How much Dave's folks pay him

mickeyd

mickeyd

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I always wondered how much Dave Ramsey charged to be in his loop. Here is a peek inside:
Ramsey Solutions, also known as Lampo Group and based in Franklin, Tennessee, doesn’t publicly reveal the size of the fees. Michael Nelan, the owner and founder of Nelan Financial & Insurance Services in Fair Oaks, California, says he pays $1,399 a month but that rates vary by geography, with advisors in nearby Stockton, California, paying $950. “It’s not cheap,” he says of the lead-prospecting service -, adding that the fee covers referrals to clients who visit Ramsey’s website, as well as “coaching.”
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https://www.financial-planning.com/...DPrAxTju5tOswVIGZn43dbCyQ&bt_ts=1618480343646
 
Interesting. Must be worth it, he sure had a lot of Endorsed Local Providers (all with the heart of a teacher, natch!)
 
I paid him probably $15 for Total Money Makeover in the early 2000s, which was a steal for how it motivated me to get out of debt and stay out. I don’t care for his radio show but many do, so more power to him if people get value that way.
 
we were well on our way to FI when i "discovered" Dave. i agree with most, not all, of his principles on building wealth and were actually following most of them. but i sometimes wonder how much larger our net worth would be or how much faster we would have been out of debt had we followed his baby steps. but we've had a great life so far..no major regrets. we do regret buying that '78 Cutlass however. :facepalm:
 
I thought you meant how much he was charging his parents to manage their money.
 
I discovered Dave late in my financial journey, so nothing he said was really news to me. But I do think his advice is 90% sound, and he does a lot of people a lot of good.

Very strong on budgeting, less so on retirement strategies.

He embodies that strange (to me) fusion of fervent Christianity and aggressive capitalism.
 
rk911 said:
.no major regrets. we do regret buying that '78 Cutlass however. :facepalm:
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I bought a 1988 Olds Cutlass brand new. It turned out to be the worst lemon of a car I ever owned. One day the driver side door handle broke off in my hand as I attempt to open the door. I had to enter via the passenger side door just to get in and climb over to driver's side. Repair of the lousy handle was $50 in early 1990's--pretty expensive at that time. I finally abandoned that car one day after work when I came out to go home and it would not start. This was shortly after spending several hundred dollars on repair of cranking system.

I called a "donate your car" charity and gave them the car and they sent tow truck to retrieve it. Boy was i glad to be rid of that lemon.
 
There are a few things going on in the Ramsey organization. An employee that was pregnant and unmarried is suing the company for wrongful termination. His big internet star, a black man, was terminated recently when he was caught cheating on his wife. Both are against Ramsey's "righteous living code". There have been seven other such firings over the last 5 years too.

Now Dave's leaning on his 30 year old daughter, Rachel Cruze, for her financial and life advice online, and she's quite a beautiful and sharp young lady. I wonder if she and her husband have paid off their $800K+ home in Franklin--following their no debt principals.

And Ole Dave's organization recently vacated their huge office complex a block from a very exclusive mall and moved south 5 miles into an incredible $52 million new facility. Did he paid cash for the construction of such an operation?

And Mr. Ramsey's home was recently listed for sale for $15.45 million--all 17,000 square feet of it. The home is nothing short of incredible.

His huge organization requires a huge income--especially if they're a no debt operation. Radio and internet financial shows, financial seminars at churches and endorsements must really be lucrative for Mr. Ramsey to live such a high lifestyle.
 
Onward said:
I discovered Dave late in my financial journey, so nothing he said was really news to me. But I do think his advice is 90% sound, and he does a lot of people a lot of good.
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I’m in a few DIY Facebook groups and noticed his name popping up when people ask about home equity loans or what should they should do with their Biden bucks. People chime in to say pay down the mortgage, no debt, Dave Ramsey, etc. I’m like interest rates are cheap and I rather have my money in the market. I guess if people can’t rely on saving their money away, paying down the mortgage is not a bad idea.
 
bbqcoder said:
I’m in a few DIY Facebook groups and noticed his name popping up when people ask about home equity loans or what should they should do with their Biden bucks. People chime in to say pay down the mortgage, no debt, Dave Ramsey, etc. I’m like interest rates are cheap and I rather have my money in the market. I guess if people can’t rely on saving their money away, paying down the mortgage is not a bad idea.
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I think he speaks to a lot of folks who don’t have the wherewithal to put money in the market. The simplest strategy for them is to live debt free.
 
