality and market than Daves average client. Keep up the great content, were in this together!

People need to understand the "terrible" mortgage rates are actually NORMAL. We are hovering around historically normal rates. People were spoiled by the historically low rates, but those rates were low not normal. I'm not old enough to remember but ask anyone who is about rates in the 70-80s lol THOSE are high rates.

If only your future self could hear what your saying now and kick your ass for believing it.

His argument is that you shouldn’t be financing the car at all, so your argument that you’ll get a better interest rate on your car loan is a moot point.

Well, I subscribed to this young man's channel! While I'm a Gen Jones (later Boomer), I appreciate learning things from young people and listening to their perspective. Always keep an open mind is my moto. Good luck with your channel, Mr Kopelman.

Your points are in a very similar direction to Ramsey and I think you're using his popularity to gain access to views, mine included. Your logic is solid and you're clearly smart and I'd be happy to have you as an advisor. That said there is a psychology to attacking debt that is undergirding Dave's point of view. He's seen how the culture leans so he's more of a counter balance to a debt loving society. Your math and logic reasons but Dave attacks the direction of the human heart as much as he does the financial element. There is a seen and unseen part of financial planning and I think a closer look at people's intuitive longings would make you close the gap between your points of view. Good video Thomas

The whole point about holding off on the investments until the debt is paid is that you can put more towards the payoff of the debt. Even if you attack the 8% debt like you suggested it might be a difference of 200 to 600.00 depending on how much you would have otherwise invested every month that goes now going towards the debt Regarding the 12% received on mutual funds it's very simple to see this results. You can simply look at the history of a fund over the last 30 years of average at 12 to 15% return

Hey you should debate Dave. I’d love to hear him respond to your criticisms.

1st

Yeah I am going to take advice from a kid with 400 followers over a guy who has actually lived a life longer than 20 years. My piece of advice for you and your generation: Experience matters. Learn.

Correct.

SPOT ON! 👊

Dave Ramsey has made millions off the back of churches with his “Financial Peace University” false teaching. He hasn’t a clue as to the difference between Firstfruits and tithes but “pastors” don’t care as long as they’re getting a tithe (10%) from their “pew people.”