Comments on: Extra, Extra: No Credit Needed Disagrees With Dave Ramsey

By: billy

billy — Mon, 11 Jul 2011 21:56:32 +0000

I was an Endorsed Local Provider (ELP) for dave’s organization for 6 years. Did you realize ELPs are forced to pay big bucks in return for dave’s “endorsement”? I guess that wouldn’t be so sleazy if dave didn’t go to great lengths to give his “listeners” the impression the ELPs are chosen based on merit, not as it truly is – who will step up & write dave that fat check every month. Third party endorsed marketing can be effective when dealing with clones like the typical DR listener…

By: Scott L

Scott L — Tue, 19 Apr 2011 02:44:02 +0000

Joe,

You have no clue what you are talking about. If you are Christian or Jewish you are called by your faith to give 10% to your local congregation. Dave says if you are not Christian you should still give a percentage away to those in need. Also you can get all of Dave’s information in bits and pieces for free on his website, radio show, etc.. I have followed Dave’s plan and have paid off 48k with a net worth going from a negative to just under 50k in that time and will be well over 6 digits in a year. So yes you can get rich by staying out of debt, donating to charity, and investing in retirement.

By: Scott L

Scott L — Tue, 19 Apr 2011 01:53:45 +0000

The math works out in most cases by suspending your 401k contributions (even with a match) short term (around 2 years or less) when following his plan. Mainly because the average person only contributes 4-5% income towards retirement (if that). So one making $1000 week prior to the plan is putting 5% towards retirement even with a 100% match over 2 years is setting asside 5200 in cash contributions and 5200 in matching funds. So a “loss” of 10400 plus interest (between 500-800 dollars with an 8-12% yield). Once the person begins reinvesting after 2 years, the first year will have $7800 in contributions plus a $2600 match. So in most cases suspending 401k contributions will not make a significant difference in total return as long as the debt is paid off quickly.

By: Joe Black

Joe Black — Sat, 06 Dec 2008 02:15:33 +0000

Dave Ramsey is a Jesus guy.

His advice about not contributing to your 401(k) and selling your car and buying a junker all make sense when you read this quote from his website:

“As a Christian, you probably know that you’re called to tithe. That means one-tenth of your income – off the top and before anything else – should go to your church. Beyond that, anything you give is an offering, which is over and above the tithe.”

Churches love putting on his seminars. If you can get parishioners out of debt, they can contribute more to the church. Does his advice start to make more sense now?

Less money for YOU, more for the CHURCH. A parishioner out of debt, driving a junker car and not contributing to his 401(k) can fork over a TON of dough to the local evagelical snake-handler league.

Praise the Lord!

BTW, I am disappointed to hear that you bought his books and attended his seminars. BUYING things to save money is like eating food to lose weight. It just doesn’t work.

Go to your local libary and check out these books for free.

The only people who are getting rich in the financial self-help market are these self-appointed Gurus like Dave Ramsey, Suze Orman, et al.

Put a stick in their eye and check out their books at the library for FREE!

By: G

Mon, 21 Jan 2008 19:31:24 +0000

A point that I disagree with is paying off student loans before emergency fund of 3-6 months living expenses. If one of us were to get laid off, I can always get a forbearance on my student loan debt, but I can’t for my mortgage, so I’m building that first.