How do you feel about Dave Ramsey’s 7 Baby Steps? Also, what step are you on?

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Ramsey is what he is — he offers a solution for people whose fundamental problem is spending discipline. His system is not designed to generate wealth, it’s designed to help people save their way out of debt.

That’s fine as far as it goes, and it’s super helpful for the people who need that kind of help, but it’s not the right advice for everyone in every situation.

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Very helpful in getting out of debt, but then I had to recalibrate my thinking around good debt vs bad debt

Debt (leverage) can be useful in building net worth once you’ve gotten all the “bad debt” out of the way like an underwater car loan, credit cards, and substantial student loans.

But basically went from taking forever to get over step 2 to about step 5ish in a year and a half. No kids yet though

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Absolutely insane program. His philosophy on debt and never taking it out is unreasonable. There are ways to build wealth and stay relatively debt free without eating ramen and driving a bicycle for transportation which is basically what he wants you to do until you are debt free. Live life!

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Insane is strong.

There are people who struggle with debt and spending beyond their means. He gets the train back on the tracks and then you can go ahead and use debt to your advantage.

Only after you’ve dealt with the awful side of debt first though.

Wife and I are on step 7 and beyond. Great program it took years to get there, but its worth it. Really helped align my wife and I on money matters. Dave has some good concepts and makes you think about your full financial picture (debt, insurance, investments, planning). Some of it is aimed at those who really struggle with debt and credit cards. I don't struggle with credit cards (always pay off full balance monthly) so I don't agree with every aspect of the program, but you can make it work for you.

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And get the full 401k match. Get the ESPP discount. Walk and chew gum at the same time. Ramsey would have 90% of Americans not investing in their 401k bc most could never get out of debt.

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His content is great for people in bad financial situations. I know many people who've been helped significantly by his advice.

However, it's not optimized because his religious views impact his advice. He believes that the Bible and God say *any* debt is inherently bad. Some debt is not only good (mortgages are often at lower rates than inflation) they are required if you want to build a credit score to buy a home for example.

Using debt in a smart way is vastly superior to never having debt at all. In any case, if his steps work for you, go for it. Just keep in mind his biases.

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Unfortunately our society is powered by debt. It's impossible for many people from modest means to fund their education or get good housing without significant debt. He means well, but his solutions aren't for everyone. But some people could really use his approach. It's like AA, do you need to go cold turkey?

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