Dave Ramsey Debunks Some Debt Myths

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Dave Ramsey Debunks Some Debt Myths

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Best selling author and radio talk show host Dave Ramsey tackles the debt myths.

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That's not true at ... ( 8 months ago by dclewis)

That's not true at all. Dave says that because Dave thinks leveraging is dumb. Dave chronically ignores the FACT of reality that intelligent, savvy business people do it all the time and come out far ahead of the perceived "slow and steady" approach. Dave insists that leveraging is "dumb" or "doesn't work" despite the fact that it has REPEATEDLY been done successfully. He doesn't discriminate between "common man" and "savvy, intelligent man", he makes a blanket statement.

dclewis, Dave ... ( 8 months ago by frogpelt)

dclewis, Dave Ramsey deals with behavior not math. Dave Ramsey is attacking the behavior of 95% of Americans who live consistently on more money than they make. If you are smart and disciplined enough "leverage debt" and make money, more power to you. BUT IT WILL NOT WORK FOR 95% OF NORMAL PEOPLE. That's why Dave Ramsey teaches debt-free living.

One can not ... ( 8 months ago by orbit9090)

One can not simultaneously increase their net worth ('make money') while increasing ('leveraging') their debt. It's simple math. First get out of debt, and then leverage your INCOME.

Intelligent, saavy ... ( 7 months ago by f252863)

Intelligent, saavy business people? These the same people in Bear Sterns, Countrywide, the U.S. government and the like? Leveraging debt means driving up prices which translates into a balloon economy. The balloon just popped and tens of millions of these savvy intelligent people were so leveraged that they are bankrupt. Yeah, smart. The real issue is greed and the need to prove your worth through material acquisitions.

If u dont have ... ( 7 months ago by gaae2000)

If u dont have assets and lots of credit cards...GO FOR IT!!! and try how Corporations behave with zero risk. U can always do a "fresh restart". Old crooks like Dave who protect Corporations and advices to work hard to pay ur debt should be....(no words).

Those ... ( 7 months ago by truthforamerica)

Those eeevvviiiillllll corporations. It amazes me that people who hate big business so much would never work for a poor person. Bad job security there.....

I will be watching ... ( 7 months ago by truthforamerica)

I will be watching for dclewis' "brilliant" advice to also become successful through books and a radio show. Oh wait, he is in his debt while some of us love not being enslaved by it. What's in my wallet? Cash!

"He is an idiot" ... ( 7 months ago by jimmyfor89)

"He is an idiot" how wonderful..lol..Go David!! lol..your doing great!

That's too general ... ( 7 months ago by Ba101)

That's too general a statement. Its too manipulative.
So the choice is the frying pan or the fire.
Its still bad.
It's not one way or the other. Lets solve th real problem.
Its not a party problem. Not one view or theother. The better way is not to take sides but to tackle the problem as it really is.

I have learned a ... ( 7 months ago by Ba101)

I have learned a lot from this man's website.
Thanks for posting this

Leverage magnifies ... ( 6 months ago by srwm4)

Leverage magnifies both the good and the bad. Dave is just trying to explain that some degree of risk aversion is appropriate when considering things like a primary residence. While you may use leverage to take a stake in a company that doubles in a year, that is a bit less likely than losing big time, and getting kicked out of your house and onto the street. Leverage can be useful, but leveraging something that you can't afford to lose is dumb.

The #1 stealer of ... ( 4 months ago by vsop333)

The #1 stealer of wealth in America is car payments. The top 10 Billionaires don't drive new cars. Why? Their DNA won't allow them to take a guaranteed loss. Age 25 to 65 is your car payment lifetime. 40 years of monthly car payments invested instead = about $5 million.

Dave doesn't mind ... ( 3 months ago by kac1964)

Dave doesn't mind you "leveraging" your money. Just not others. FACT, you will get ahead with his rock solid plan, that is fact. It has been REPEATEDLY done. If followed, it is without failure because of ZERO budget. I think I will follow Dave's advice, it has worked for me for a year now. 8 more months to being out of debt after all these years. I tried many other financial advice only to fall deeper. Finally something rock solid without grasping for it all at once and finally some results.

Did Ramsey actually ... ( 3 months ago by eatingworms)

Did Ramsey actually say that taking risk makes one an idiot? Dave's advice is only for people who don't know what they're doing. And he keeps talking about "taxes"? No one with half a brain pays taxes on their capital gains and dividends. You harvest losses and immediately buy "similar but not substantially identical" investments and make the gains are offset. It's always worked for me.

Dave Ramsey is what ... ( 2 months ago by Tzedakah)

Dave Ramsey is what America needs! I bought my first home (a small one) just before the crash happened. I wish I could have predicted the future- I would have waited until now to buy. But thanks to this kind of sound financial advice I can make my payments, plus extra principle, and will turn out just fine. By God's grace I can stay out of debt and over-budget... It's sad... these go-for-your-dreams hucksters who sell/believe in the power of debt to make one rich.

Dave gives good ... ( 2 months ago by wizbiz777)

Dave gives good advice, But he is missing something,a plan to pay off your mortgage faster!

Wizbiz: Dave would ... ( 2 months ago by christy725)

Wizbiz: Dave would probably say to pay extra on principle each month's mortgage payment by getting a second job, working overtime, making a budget and actually sticking to it, selling so much stuff that the dog's hiding, cutting up your credit cards and staying out of debt. For more details you can try going to his website, e-mailing him or calling his show when it's on. =)

Also, the reason ... ( 2 months ago by christy725)

Also, the reason Dave's advice seems so simple is because it is. People try to get all fancy and that's why they into the money trouble that they're in.

Dave is a very ... ( 2 months ago by wizbiz777)

Dave is a very smart man , no doubt, but there is a tool that he does not have that can help the american consumer to get out of debt much faster, saving thousands of dollars of interest that that would not be realized by just adding more money to your payment each month. Check out my webbsite to find out how.

Yeah, we are paying ... ( 2 months ago by Spule4)

Yeah, we are paying off the house quicker with extra payments without a HELOC and some $4000 spreadsheet.....
Dave is interesting here is a guy that built a multi million dollar business telling people not to buy stuff they cannot afford.

Much of his advise ... ( 2 months ago by romcelreath)

Much of his advise is not accurate. He says to invest in "good growth stock mutual funds" without bothering to explain what one is. It doesn't really matter because growth funds usually have high turnover ratios which leads to high capital gain taxes if held outside of a retirement account. And 3 out of 4 growth funds fail to beat their category index in a given year anyway. So investing in index funds makes more sense.

Don't index funds ... ( 2 months ago by noraklagrangian)

Don't index funds invest mostly in growth stocks anyway?

i believe so ( 1 month ago by honestlyudumb)

i believe so

I don't think I've ... ( 3 days ago by funwjoshnjenn)

I don't think I've heard it more simple and accurate.

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