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  1. #1
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    Dave Ramsey Really Making Millionaires

    I have been listening to Dave Ramsey on YouTube, what do you guys think about his financial strategies on becoming a millionaire? Is he legit?
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    He's legit and his financial strategies work. You won't be driving a lambo with it but even if you only earn about 50K per year for your entire life you can still end up being a millionaire several times over.


    Dave's financial plan is probably the most sure way to become wealthy. Its relatively low risk. But also low reward. And takes a long time.
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    No, you should stop listening to him and start listening to YouTubers who stand next to Lamborghinis in their videos and talk about "weird tricks" to get you rich.
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    Dave ramsay is out of touch and for the older generation. Graham Stephen mogs him in every single way.



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    test the limits RobParks2M's Avatar
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    I only listen to library in the garage next to the lambo guy
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    Big Ten Champs Orlando1234977's Avatar
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    Progression Visel's Avatar
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    His ideas are legit and simple. Ultimately the main thing he teaches is "if you can't afford it don't buy it, especially to avoid going to a lender (except mortgages)". Other than that he has calculative ways of forming whether or not something is too expensive for you, based on your annual income.

    It's a good philosophy, but it's not always the nerdy "optimal" way of doing things. IE he is 100% against credit cards, advises "plastic surgery" to all callers, but the truth of the matter is if you never pay a dime in interest because you're responsible with paying it off, and you disallow having a credit card to encourage your spending habits, then all you're doing is getting free money back by using it.

    By and large if you do what he teaches (intentional with money, budget, work more hours with a side gig, tackle debt asap, get emergency funds, invest), you'll find yourself out of debt and improving your net worth in a faster trajectory than what the norm is these days. If you were to pretty much do what he teaches as early as your 20s, even with some modifications, you'll probably wind up ready to retire in your 30's / 40's.
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    Originally Posted by Gringo12 View Post
    Dave ramsay is out of touch and for the older generation. Graham Stephen mogs him in every single way.



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    Dave's strategies still work. I like Graham Stephen but his deal is REI. If you don't know what your doing and/or aren't all in you can lose a lot of money in real estate. REI is Dave's main stick as well, he just doesn't push people get into that market. Dave's whole deal is living debt free, saving and investing your income.




    I follow Graham and Meet Kevin though. Personally I think real estate is the way to go if you have the knowledge and resources.




    Originally Posted by Orlando1234977 View Post
    I like Grant but he's a salesmen. And his target audience is entrepreneurs. Not personal finance like Dave. Meet Kevin did some research and kind of exposed Grant as being a hypocrite on some things.


    - He made his money in sales and by flipping single family homes in Cali. Not in investing in multi family properties like he claims. He likes to claim he lost money in a single family property so switched to multi family properties. But that's so people invest in his multi family properties.

    - Primary income is from being a salesman not REI. He's constantly selling stuff to people. Online courses. Conventions/conferences. Etc. Takes a percentage from his investors, etc.

    - Heavily involved in Scientology. Which is likely where he got a lot of his support/financial backing.



    TBH when I found out he was a Scientologist I became kind of skeptical. Its just a shady cult/organization.
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    Originally Posted by guest89 View Post
    Dave's strategies still work. I like Graham Stephen but his deal is REI. If you don't know what your doing and/or aren't all in you can lose a lot of money in real estate. REI is Dave's main stick as well, he just doesn't push people get into that market. Dave's whole deal is living debt free, saving and investing your income.




    I follow Graham and Meet Kevin though. Personally I think real estate is the way to go if you have the knowledge and resources.





    I like Grant but he's a salesmen. And his target audience is entrepreneurs. Not personal finance like Dave. Meet Kevin did some research and kind of exposed Grant as being a hypocrite on some things.


    - He made his money in sales and by flipping single family homes in Cali. Not in investing in multi family properties like he claims. He likes to claim he lost money in a single family property so switched to multi family properties. But that's so people invest in his multi family properties.

    - Primary income is from being a salesman not REI. He's constantly selling stuff to people. Online courses. Conventions/conferences. Etc. Takes a percentage from his investors, etc.

    - Heavily involved in Scientology. Which is likely where he got a lot of his support/financial backing.



    TBH when I found out he was a Scientologist I became kind of skeptical. Its just a shady cult/organization.
    Not sure what you mean with, "but he's a salesman". Sales is interchangeable with revenue, even in accounting, and revenue is the key line on a statement. The rest could be accurate, as I don't follow him much. But learning how to sell is pivotal.
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    Originally Posted by Orlando1234977 View Post
    But learning how to sell is pivotal.
    not with Ramsey’s methodology
    And, many people can’t sell and don’t want to sell
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    Originally Posted by Gringo12 View Post
    Dave ramsay is out of touch and for the older generation. Graham Stephen mogs him in every single way.



