I’ve listened to Dave Ramsey for a decade and I’ve always taken his methods and made them work for my situation. I have broken his rules time and time again: I have a fixed rate 30 year mortgage, I continued to invest in my retirement while I was paying off debt in my 20’s, and I didn’t cut up my credit cards. I do like his philosophy and I do take into account risk in everything I do because of listening to him. I like to listen to many points of view and decide what works for me and my family.
Same. People get weird about these finance “influencers” and strategies. Like, chill out, take what you want and toss out the rest. Just like most other things in life.
What I love about Dave’s advice is that it is so stringent, if most people implement just 50% of it they will see a massive difference in their spending and be propelled toward getting out of debt. You don’t have to follow everything to the letter, but if you do some of it, it truly motivates you in the right direction and I think that’s the ultimate goal for most people.
It's stringent because the primary audience Dave is talking to is people who have a history of poor management of debt and spending. You can't let those people pick and choose what they follow because they'll start sliding back into old habits.
Maybe we should stop listening to the guy that pumped up FTX, bragged about buying a bank named Yotta, and made collabs with Kevin Davd and Daniel Lok.
Actually, diversification is one of the worst things that you can do. If you want to be very safe and work your entire life, not really retire early and just be one of the Joneses with no outliers sure have it. Diversify. But if you actually want to get ahead And make Financial moves that will put your family in a place of generational wealth with low anxiety, diversification kills that. Go look what Warren Buffett has to say about diversification. you are far better off doing a ton of research to to find a handful of investments, and to go all in. Then you are to fully diversify and guarantee yourself altering returns.
Exactly. Robert Kiyosaki taught me about assets vs liabilities, but I’m not about to start a rental business. Dave Ramsey taught me to hate debt, but I don’t follow his investing strategy. You have to think for yourself a bit.
@@brett4932 People lionize Warren Buffet too much without factoring that insider information is probably the reason he seems to be right most of the time. Plus connections are needed to be on top of things. Bill Gates is another lionized billionaire but he was not really the inventor of Microsoft and he also comes from a wealthy background and well-connected. Plus, a lot of "successful" entrepreneurs have government funding if one researches the history of their companies (e.g. DARPA funding).
Imagine using Dave Ramsey’s bankruptcy as a reason not to listen to his financial advice. His bankruptcy was the catalyst for him changing his philosophy on money, and is why his advice is what it is. He wasn’t following his current advice when he went bankrupt.
This is something that is inherently wrong with some ways of thinking. Someone will look at others and only see something bad they did without taking into account of who they are today. They completely discount their ability to learn and grow as people and better themselves. It's an example of the composition fallacy. At one time they said/did something bad so therefore everything they say/do is bad.
Just remember he got rich selling books and courses to churches, not eating rice and beans which is why he says tithe when you’re in debt. It helps line HIS pockets. That advice and not getting a 401k match is terrible advice to ANYONE.
@@bryan_witha_whyyI’m not sure how me paying tithe to my local church has anything to do with making Ramsey rich. It’s not free to attend his courses; the church may invest some money in preparing for it (training facilitators, for example), but the people who come have to pay a fee, and that pays for the course that Dave sold. So it’s not tithe. His program is based on the Bible, so it makes sense he wpuld get churches to promote it.
Dave's 8-12% withdrawal advice was not tailored to that call. He has doubled down and given this advice to numerous callers, regardless of their circumstances.
@@NeoSoulCrewthank you for commenting this. I almost spent time watching the video thinking it would accurately reflect the thumbnail but I learned overtime to be very weary of graham’s word because I view him more as an entertainer then advisor
One of the worst qualities I see in people is when they bring up a mistake that the other person acknowledges as a mistake forever and a day ago. People do that crap all the time. Like they raise their pedestal by tearing others down.
Ramit taking a poke at Dave over the bankruptcy is a total cheap shot. Dave is completely transparent about going broke in his 20s as a real estate speculator and uses it at least once a week as a cautionary tale...his behavior then has nothing to do with his advice today. There's plenty to poke on Dave about, but that isn't it.
Going BK isnt the issue. The issue is him telling others NOT to do it even when it would be the quicker way out of trouble. He didnt take the long road to get out of debt but wants others to. That is called being a hypocrite. Also, it is poor financial advice. No one cares about his faith. He needs to take faith out of his financial advice.
Ramsey is a harsh and domineering figure, treating both his daughter and employees with disdain if they dare to disagree. He frequently belittles those who don't align with his views, dismissing them as "just dumb and stupid." This creates an environment of fear and subservience.
