About 7 years ago Dave changed our lives, we were earning good money but each end of the month, we'd have to use the cc to get groceries....one day i just lost it and was tired of being broke, we were earning to much money to have to use a cc each end of month, took 3 years to pay off all our debt! now we have x2 paid for cars, an emergency fund, saving and investing, and most importantly no debt, i will forever be grateful for what Dave has done for my family, and how we are/have changed our family tree.....
I was forced to file bankruptcy back in 2005. Started listening to Ramsey's advice and, radically changed my life. Reduced my expenses and maxed out my 401k for a number of years. Today, I am sitting on $3.5+ million. I just turned 60 yoa last month and am still working at the same company for 23+ years. My advice is to hear, listen and learn. Hopefully monetary success for you as well.
We followed Dave’s plan starting in 2020 and this past august we paid off all our debt. So many people give us push back about his plan but it has helped us a lot.
You can’t argue with success. Say what one will about Dave Ramsey,his model has worked for countless people by guiding them out of the debt hopelessness they were in. 👍
I found Dave when he was on Fox News at night. Changed my way of thinking. When you don’t have debt you have MONEY! I paid off all debt and now own 6 rentals ALL paid off!! If I listened to everyone who said I should have left my low rate mortgage and put it in stocks I wouldn’t be where I am now. Dave rocks!!
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Rebecca Martin Watson is my professionaI, I found her on Bloomberg where she was featured, I looked up her name on the internet. FortunateIy I came across her and reached out to her, you can verify her yourself.
Dave will never know all the people who's lives his changed as most of us do not call into his Shows, do not do Financial Peace, etc., however he is a big part of my family's financial turn-around and "good fortune!". When we first started listening to Dave in late 2020 we had; maxed out CC, LOC and a honking huge car loan (over $600 monthly to be paid by Fall 2027)! Today we are debt free (still keep our CC), have an emergency fund and are loading up our tax sheltered accounts. Suddenly retirement seems attainable! Thanks Dave (and Tae)!!
We are 3 years into Dave Ramsey, well we have been far from perfect, we are going to be debt free in 8 months. In the past 3 years we paid cash for our wedding, a used holiday trailer & purchased a house (with a mortgage) life still happens. Ut Dave Ramsey’s principles remain true.
About 15 years ago my wife gave me the Total Money Makeover and asked me to read it. I did and it made sense. But alas I put it out of my mind and Sue wasn't going to do it alone. Then on March 15, 2018 we had the scare of our lives and that was the event that got us motivated. At first all we were concentrating on was our credit cards. Little by little as we snowballed our CC debt we started to think we could be totally debt free. 56 months after starting we paid it all off, $136,000.00 all paid off including our mortgage. Today we have 10 months emergency fund and are putting 50% of our income into savings and retirement. Hard to believe we are on Baby Step 7. Thank you Dave!
This is one of the channels that gave me the courage to start my RU-vid channel 8 months ago about self development. Now I have 896 subs and > 700 hours of watch time. I know it’s not comparable with others but I’m still proud I started because I’ve been learning so many lessons that I could haven’t learned without getting started in the 1st place.
I too found Dave when getting out of the military. Changed my life forever. I now have a high income thanks to the freedom of being debt free. We will be Millionaires around 40. Love Dave!
This was quite a big reveal! I found you on RU-vid about a week ago, you had a lot of good financial perspectives and was educated. It makes sense now!
Thank you Tae for this video, i have read the Total money make over and it has changed me and my wife life as well ! the only debt we have now is our house payment and we are track to pay that off in 2 or 3 years . keep making these videos you are helping people i think all over the world !!!! 👏👏💪💪
I'm a big fan of both the Dave Ramsey and the money guy show. While I am more an adherent of the money guy principles, a thing that I really like about the Ramsey plan is that it is very simple and very straightforward. When I listen to the Ramsey show, I play a little game with myself to guess how they are going to respond to the caller's questions.
Agree! That book also changed our life many years ago and is the reason we have a debt free retirement now. I have given that book as a wedding gift to many young couples...hope they read it. Thanks.
The benefit of debt is that it let's us have things NOW. When I was saving for a house, I was living above a gas station and living as frugally as possible, but things kept coming up that wiped out my savings over and over. Eventually I gave up and got a mortgage, bought a house and stopped throwing money away on rent.
The thing I don`t like about Dave is that he cannot make the difference between a Credit Card used as a source of credit and a Credit Card used as a source of PAYMENT! I am frugal and I have all the difficulties in the world to spend money. I don`t go out to restaurants or places. So for me it is not a problem. My Credit Card is always a source of Payment for groceries, gas, insurances...
We started the whole Dave Ramsey plan 23 yrs ago. We were debt free including the mortgage in about 10 yrs while making the median income. This didn’t last too long as our downtown condominium which was from the 1950’s switched from ancient water radiator heating and cooling to ptac heating and cooling units along with a major roof and elevator repair. This $14k bill took a few more yrs and then the city decided our building had to have a hotel style sprinkler system and a stand alone building generator which was another $8-10k bill. So our total debt free story took around 16 yrs. Now we have a fully funded emergency fund that can take the hit of a big unexpected expense. The true beauty of the experience was we learned to live on $1k a month so we could afford to put our kid thru the best private Catholic school($1300/mo average preK to HS)the whole time we aggressively paid off our $90k including mortgage total debt. Dave wouldn’t have kept the kid in private school but we were willing to live at poverty level to pull it off. Our kid got a full honors scholarship to University so we felt it was a good financial decision.