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    They are both talking about frugality and not spending money to gain happiness and feel accomplished.
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    Gram and Dave have very similar investment tactics (index funds, cash flow real estate etc), Gram however uses more leverage and even then he's pretty safe with it (30 year fix, property manager in place, cashflow positive properties).

    Dave is exceptional at getting people out of hell and putting them on a very reliable path to wealth and this skill shouldn't be discounted. He has been there, boots on the ground helping people turn their lives around for decades.

    Gram has been around for 5 minutes, has a sample size of 1 as his clients and is doing a really damn good job of point hacking, tax advantages for leases, budgeting to the nth degree and being extremely frugal. Well done to the guy, killing it, love his channel but he's never been a widowed single mother with young kids after the husband was killed in a car accident and she's left with credit card debt, medical debt, mortgage etc and she needs a way out of dodge - I would be calling Uncle Dave for advice, not Gram.
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    Registered User Gringo12's Avatar
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    Originally Posted by Backcontrol View Post
    Gram and Dave have very similar investment tactics (index funds, cash flow real estate etc), Gram however uses more leverage and even then he's pretty safe with it (30 year fix, property manager in place, cashflow positive properties).

    Dave is exceptional at getting people out of hell and putting them on a very reliable path to wealth and this skill shouldn't be discounted. He has been there, boots on the ground helping people turn their lives around for decades.

    Gram has been around for 5 minutes, has a sample size of 1 as his clients and is doing a really damn good job of point hacking, tax advantages for leases, budgeting to the nth degree and being extremely frugal. Well done to the guy, killing it, love his channel but he's never been a widowed single mother with young kids after the husband was killed in a car accident and she's left with credit card debt, medical debt, mortgage etc and she needs a way out of dodge - I would be calling Uncle Dave for advice, not Gram.
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    Ramsey is for basic bitches who are in credit card debt. If you knew what you were doing you would have already done all these "steps" and not have debt outside of a mortgage in the first place.

    I got all my initial "advice" on finance from library books when I got my very first job. It mirrors all the common sense chit Ramsey says. When I talk to dumb people who waste their money they seem to think money just falls from the sky for me or that I was just born smart and knowing everything, the problem with all these people is that they put no effort in to learn anything. You should have been teaching yourself this all along.

    So I guess that Ramsey is good for people with short attention spans and better than nothing, I mean he isnt selling snake oil, hes telling the truth. If they follow it then they will be in a better place.
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    His advice is no different than a personal trainer telling a fatty that if you work out more and eat less, you'll get in better shape. It's common sense but most people have no will power to do it themselves so they need someone holding their hand the whole way.
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    Originally Posted by Gringo12 View Post
    Gram




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    COPE

    You live in Perth, the land of falling property prices, falling rent returns and horrific employment levels since the mining downturn. Not only that but Australia has absolutely no benefit for credit card churning since the APRA/ASIC changes came into effect and the devaluing of points began, no cash back on purchases and good luck booking ahead 8 months in advance for the Perth to Singapore one way bonus point spend.

    Perth doesn't even have an AMEX lounge to get a benefit from.

    Graham (Gram) has a lot of fantastic advice, particularly on budgeting and being frugal but try to form your own opinion on how it applies to your situation (geographically).

    Real Estate is a highly leveraged asset, the opportunity cost of the deposit, stamp duty, maintenance, rates, insurance, interest and falling property prices city wide as well as the falling rent returns (if you are leasing the property) makes it incredibly risky if it's not long term tenanted and cash flow positive. Worst of all is that its not a liquid market, not like BTC, equities, HISA's.

    PPOR as a gauge of wealth is also hard, until you sell the only value it has is the opportunity cost of not renting - this is something that a lot of people fail to grasp, you can have a $20m home and be broke because of the lack of cashflow, real estate isn't about the nominal value, it's cashflow - that's where Gram has it sorted, even his own home is 1 of 4 rental units that the cashflow from the other 3 covers the outgoings and he lives for free.
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    He's better than this guy
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    Originally Posted by Visel View Post

    It's a good philosophy, but it's not always the nerdy "optimal" way of doing things. IE he is 100% against credit cards, advises "plastic surgery" to all callers, but the truth of the matter is if you never pay a dime in interest because you're responsible with paying it off, and you disallow having a credit card to encourage your spending habits, then all you're doing is getting free money back by using it.
    I don't agree with his blanket statements about credit cards either, but if you're coming to him looking for help then you probably already have a problem with them. He also goes on to say that psychologically you're more likely to spend more on a card even if you pay it in full every month.
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    Originally Posted by 0p3rator View Post
    I don't agree with his blanket statements about credit cards either, but if you're coming to him looking for help then you probably already have a problem with them. He also goes on to say that psychologically you're more likely to spend more on a card even if you pay it in full every month.
    In order to rationalize against the odd person who calls with this argument, he points to average statistics that he's identified where something like 95% or whatever people who use credit cards end up paying at least one occurrence of interest in a year. So because 95% of the population fails, you're likely to fail to. And it's that kind of thinking that pushes his philosophies of "how do you fix stupid? You can't, instead you do the one and only thing that can be done to completely eliminate the problem for 100% of people, remove their access to credit, even if it means taking away 1% cash back, 5% cash back quarter specials, free airline miles and deals, etc."
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    Been listening to and working Dave’s plan for over 10 years.