My financial literacy journey started with “Rich Dad, Poor Dad”, which then led me to start searching for personal finance content. I stumbled across The Ramsey show and got hooked. Dave gives a lot of good advice, but I don’t particularly agree with everything, so that made me research other credible voices in this topic and now most of my advice comes from a variety of people such as Graham, The Money Guy people, Caleb Hammer and Dave as well. I take all their information and analyze it and then use it to formulate my hypothesis of what the best solution will be given my situation. Everyone should use their own judgement and research different people to see what they agree with the most! It’s much better than to not have any financial literacy or to blindly follow any one person’s advice.
Very well stated! Gather different viewpoints and advice from knowledgeable sources and then form the best game plan for " your financial situation" and move forward. Adjust the plan as necessary and continue to grow your own financial literacy as you go along through life. One single person doesn't have all the answers or knowledge on everything. Peace !
I just got married in December and we spent $2,500 on our wedding. We only invited our direct families. 18 people. It was perfect. First marriage for both of us.
Worst financial decision you'll ever make if you're a man with decent income. The marriage, not the wedding. If you have no money, like a pastor or something crazy like that, you'll be fine.
@@prun8893 I don’t know you. I’ll probably never meet you. But I’m praying for you that God puts married couples in your path who open your eyes to what a marriage grounded in Christ looks like that changes your opinion. There are plenty of examples of bad marriages but there are even more of good marriages. God bless you bro.
You know what, Dave saved my financial butt in the past. Taught me how to practically rid myself of the crippling debt I was in and got me to get savings behind me that enabled me to breathe again. Growing up in an environment that only knew poverty, I'm so grateful to have access to these incredible financial teachers.
@@matthewphillips5483 You'd be surprised how many families are financially illiterate. Look at the credit card debt? That's why people do need someone who should teach them what to do when their parent/s don't have any idea how to budget, save, invest. I thank God that my mother is so frugal and both of my parents told us never to get into debt as much as possible. We were told to live beneath, not just within, our means.
In the end, we all have to use our own critical thinking and find out what advice is applicable to us and what advice is not. If you're in the habit of following any advice blindly, you're going to end up doing bad even if you're listening to the best people and the best advice out there. Even geniuses make mistakes. For all the successes Warren Buffet had, he also made his fair share of mistakes. That is the exact reason why you always have to use your own critical thinking, conduct your own due diligence.
I had not heard of Ramit until this video. I found it amusing that he got defensive, when he said people say he got rich by selling a book, but most of what I can find about him online, says that he got rich by telling people how to get rich. 😅
The formula is simple. When experts are bearish, I am bullish. When the experts are bullish, I am bearish. Does it make sense? No. Has it worked for me? Yes I'm curious about strategies to make gains in 2024 , i've 350k reserve .
It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. Patience and a long-term perspective are key. You should consider a market expert to guide you.
Had a good run during my first year in the fin-market, I assumed I had a hang on it. However, things changed during the pandemic, and I needed to diversify into safe assets, so I approached a coach who devised a structure that matched my annual goal of 45%
@@roberttaylor662 Who is the coach that advises you? I'm in urgent need of one; my stock portfolio is still in the red, even though there was an early boost this year.
Monica Amanda McClure is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Where did you purchase a home for 168k? Is this in a depressed area of Detroit or in Pittsburgh? Where I live, you can barely purchase a mobile home in a park for that.
@@matthewphillips5483 you can find a million homes for that price and cheaper throughout the Appalachian mountains. That's where I am, getting my start. I plan on moving to a big city once I can afford to.
I find it very interesting that the retire early videos have lower retention rates. Those were the type of videos that had the most impact for me and allowed me to realize i have control over my fiances
Interesting...I constantly go back and forth on that one. It does seem like those earliest videos had the biggest impact but also the smallest reach..I think there's gotta be a balance somewhere between them. There's also the issue that, once the basics are down, it's really hard to keep re-making the same videos.
Hey Graham@@TheGrahamStephanShow, long time viewer here. I have been following the FIRE movement since I discovered Mr Moneymustache in 2017. The fundamentals (savings rate, consistency, ETFs and not inflating lifestyle) are the very essence of someone leading a normal (read: non-ridiculous income) life. But if you are in the FIRE community for years, this gets repetitive and is a reason for me with limited time due to work and family to just skip over this content. That does not mean it is bad or irrelevant, but just repetitive to those with some experience. I do like to get the view on what's going on in the markets from experienced RU-vidrs as I can't keep up with everything going on myself. Maybe it makes sense to differentiate your content by flagging it between fundamentals/essentials (which basically never gets old but is important) and current events. Keep up the good work. Cheers from Germany
Dave has a pretty solid score card over the years of people he has helped. Also generally calls out how messed up the system is to trap people. Ramit not knowing about ramsey bankruptcy somewhat discredits him tbh.
