Originally Posted by Bir48die
Could not open the article but there are things I like and don't like about his advice. I gave both my boys his book because for young people the baby steps are good advice. Paying off debt, emergency funds, saving for retirement and college education all makes sense. He has a formula that is set. For the most part once you get on track people can just modify. He's worth millions now but as he'll tell you he lost it all leveraging real estate early.
I liken it to a lot of things where people have some major event, figure out how to overcome and them want to tell everyone how to do it. A zillion books on those events
FTR I don't agree w/much of what Ramsey says. The first few "steps" are just common sense.
This writer is just nutso on leverage (imho). Remember flippers in '08? No doc loans? Leveraged Buy outs in the 80's? Too much debt and the ability to service it will take you out quick, fast & in a hurry.
This guy better hope that the economy doesn't even slow a little bit. A 7% unemployment rate where households are consolidating will doom him to BK. Because it doesn't sound as if he has cash to carry his loans for long.
Everything old is new again...aaahhh to be 30 again