The debt snowball may only be good for consumer and cc debt, if that. For individual student loans, I'm so happy I tackled the high interest loans first. It was during the payment pause when they were 0%, so I don't have a lot of interest accumulating as I'm paying them off now, as they're earning interest again. Since student loan interest capitalizes at graduation and and when changing some payment plans, it's _really_ important to knock-out the higher-interest loans ASAP.
I enjoy your videos Tae and I am in congruence with you 100%. In addition to both of us following the teachings of Dave Ramsey, we have largely the same boring lifestyles. I was watching your “I am the Boringest Person” and I thought you were describing me! Keep up the 👍 work!
Great video. Many times I was about to buy a sailboat with a loan and I am so glad that I always put the breaks on it, because I thought about what Dave Ramsey would say about it.
5:42 To be fair, Dave Ramsey _misused_ CC when he was young, paying off one with the other. He doesn't connect those dots when he's criticizing rotational debt.
My biggest problem with Dave is more his entourage and his business for maintaining this whole apparel. He sells conference, courses and having some links to financial planners. That is where I don`t agree with what he does.
I renewed my mortgage in 2020 and chose a closed mortgage at 1.7%. I already paid some of my mortgage in advance leaving me with 100k$ in mortgage credit margin available. Since interest rate raised, I withdraw the whole 100k$ and put it into a GIC at >5.1% closed for 3 years, or just before the anniversary renewal of my mortgage in 2025. This is how you can leverage debt.
For car payments, I wish they had data on the percentage of net income a car payment represents. To someone making $40k post-tax, a $700/mo at payment is too high, but your someone making $100k post-tax, it may or may not be. A bare number doesn't really tell us much as a whole, even though it can be individually shocking to _some_ people. Some people who can afford it just don't spend a lot in other areas, but still save and invest. Or the payment is high because they have a 36 month loan term instead of 60. Obviously, most people would be reluctant to share at income percentage tho 😂
I’m debt free but am taking on an employer funded fixed 5 yr car loan at 5.99% with 20% down payment. To me this sensible as the car should last 10 years at least (just started driving last year) would you agree?
And I just saw Rami's video on Dave Ramsey. It was a bash video. I do like Dave and I like what he taught me. I'm doing it and I'm cool and still improving. I'm not in debt. I do cringe hearing his callers being 50k, 10000 or 15 k in debt though. I feel bad .
My biggest issue with Dave Ramsey is he doesnt realize the number 1 cause of bankruptcy is medical bills. Anyone who has ever had a child with a disability knows this. I find him completely out of touch with todays problems.
Hi Tae, Thank you for your channel 🎉. You have great advice and it’s sincerely delivered. I totally agree that wealth is accumulated over time. I also agree with most of what Mr Ramsey advocates. Probably were I would diverge is using debit to finance income generating assets. Depreciating assets, say cars and credit card debit, I avoid. Regarding credit cards, I agree, they are awful. Unfortunately when traveling internationally they are necessary when checking into hotels and renting cars - very often debit cards are not accepted. The good news is, particularly in the west, debit cards are becoming more accepted. Keep up the good work.
I’m so thankful I didn’t follow Dave’s plan for wealth building. Thanks to choosing a different path, I have more wealth and better financial prosperity thanks to buying quality real estate and keeping mortgages at less than 3% interest. Love Dave and his pursuit to get people out of bad debt and on a road to prosperity. But while his financial advice is sound in principle, it is far from optimal.
There certainly are principles that Dave (dogmatically) preaches that are worth heeding. I just can't stand how a 60-something yo man stoops to name-calling/disrespect whenever someone even slightly disagrees with his methods.
The Ramsey team also suggests to give 10% of your income away before anything else. He suggests not using credit cards ever. They push you into actively managed mutual funds and tell you to only invest 15% of your income while youre paying off your home. Sorry, some of that is just horrible advice.
I like some of Dave Ramsay's 'avoid debt' advice, and understand the people who have benefitted from it, however the last 5-10 years, he has been such a calcified prig, and his empire is just spinning its wheels, that I cannot take him seriously anymore. His advice beyond lowering debt (such as how to behave in a job) is generally awful.
Dave Ramsey is good when you're struggling. But he has very little advice for high income earners and high savers. And he can be downright pigheaded about any kind of financial risk in investing, even though he took on massive debt and risky real estate investments to get his first millions when he was young.
Dave has great information on certain things. With that, he is also outdated on a lot of other things. If you want to ordinary or a millionaire at 75, follow Dave and his team.
DR should no longer be celebrated. He's a guru now who gives actively harmful financial advice for anyone who's not buried in 50k consumer debt. He also has some very shady business dealings.
Budgeting, removing credit cards from your finances and investing isn't harmful. His techniques might not be mathematically perfect but they're definitely not harmful. If you actually follow his plan you will be a millionaire and have peace. Calling it harmful is a silly
@@SilverCpa It doesn`t mean that everything he says is the best solution for you, but it does work. The problem is more his entourage and his business for maintaining this whole apparel. He sells conference, courses and having some links to financial planners. That is where I don`t agree with what he does.