Renting is still way more expensive than buying a house. Rent in my area starts at $2200 a month for a small two bedroom apartment or duplex. You can buy a house for $1600-$1800 a month.
I think you should check out some of Ramit's videos. Most of his videos tend to be pretty grifty for his own way of looking at money, but if you're willing to go through some of his podcast episodes, he has a lot of really interesting people on and he's very detailed and respectful in his financial evaluations. I think you'd like them!
I agree I think he gives great advice and I love how he talks about how you were raised to think about money effects how you spend now and everyone’s story is different.
That’s a good idea. I think Ramit likes the idea of budgeting but not the term because it sometimes can be seen as something negative for someone who has never really budgeted before
@@melvinbarnes6652 lol....sounds like our PC culture wherein we can't say blind anymore and should say visually impaired (although that is too generic since there are too many kinds of visual impairment) or plus size, underprivileged/marginalized, mentally challenged and a whole lot more.
I love Ramit, his approach works really well with my life and I find his podcast incredibly engaging. All this to say it would be awesome if you had him on the Iced Coffee podcast
Dave and his wirhdrawal rate was one of those moments i just shook my head. Because he wasnt being clear about talking to the caller but generally. He actually threw the whole profession of CFAs under the bus.
So I think Dave Ramsey has great advice for getting out of dept. Outside of that I am not sure being in the military a lot of his rules would be difficult to follow.
Thank you for this video, Graham. Ramit's advice is generally sound (IMHO) but him suggesting we should not listen to Ramsey because he went bankrupt in his 20's is an intellectually lazy take.
Dave gets you out of trouble and Robert pulls you away from thinking small. What got you out of debt won't make you wealthy, I mean seriously wealthy. O'Leary seems to always make bad calls these days.
My wife and I did the Dave Ramsey debt snowball exactly as its laid out. It works very well and you get results immediately, with that being said you will get burnt out while paying debt off and we're glad we did it. It gave us a great starting point and the only thing i dont agree with is his take on cars if you throw a large amount down and have a small vehicle payment I dont think its a big deal. We dont have a car payments but if we have a 300$ a month car note for 2-3 years it wont hurt us.
I'm 34 myself and with around 231k in my 401k. With that trajectory, I think I might be able to follow Dave Ramsey's advice when I retire in 30sh years.
I’ve been on a “financial literacy” journey over the past couple months and I’ve learned a lot. My favorite debate has been about leveraging debt. But what I’ve found most illuminating is that no matter who you follow and what their stance is on “debt”, whether it’s you, Robert Kiyosaki, Dave Ramsey, Ramit Sethi, and Caleb Hammer, you all agree that the most important step toward financial freedom is completely getting rid of and staying out of CONSUMER DEBT. I think what matters most during this journey is not only learning about the differing beliefs, but also discovering beliefs each “financial guru” has in common with each other.
Hey Graham, the caller to Dave Ramsey's show was late 20s, early 30s, and a rabid Dave Ramsey fan. The Power of Zero YT channel had an interview with him. So... not dying anytime soon. Also, Robert Kiyosaki filed for bankruptcy in 2012 in a dispute over royalties. Also also, Katie has her own Wednesday blog, "Money With Katie", which I quite enjoy.
I certainly don't believe or follow all of Dave Ramseys advice but what i honestly believe in purchasing used cars, investing 12% of income, not having a credit card, and purchasing a home using manual underwriting (which i did).
I don't care what anyone says. Renting is throwing money away no matter what. You can always recoup at least some of your money back when you're buying
Sorry if you look at the clip he was talking in general not for that one situation. He has said that for awhile now. Dave is for people who need to get out of debt and same some money, but once you have money you really need to not listen to him on investing.
It is so funny to me that financial gurus are self labeled and proclaimed and people buy into it. I am a financial guru and here is my advice, do your research, make a decision, and live with that decision without blaming others.
My husband and I spent like 700 dollars on our wedding... 500 of that were my dress. My mom insisted on a actually wedding, so I basically just showed up. The church was already decorated for Christmas, and it was free to use. My mom and a few of her friends made food for the reception and did a little decorating. We were young and not rich, to say the least. We have been married for 14 years and are still so happy and in love. ❤
The one thing I've come to learn is that virtually no one will become rich working for someone else. If you truly want to flourish financially you have to take the initiative and invest yourself. It'll start slowly, and you'll make a couple mistakes along the way, but if you get to retirement age and you're broke...you'll have no one to blame but yourself. Invest early, often and let compounding, and the hard work of others (dividend paying companies) give you the life you always hoped for.
