frayne
Thinks s/he gets paid by the post
I agree with 95% of what DR preaches, the exception being is his position on preferring managed mutual funds as opposed to index funds.
Funds that he runs / profits from?
Would love to hear more about how his pyramid works.
I agree with 95% of what DR preaches, the exception being is his position on preferring managed mutual funds as opposed to index funds.
You are not aware of the ELP scam? ELPs pay Dave and Dave in turn strongly recommends that his listeners buy front loaded mutual funds from ELPs.
You are not aware of the ELP scam? ELPs pay Dave and Dave in turn strongly recommends that his listeners buy front loaded mutual funds from ELPs.
That's not a pyramid, just the usual kickback deal.
You are not aware of the ELP scam? ELPs pay Dave and Dave in turn strongly recommends that his listeners buy front loaded mutual funds from ELPs.
Maybe it wouldn't bother me so much, and I could just write it off as "a guy's gotta make a buck", but when people treat him like some kind of Saint/Guru, and when DR uses all these religious references, it just bugs me. I stop giving the benefit of the doubt at a point. Fool me once...
-ERD50
You understand what a pyramid scheme is?
Strongly recommends? how awful!
He also has ELP's for term life insurance. I have used them. They are the same as select quote, etc. how terribly awful of Dave R!
From the little amount of time I listened to Dave Ramsey I found his target audience to be people who have little understanding of finances and who get themselves into credit card debt by living above their means, and then look to him for advice on how to get out of the mess they got themselves in.
This forum is focused on early retirement, which generally happens by not doing the above. Most of the members on this forum got here by being responsible with their finances, and so they find Dave’s advice silly and nonsensical, similar to the random stuff that Suze Orman says.
If you have specific questions about your own finances you would be better off posting an introduction and then asking any questions you may have.
For fun, Google images of DR's home.Rancher has to fleece the flock to get paid. Preacher passes the collection plate. Go big, national scale!
I'm in the "he does more good than harm" camp.
The ELP program is a form of paid advertising for the ELP. Just like an ad in the paper. The consumer still needs to vet the provider. I see this as any other ad or referral. A friend from the neighborhood recommends a realtor. Do you interview or just sign on blindly? Same thing with ELPs...
And, it's all at no cost. The radio show and podcasts are free. Books are available at libraries all over the country.
I'm a fan, if not a current follower of DR. I agree with many that say his advice has an audience. The fact he's a Christian, and weaves many evangelical principles (salvation, tithing, church) into his message probably causes some to dismiss him out of hand.
Is his debt/CC advice extreme? Yes, but most that turn to him are already in extreme situations. He treats debt & CC's like AA deals treats alcohol; if you already have a problem with it, no amount is going to be good for you!
When it comes to budgeting, most of us don't need his simplistic advice. But then again, Olympic athletes (us) don't need Weight Watchers or follow their diets; we're in great shape compared to the majority around us! LOL
When it comes to investing, I'd put him in the same category as Edward Jones. My brother uses them, and loves his advisor. I'd never consider them (for the many reasons discussed here); there are better ways if you're willing to do the research. But my brother isn't willing, and likes having his hand held and told everything is under control! His progress may be slower than mine, but it will still better than doing nothing.
It's like General Patton said, "A good plan, violently executed now, is better than a perfect plan executed next week!"
For fun, Google images of DR's home.