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Old 04-21-2025, 11:26 AM  
TLO TLO is offline
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Dave Ramsey
What do you think of him/his program?

I'm trying to take my finances more seriously, and want to start paying off debt and getting my financial house in order.

Let's hear your thoughts.
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Old 04-21-2025, 12:39 PM   #16
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Originally Posted by mr. tegu View Post
I’ve sheets understood him to be against debt but I assume that’s just common sense type debt right? Things like don’t go into debt for things like TVs, food, or luxuries? I’m assuming his program understands debt for your house, perhaps a car (though I could see him against that).
Car loans he's vehemently against. Advocates for buying used only, and that's where I think his advice is really just off and dated. The 5k used car he drones on about costs at least 10k more post COVID.
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Old 04-21-2025, 12:53 PM
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Old 04-21-2025, 12:55 PM   #17
TLO TLO is offline
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Originally Posted by Sassy Squatch View Post
Car loans he's vehemently against. Advocates for buying used only, and that's where I think his advice is really just off and dated. The 5k used car he drones on about costs at least 10k more post COVID.
I don't get or understand this either. You aren't buying a used car for anything under $10,000 and even then, you're probably buying something that has a lot of mileage.

I do understand the concept of not buying something you truly can't afford. But I have a car payment of around $300 a month and pay extra towards the principal each month as well. I should have my car paid off in about a year.
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Old 04-21-2025, 01:01 PM   #18
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Originally Posted by loochy View Post
Kinda basic, beginnnerish info. It's a place to start if you need to get things under control I guess
I'm not super wreckless with my money. I don't have any credit card debt. I have a reasonable car loan, a reasonable mortgage payment, and a loan for a medical procedure which was a debacle with insurance.

I don't really know that his plan is for me, or really tailored to my situation.

To me, I need to pay off the car, pay off the loan, then pay off the mortgage.
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Old 04-21-2025, 01:04 PM   #19
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Originally Posted by Sassy Squatch View Post
Car loans he's vehemently against. Advocates for buying used only, and that's where I think his advice is really just off and dated. The 5k used car he drones on about costs at least 10k more post COVID.
The glaring problem is used car prices are exactly what they should be given previous mileage, lesser/lack of warranties, risk of major issues, resale value, how long until you need another car, etc.... and the same for leasing new vehicles versus buying.

If there was some magical hack of the economy where it made 100% sense for everyone to purchase or lease one over the other, the economy would adjust to make other options more attractive.
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Old 04-21-2025, 01:04 PM   #20
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Originally Posted by TLO View Post
I'm not super wreckless with my money. I don't have any credit card debt. I have a reasonable car loan, a reasonable mortgage payment, and a loan for a medical procedure which was a debacle with insurance.

I don't really know that his plan is for me, or really tailored to my situation.

To me, I need to pay off the car, pay off the loan, then pay off the mortgage.
You don't really seem like a good fit for Ramsey's methods to me. If the main goal is figuring out a budget and sticking to it, I've heard good things about YNAB (though I haven't used it personally).
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Old 04-21-2025, 01:05 PM   #21
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He’s basically just giving common sense advice to desperate people. If you have a spending problem or dont know how manage your money (a lot of people) then he’s helpful. If you already know how to handle money and budget, then he’s not for you.
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Old 04-21-2025, 01:06 PM   #22
Sassy Squatch Sassy Squatch is online now
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Originally Posted by TLO View Post
I'm not super wreckless with my money. I don't have any credit card debt. I have a reasonable car loan, a reasonable mortgage payment, and a loan for a medical procedure which was a debacle with insurance.

I don't really know that his plan is for me, or really tailored to my situation.

To me, I need to pay off the car, pay off the loan, then pay off the mortgage.
You're already doing his plan then, provided you have at least some sort of emergency fund.
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Old 04-21-2025, 01:14 PM   #23
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Originally Posted by Sassy Squatch View Post
Car loans he's vehemently against. Advocates for buying used only, and that's where I think his advice is really just off and dated. The 5k used car he drones on about costs at least 10k more post COVID.
Yeah I remember him saying to a caller that only had like 5k for a used car to avoid the loan at all costs and just get one for 5k. A 5k used car today is a junker with around 300k or more miles on it.

So his idea of money advice is to get a broke down junker and instead of paying interest on a loan, you’re likely paying to have repairs on that old ass car just to keep it going for a few years?

Doesn’t make sense in this economy anymore
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Old 04-21-2025, 01:24 PM   #24
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Ramsey and his most dedicated followers are highly annoying ..used to have someone on my team who's conversation most always started with "well what Dave Ramsey says about that is"......was so happy when that person left the company.
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Old 04-21-2025, 01:24 PM   #25
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Originally Posted by Mosbonian View Post
Ramsey and his most dedicated followers are highly annoying ..used to have someone on my team who's conversation most always started with "well what Dave Ramsey says about that is"......was so happy when that person left the company.
Oh no. That is bad.
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Old 04-21-2025, 01:25 PM   #26
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Originally Posted by Sassy Squatch View Post
Car loans he's vehemently against. Advocates for buying used only, and that's where I think his advice is really just off and dated. The 5k used car he drones on about costs at least 10k more post COVID.
This is well stated.

There are a lot of good things in there for someone who has no financial literacy but there is a lot there that is out of date or detached from reality.
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Old 04-21-2025, 01:29 PM   #27
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I always found it funny that he charged people 100 bucks to tell them not to waste money on stupid things.
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Old 04-21-2025, 01:36 PM   #28
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I always found it funny that he charged people 100 bucks to tell them not to waste money on stupid things.
If it works then it was an investment in themselves. $100 to save thousands.

If you’re wanting to start getting better with your habits, Ramsay is the best. Then you built off that once you get rid of dumb debt and actually change your spending habits.

YNAB is far superior to EveryDollar in terms of a budgeting app though.
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Old 04-21-2025, 01:40 PM   #29
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I'm not super wreckless with my money. I don't have any credit card debt. I have a reasonable car loan, a reasonable mortgage payment, and a loan for a medical procedure which was a debacle with insurance.

I don't really know that his plan is for me, or really tailored to my situation.

To me, I need to pay off the car, pay off the loan, then pay off the mortgage.
So he is probaly telling you to make a budget. 1) have a emergency fund in place of a few $1,000.00 then 2) to attack the smallest loan between the car and medical procedure. then the other. (He doess not advocate going for highest interest) 3) build a 6 month emrgency fund, 4) pay off the house while still maxing out retirment. 5) then throw everything on your retirment account.
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Old 04-21-2025, 01:46 PM   #30
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My impression is that Ramsey's advice can help you dig your way out of a financial mess but cannot help you build an empire.
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