The problem with Dave's advice is that without a credit card I can't pay for parking at the hospital here in Canada, nor can I get most hotels. I have tried offering them cash and they insist on a credit card for damage deposit. No., visa debit does not work either. It is not the same in Canada.
I don't like David Ramsey, but for someone outside the us where credit score isn't a thing I don't even have a credit card. Mortage is to be paid off as soon as humanly possible
I believe everyone needs to learn accounting, sales, and marketing. I know it's not financial advice, but accounting can teach you how to read statements to find good investing deals. You can also apply it in your personal life and run it like a business. That's where sales and marketing come in for extra income opportunities
I think the main issue with financial advice influencers is that they give general advice. Of course Dave Ramsey can say save every penny, do this, do that. but everyone is different. A personal trainer may tell a client they can have a burger once a week, if it means they'll be able to follow the diet the rest of the week. As a young man who would like to think of himself as an academic, I take advice from anyone with credibility, cross-reference and apply what works best for my situation. Of course I'll take some bad advice here and there a trip a little, but that's where we grow. That being said, O'Leary is an ass.
What's funnier is Graham Stephan is in the same boat as all these others like Dave Ramsey. He's just making this video to get off the hit list he's finding himself on with other RU-vidrs. I've seen at least three other videos calling Graham out.
I find that Ramit Sehti advice is actually the best because he does give that personalized approach. He calls it designing your own reach life that is unique yours and you dint have to justify why you choose to spend you money one way or another while building wealth. And I highly recommend his couples series, they are the best tailored money advice/counselling sessions online
Dave Ramsey has more than 600 million plus net worth while the rest of critics don't have that much combined. Dave Ramsey is the safest proven bet! Rest of you good debt Gurus are going to have your debt philosophies crumble in the next great depression coming.
When it comes to mortgages, I would suggest getting a 30 year mortgage and working on paying it off in 15 or 20. That way if something happens and you can’t make that extra payment it’s not required and you can start doing the minimum amount.
I'm not the smartest financial guy, but wouldn't it be better to build up dividend stocks and use those funds for retirement versus pulling out 4-8% of portfolio?
I'll never listen to Dave. He's too rigid and he thinks I can't possibly use cash back for good. It pays for my Christmas shopping and I've never paid a penny in interest.
I love Ramit! I agree, there’s something interesting about watching Caleb Hammer. I’ve been watching his videos since he had less than 50k subscribers. But I never learned as much as I have while watching Ramits content. You get a much better understanding of people’s psychology with money and the ways relationships impact people’s decision making. Super insightful content.
Funny how the Dave haters will complain that he gives too general advice and everyone’s situation is different, but then complain when he gives specific advice to an individual and say it wont work across the board 😂
But the context cited here is mistaken. I am 30. I wasn't looking for a variable income in retirement - I largely favor the constant dollar method. Regardless, I was looking at easing up on BS4 to increase effort on BS6 if I could consider myself at coasting-FI. The SWR facet of the question was part of how I establish what I will need in to retire to back engineer to coasting-FI.
For me, what really turned me off from Dave is when he raked George over the coals live on air over a misunderstanding of what he said in one of his videos. George wasn’t even there to defend himself, and Dave still hasn’t apologized to date.
It’s funny how you mention that people tune out when you mention “retirement” or other fine tuned topics. That is what tunes me in. The drama of ups and downs videos I just tune out lol
My issue is Dave Ramsey is that his advice never changes even with changes to tax law, the economy etc. He also like to tell people to turn in their cars but doesn’t mention they will still have to pay the difference between the loan and what the company got at auction. I have owned the type of junkers he wants you to buy and they break down constantly and good luck getting them fixed or to work.
@PAIDFOR50 No sane human being would trade in a perfectly good new economy car with a decent payment for a junker. Dave Ramsay's advice is outdated. Also his debt snowball advice is bad. You should go after the credit cards with the higher interest rate first because you save more money in the long run.
You need to pick and choose who you listen to based on what they are experts in. For example I would never take share trading or crypto advice from a person who made all of their money via real estate.
Exactly. Like that Meet Kevin guy. He built his wealth through real estate, and now he is giving out bad stock trading advice and got caught promoting crypto scams.