His message appeals to and is most useful to a certain demographic. I took his course a few years ago with idea to use the tenets to help folks in debt. He is very strong on that. But I do think his message misses the power of using cheap debt to grow your nestegg. But he need not confuse his core audience by muddling his message on debt. Obviously the market of people in over their head in debt is far larger than the market of disciplined investors.

And after folks get out of debt and begin to accumulate, they can continue to learn and adjust their strategy.
 
Bamaman said:
His huge organization requires a huge income--especially if they're a no debt operation. Radio and internet financial shows, financial seminars at churches and endorsements must really be lucrative for Mr. Ramsey to live such a high lifestyle.
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Various sources indicate Ramsey has 14 million weekly listeners to his radio show. Behind Rush Limbaugh's show and Hannity, who each have about 15.5 million listeners weekly. Who knows how Limbaugh's show will survive without him....

Like him or not, he has a large audience and I would suppose a 3 hour show, with about 18 minutes of commercials per hour, can generate a great deal of revenue.

I like him and his message even though I don't agree with all his principles. For many people, his principles are exactly what they need to get their financial life in order. I do believe he has helped millions of people get a grip on their finances over the last 30 years.
 
Not signing up to read the article, but the little I could preview behind the sign up message looked a lot more interesting than the fees part.

But bottom line he's an entertainer above all else.
 
I'm always amazed at folks (particularly well off folks) gossiping about what others make. He is not doing anything illegal, created a business that employs people, has an audience that feel they get good results following his advice, so who cares? More power to him (and others who figure out how to earn lots of money legally).
 
I like Dave and I like what he teaches and preaches, I don't agree with him a 100% of the time but close enough. There are plenty of people out there that will tell you a better way to reach financial independence that have debt and very little net worth so we should take it with a grain a salt.



I like his on air personalities but sometimes I wonder if they know and believe what they are teaching.
 
It's funny how things pass one by.

Other than the few times Dave Ramsey is mentioned on this site, I know nothing about him or what he advocates. He is a complete zero to me.
 
Not a big fan of Mr. Ramsey for many reasons. I only wish Clark Howard had as big a following as Ramsey did.
 
RetireeRobert said:
I bought a 1988 Olds Cutlass brand new. It turned out to be the worst lemon of a car I ever owned. One day the driver side door handle broke off in my hand as I attempt to open the door. I had to enter via the passenger side door just to get in and climb over to driver's side. Repair of the lousy handle was $50 in early 1990's--pretty expensive at that time. I finally abandoned that car one day after work when I came out to go home and it would not start. This was shortly after spending several hundred dollars on repair of cranking system.

I called a "donate your car" charity and gave them the car and they sent tow truck to retrieve it. Boy was i glad to be rid of that lemon.
Click to expand...

i threw a rod at 1am coming home from work except i didn't know i threw a rod. i was just pulling away from a tollbooth when i heard and felt a "BANG!". understament of the year follows: i knew something bad had happened. but it was 1am and i was still 10-15 min from home. so i kept going. at stop lights and signs i would momentarily shift into neutral and rev the engine to keep it going before shifting back into gear. i'm surprised i did not wake the dead with the racket the engine was making. i don't know how i made it home but i did. and when i shut it off it would not turn over.

GM refused to help as the vehicle had slightly more than 12,000-miles on it. my neighbor was the auto shop instructor at a local high school and agreed to diagnose and make repairs as a class project for the cost of parts. the downside was it took all semester but the total out-of-pocket was, as i recall, less than $1000.

we traded it a year or so later. that was our first, last and only GM vehicle.
 
rk911 said:
i threw a rod at 1am coming home from work except i didn't know i threw a rod. i was just pulling away from a tollbooth when i heard and felt a "BANG!". understament of the year follows: i knew something bad had happened. but it was 1am and i was still 10-15 min from home. so i kept going. at stop lights and signs i would momentarily shift into neutral and rev the engine to keep it going before shifting back into gear. i'm surprised i did not wake the dead with the racket the engine was making. i don't know how i made it home but i did. and when i shut it off it would not turn over.

GM refused to help as the vehicle had slightly more than 12,000-miles on it. my neighbor was the auto shop instructor at a local high school and agreed to diagnose and make repairs as a class project for the cost of parts. the downside was it took all semester but the total out-of-pocket was, as i recall, less than $1000.

we traded it a year or so later. that was our first, last and only GM vehicle.
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I've had the same GM vehicle since 1984-It has been my first, last and only GM vehicle to date :D. And, just to make this Dave related, it was purchased used with $1200 cash. ;)
 
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