Why I Don't Follow Dave Ramsey Anymore

Resources mentioned: 👇

Videos mentioned: 👇

Why I Don't Follow Dave Ramsey Anymore
Today I'm sharing why I don't follow Dave Ramsey anymore....
I learned about Dave Ramsey about 5 years ago, it was actually an old mentor of mine that introduced me to him, she was moving and gave me her workbook and DVD series from YEARS prior.
At this time I was living paycheck to paycheck, most months I was in the red but I didn’t know how in the red I was because I wasn’t tracking my spending. My student loans were in default and I was just a mess financially. Most of my friends were doing really fun things, going out to eat a lot, camping, and Disney trips. I was embarrassed and tried to live that same lifestyle.
When I found Dave Ramsey, I went HARD. 100% all-in. He is the one that taught me how to budget, how to pay off debt and get right with my money.
Now that I am debt free I’ve learned how to manage our money and I’ve also learned other forms of budgeting and ways to build wealth.
Am I at the point of saying Cancel Dave Ramsey? We shall find out!
I followed Dave Ramsey for several years, I’ve been to his studio, I’ve met him twice but today we are talking about why I don’t follow Dave Ramsey anymore!

-----------------
-----------------
DISCLOSURE: Some of the links on this page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe.
I am not a financial advisor. The ideas presented in this video are personal opinions and for entertainment purposes only.

[garvey]

The 1000 dollar emergency fund isn't all that he says to have it's just an early step. He says to have 3-6 months of an emergency fund.

[jordanstokes]

I think everything you said makes sense practically and makes sense mathematically. The issue is human nature. What I love about Dave Ramsey is he prioritizes behavior, not the numbers. Cause at the end of the day, it does not matter how much sense a plan makes if it doesn't get the fire burning in people's hearts.

[eugeniekerstin]

Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.

[stevenstanley]

I got a home mortgage without a credit score! I actually got it through church hill mortgage! You can get a mortgage that is fully underwritten with manual underwriting!

[Joshualibbyy]

I had 10k in credit card debt and because of dave he has motivated me to pay them off dave has changed my life

[FriskyDingo]

Dave caters to those who are bad with money. They have to be very strict, or they will get in trouble again. I think once you are disciplined in your spending and savings habit you no longer need Dave

[kevinthompson]

I followed Dave's advice and got debt-free in 2011 and have remained that way ever since. I'm not a loyal sycophant 100%, but my behaviors are what got me there. Behavior is most of the battle.

[jaytrosvig]

I continued to invest during the Pandemic and paying off my old credit card debt, I got a 50% return on my investment over a year and I just became debt free last week. 🙂

[mehdinikui]

We are really getting dumb. To be successful, you simply need to spend significantly below your means while you significantly and aggressively increase your income, invest the leftover and you will be financially independent before the age of 40 if you start very early.

[jaydonfox]

Dave doesn't believe in having a credit score of 0 he believes in having a credit score that is undeterminable meaning that you haven't had credit in the last 2 years which you can then get manual underwriting and you can still get a decent interest rate. The only problem some people encounter with this method is they have to be a little more selective with which banks they get loans from because not all banks will do the manual underwriting.

[jeffkoch]

I completely agree with everything you said. I followed his guidelines at arms length. I used the debt snowball, and it really helped me focus on paying off debt. I did not cut up my credit cards after. I have 3 air conditioners on my house that are 16 years old. $1K isn't going to do a thing if one goes out. I still went out to eat, and I took one vacation while paying off debt. I still contributed 10% to my employer matched 401K. It took me 23 months to clear my debt, and I'm satisfied with my focused approach. Your alcohol analogy is spot on, and I think that is really who he is preaching too.

[mariahbaby]

If I have something collections but it's been 7 years does it make sense to pay it off now or leave it?

[steve]

Dave got me on the right track, but I did tweak it a lil

[Hiya]

Dave Ramsey has said in the past stoping your 401k depends on how long it will take to pay off debt. After 5 years he starts to get nervous. The idea is that stopping contributions to the 401k is suppose to make you uncomfortable and encourage you to pay off your debt faster. Same with the 1, 000 emergency fund it’s suppose to make you nervous. Dave Ramsey’s third babystep after paying off debt is to save 3-6 months of expenses.

[aaronsandell]

1. $1000 emergency fund is a starting point. You're going to need to add to that. He actually teaches 3-6 months of household expenses.
2. If you're in debt really bad, you're too broke to invest.
3. He teaches that you do steps 3-7 simultaneously.
4. I suggest investing in gold and real estate. Most 401ks are in mutual funds.

[paulharvey]

Hi Kelly Anne, I clicked on the Bloom 401k link you provided and attempted to sign up with them but they wanted me to enter my email and provide my email password, which of course I didn't do. OR they wanted me to sign up through some sort of social media platform. I didnt dom this either because I don't want them Cyber Stalking me. Any get around ideas to sign up... I'd like to evalute some 401k's and their fees and such...?

[rileygreen]

Been following Dave Ramsey for over 2 years. I don’t regret one thing he’s told me to do.

[Retrured]

I think it's easy to forget that coming from a place of financial illiteracy, $1000 is an attainable goal that can provide a life-changing confidence boost. I could not cash flow an emergency that was less than a $1000 before I started my financial journey. Saving up a month's expenses right off the bat would have been an overwhelming goal at my income. Saving that first $1000 then tackling my debt is what gave me the momentum to start the real emergency fund.

[angelagrant]

Having three months reserve fund, what's keeping you from spending it on fun items??

[nicolathonathan]

Dave’s advice is gold to people with no self control. For average Joe, do it your way.