    Not a millionaire but might as well be compared to debt I was in before I started.

    It works.

    Want to start investing in something beside mutual funds, crypto, collectibles/art/etc. Thought about real estate but TX taxes are just too high.
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    At work or commuting I listen to a lot of Dave Ramsey, graham Stephen, and a few others. All very helpful in their own way. I will say I utilize Ramsey the most with attempting to finish paying off my debt and build a solid foundation
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    Originally Posted by MousePad View Post
    At work or commuting I listen to a lot of Dave Ramsey, graham Stephen, and a few others. All very helpful in their own way. I will say I utilize Ramsey the most with attempting to finish paying off my debt and build a solid foundation
    This. You'll be reminded of the mindset, the "why", and stay pumped about the topic of controlling your spending and clearing out the debt. Sometimes you'll learn something new in the realm of real estate, taxes, investing, etc. Sometimes the stories that come about make you feel like you're in a not-so-bad spot compared to a lot of the callers.

    But on the other hand, a lot of times the callers are already on board with his philosophies and just like to flex their accomplishments, happens more often than you'd think... one lady called with the problem: "I just paid off all my debts and am debt free for the first time, and now I'm nervous." LOL just someone that wants some positive attention and praise for paying their debts.
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    Dave Ramsey for personal finance
    Gordan Ramsey for cooking
    Jack Bogle for investing


    Dave gives great personal finance advice but his show is often times sponsored by the high cost mutual funds he promotes. Go with a simple 3 fund portfolio for your investments. Other than that Dave's great...
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    Dave Ramsey saved my ass when I was young and dumb.

    Then I got a degree in Finance... Learned how businesses use debt and realized what he is.

    He is the Alcoholics Anonymous of Finance. If you have no discipline and are a financial fuk up following his plan will get you where you need to be.

    His advice isn't horrible and if you follow it a middle class family might crack a million by the end of it. However, his advice leaves A LOT on the table. If you have discipline there are better choices.


    That being said I HATE his retirement planning and if you think you are going to have what he is saying I have some bad news...


    Also that Credit Card Spending more stat is misleading... USING A CARD (INCLUDING DEBT) will cause you to spend more USING CASH reduces spending. However, you lose access to online shopping and consumer protection.

    I also hate his credit score advice. This world works on credit scores and refusing to play costs A LOT of money.

    The last thing is the car advice. Buying a beater cost me more to drive than financing a lightly used 10k car. It also drove like chit, looked like chit, and breaking down at random times wasn't fun.
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    Majority of Americans are just straight up PISS POOR with money.

    make $30k ? Burn through most of it with silly purchases

    Make $150 k? Burn through most of it with even sillier purchases and sillier cars

    It's partially the education system, partially media/ keeping up with jones. But mostly terrible parents
    Just trying hard to not be a fat sack-o-chit
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    defintiely legit - i think he has some really good advice.
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    its not difficult to become a millionaire

    work the same job for 40 years, invest and live frugally

    the fact that people are in debt up to 500k is wild
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    its ironic that the schooling system doesn't teach kids the most important thing in life

    financial literacy

    society wants people to get into debt and have to work until they die, time to get woke g's
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    It's good to listen to him and learn, but keep in mind there are other people who have other strategies for a strong financial stance. Ramsey is more about being financially stable, not so much about getting rich. He's on that pay only with cash, live like a peasant, invest everything you can into IRA's time. Safe strategy. Yeah, you'll be a millionaire, but an old millionaire and whoever inherits your hard work will have it good. Still though, being financially independent and not having to worry about money, regardless of income, is a wonderful feeling.
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    Originally Posted by Baylorballs View Post
    Majority of Americans are just straight up PISS POOR with money.

    make $30k ? Burn through most of it with silly purchases

    Make $150 k? Burn through most of it with even sillier purchases and sillier cars

    It's partially the education system, partially media/ keeping up with jones. But mostly terrible parents
    This + all these "finance gurus" are preaching the most basic chit ever. How someone can get millions of views (and make millions) preaching financial genius strategies such as "pay off your debt" and "don't overspend" is ridiculous. This chit SHOULD be common sense....
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