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His advice is for the 43+% of Americans who don't understand debt and are living paycheck to paycheck. I had a roommate after college who was so excited to get a new credit card because it had a $2500 limit - she couldn't wait to buy $2500 of stuff with it. If that's where you're starting from, his blanket advice makes things very simple for you.
This. My family was bad with money growing up, and I didn’t know much at all. I used Dave’s advice in high school and beginning of college to help me understand finances better when I first graduated, and as I understood more, it was much easier to make changes and shift away from his approach, once I had the discipline and education to do differently. I didn’t have the financial responsibility before that
Dave Ramsey is the equivalent of a fitness influencer telling people to just eat a moderate amount of decently clean food, do some full body workouts 3x a week, and walk 10,000 steps a day
Is it even close to the optimal way to get swole? Fuck no. But is it good advice for 99% of obese Americans? Hell yes
I'm swole af, Manager 1 🤣
Dave Ramsey’s audience isn’t those that are financially literate. In fact, it’s for the opposite
You’re being intentionally obtuse.
Rising Star
What Dave does really well is he understands general human nature and psychological underpinnings of money.
There are many white board exercises showing potential benefits of playing interest rate arbitrage. The most popular are arguments not to pay off your mortgage early.
What these exercises don’t figure in is human nature. The vast majority of people absolutely do not have the discipline to execute on a 30 year plan to invest the interest rate delta for higher returns. Your talking about the average person in America that has less than $1K in emergency savings.
For the majority of Americans they are vastly better served paying off debt and not trying to play an arbitrage game they are not sophisticated enough to perform or have the long term discipline execute successfully.
Rising Star
I do listen to Dave time to time, but it’s more for the shock entertainment factor of how bad people really are with money.
With that said, I did manage to pay off my mortgage in 12 years at age 41. I’ve now been mortgaged free for 8 years. Could have I invested the delta in lieu of paying off the mortgage; yes. But I can not communicate the personal satisfaction and sense of financial stability it gives to have a paid off roof over your head. Dave is on the mark when it comes to that.
Chief
He's coaching people who did foolish things like get into credit card debt and he's taking into account human psychology
OP,
“Feels good when I’m making money off the banks”. Wrong. They give you the Money Market rate based of their investment rates in T Bills and other securities which they are using your money to invest in and make money. They give you a lesser fraction of what they earn.
Second, sure your strategy is working for you if you remember to pay your card care debt before it gains interest. Many people won’t, and in less than 2 months after interest kicking in that entire year of interest earnings is owed back.
But this is is poor people’s talk.
Interest in a money market or HYSA is still less than inflation and immaterial compared to long-term gains of the market. . You need to get out of debt IN ORDER to get every last extra dollar (outside of direct savings and emergency funds) into long-term investment. Cash is definitely useful. But investment is king.
I think his advice is for people living paycheck to paycheck, like me lmao
Typical Dave Ramsey caller
90k household income:
Variable HELOC
Had a 70K wedding
120K student loan debt both have worthless degrees
Wife plans too tack on another 50k for her masters
30k in credit card debt for draft kings
Financing 80k in car loans with 310 credit score
Calling Dave for advice on how to send his kids to private school at 10K per year
Chief
Yeah, but the profit is not significant in comparison to other ways you can earn money and high mortgage payment / income ratios are a ball and chain that prevent you from taking risks.
So what's your counter-argument, SC? Being in debt is good?
SA - empirically true advice doesn’t become “good” or “bad” whether the audience is educated or uneducated. Yes there is nuance to the strategy here, but OP is right that it’s not wise to immediately pay off a 0% APR card in most circumstances
you need to find another hill to die on lol
@OP, Only a Sith deals in absolutes
Pro
Even when I first heard the "snowball vs avalanche" debt repayment thing in high school personal finance class, it was very obviously a terrible idea. Some (many?) aspects of finance are just literally math, and it's easy to prove that his recommendations on debt repayment will cost people billions of dollars in the aggregate, given how many fans he has.
Ramsey’s a hack
https://www.facebook.com/reel/456277219250318?fs=e&s=TIeQ9V&mibextid=0NULKw
His advice is for the average American. Being out of debt is good for all.
Average American is not getting 100k+ consulting salaries.
If you don't like Dave Ramsey, let it be. Don't spoil other people who are better without debt.
Tell me you don’t listen to Dave Ramsey without telling me. This is a dumb take.
I haven’t heard a single good take from him. Dude says use debit cards LMAO