97% of Millionaires Use Credit Cards? (Is Dave Ramsey Wrong?)

97% of Millionaires Use Credit Cards? (Is Dave Ramsey Wrong?)

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[alanm]

Dave and the money guys have two different audiences. Dave is for the folks who are in debt up to their eyeballs and need a new outlook and way of life. Money guys are more for folks that mostly have their act together and need tweaks to their financial path. Neither are wrong.

[nerdobject]

Had I tried following Dave’s advice on home purchase I would have never been able to buy a home before prices skyrocketed. I bought the home at 200k and it’s now 450k.

[ThreePuttBogeys]

Dave gives a great foundation but I wish I had listened to you guys 10 years ago too. I passed up on buying a house through my 20's because Dave was preaching 20% down payments and now I'm 35 and just bought a house. I'm grateful but I missed out on a ton of equity in the mean time and in 10 years I've paid about $180k in RENT! Makes me want to throw up a little.

[Sonny]

I read, listen, and watch EVERYONE in Personal Finance and Investing field. Dave Ramsey, Robert Kiyosaki, Ramit Sethi, Suze Orman, David Bach, the late Jack Bogle, the FIRE community, and other YouTubers. I take tips from each of them and use them accordingly.

At various stages of my life, their advice has been useful. I have learned to be a student but NOT a follower of any one Financial Guru.

[jdthompson]

I guess I fit the mold - I have used credit cards extensively for 35 years BUT have never paid even 1 penny of interest to a credit card company…. Many thousands in free money they paid me to use the cards though and an 830 FICO score to boot.

[hellfire]

I like to think of credit cards like alcohol. There is nothing wrong with having an occasional drink from time to time, as long as you can do so responsibly. But for many of Dave's audience, they are straight up alcoholics. You can't give an alcoholic a drink and be surprised when they abuse it to the point of reckless drunkenness. They are better off going cold turkey.

[hotdog]

Dave got me out of debt, the Money Guy Show is making me wealthy. Great job guys. I will NEVER EVER be able to thank you guys enough for the content. Myself and the little woman invested 65% that number is correct 65% of our income this year.

[roburb]

Of course he's wrong. His statements are ambiguous and leave out the data that conflicts with his way if thinking.

[davidmilhouscarter]

5:42 I have a 30 year mortgage. It will be paid off in 15 years or less. I started 2022 owing $263, 002.55 and as December 08, 2022, I owe $245, 940.39. I write my progress on my bedroom mirror. I see it every day, and it keeps me motivated.

[bulldogfightingforfreedom]

David is right about one thing tho, when you are broke, don’t use credit card.

[UKRenna]

Credit cards are bad news for undisciplined people. I simply use mine for day to day expenses, and pay it off. Here in the UK, if a fraudster gets hold of your debit card and spends your money, it can take a long time to get your money back. If your credit card is used in the same way, the bank is the victim. Just don’t hold a balance unless a 0% deal.

[DaveM-FFB]

You guys are offering some solid, and reasonable personal financial advice.

[jamesflick]

Dave had to change the House down payment philosophy. It become impossible to put that much down and keep under 25% with the rise in house prices.

[nicholasmartinez]

97 percent of millionaires use credit cards. The other 3 percent of millionaires followed the Ramsey plan

[NaNa-ltpo]

My relative had a beater of a car, and then had an at-fault accident because he ran the tires over the mileage to save money..
think before you buy a hooptie!

[DK-etlm]

If you use CC wisely the lender pays you not vice versa . My housing maintenance costs are significantly reduced by CC rewards today. Early years I paid 0% on balances and would take advantage of zero balance transfer fees. Ramsey is talking to undisciplined folks. He‘s wrong on debt leverage for the savy saver.

[joelcorley]

I don't like a lot of what Dave says - mainly because of the details. But I'm with him on the 20% down payment for a house. I bought my first real home with an FHA loan and only 3% down back in the '80s. But I'd never do that again because the risk of getting upside down on the mortgage is much too high.

[JUNKJACKZACK]

I am using most of Daves philosophy except credit cards. The cashback if done right is so significant for a family of four. I can already hear Dave saying "If $30 a month changes your life you are broke!" Its not that $30 changes my life its that that cashback can purchase alot more groceries, fill my sedan full of gas, pay the water bill, etc.

[drewc]

Dave is fine I guess, but George is so self righteous about it. Neither of them would criticize people for buying private label or clipping coupons to save money, but taking advantage of cash back on (responsible) CC purchases is verboten...give me a break

[cwfrjof]

I completely agree. I use credit cards, reap its benefits, never paid a cent on interest, accumulated millions of points.