Dave Ramsey's books

[wonkettegirl]

He offends me with his tag line (said at the end of EVERY radio show) "The only way to financial peace is through the King of Peace" [or something like that]. Oh, OK, Dave: ONLY Christians can find financial peace? Jews, Muslims, Atheists, etc., can NEVER achieve financial peace? Bite me.

[Hoos Crazy]

As a bankruptcy lawyer, I obviously disagree with Dave Ramsey's strong bias against filing for bankruptcy protection.

Although we disagree, I think reading his books is actually a very good exercise for anyone in financial distress. Why? Because reading his work will open your mind to a new way of thinking about debt. For some people, his rather drastic approach will work. For others, bankruptcy really is the best/only option. But everyone can stand to learn something from his approach. New ways of thinking about money can't hurt.

[Over our heads]

Ok, I am not a DR fan either, tho my DH thinks the man is awesome.

He does have good pointers, and they will work, but when you are so this far under, Dave's way just isn't going to work.

It irks me to no end that some of his workshops cost so much. Hello, we are trying to get out of debt. While I totally understand that he needs to earn a living too, he has chosen to try and help people wrangle their finances.

For some of us, getting a 2nd job, or for the SAH-parent to get a job would actually cost us money or our marriage. Neither of which I am willing to sacrifice.

[ambersss]

I don't have a huge problem with Dave Ramsey. I like most of his advice except that there are many people that are trying to avoid bk at all costs when financially it does not make sense to keep trying to pay these debts.

A person with children should not work two or three jobs (as Dave suggests)to pay off a huge debt that could take 10 years or more to wittle away. Kids would never see their parents. That way of thinking causes all kinds of stress that harms families and health and wellbeing.

I also don't like the fact that you have to pay to use his forums. I feel like that's just cruel, especially when his books do so well. I do believe that if it were another pay website, Dave would say to cut it out of the budget!

But thats the idea ....work 3 jobs ....so you can pay for his books and forum, instead of paying your attorney and help yourself.

[ThreadsSnapping]

I agree with Dave on some things and on others think he is full of it. If you have 5K in CC debt then yes, getting a 2nd job and paying it off is a viable option and you can pay it off fairly quickly. Now if you have 25K in CC debt, it's not as easy to just get a job and pay it off in a year or so. But if you can combine it with some big budget cuts then that is the way you should probably go. Now if you have 50K in CC debt then realistically you will be paying it off forever and a 2nd job is probably not going to really help here and BK is probably your best option.

I agree with his cash only philosophy to a point. For a lot of people, it is the only way to get their spending under control and be able to pay down their debt. I think it is great while getting out of debt and learning to live on a budget. And for some people, it is the only way to avoid getting into moer debt, then it is the rght decision for them. But if after a year or 2 living on a cash only basis, you have truely changed your way with money, can follow a budget, have a savings account and now are in control of your money, then yes it may be ok for you to go get a credit card or two and use it responsibly. But that is a decision everyone needs to make for themselves and needs to be honest with themselves when they make that choice.

Most people who call his show, seem to need the cold turkey method to stop spending and get their financial lives back in order. If you can realistically pay off your debt in a year to 18 months, can get a second job and want to avoid bk, then go for it. Other wise take the parts of his program that you can use, ie. cash only while learning to live within your means and no credit until you do so, and ignore the rest.

TS

[Minnymouth]

AS IN EVERYTHING IN LIFE - it ALL has a "price tag" attached to it!!! Even advice!!

Dave Ramseys books and seminars offer advice, suggestions, and possible solutions for folks that are in financial stress. Due to the fact that he too had to file bankruptcy in the past is a "bonus" in his presentations.

I do not fully agree with all of his suggestions, but he does have the basic good ideas that folks need to prevent bankruptcy and what causes it mostly.

Mostly "living beyond our means" , job loss, etc...

We don't have to agree with his methods, or the fact that he makes a living off of it now.
But I am glad to see that someone offers such valuable information to others.

My thoughts............

[goingout]

I am not a DR fan at all. I think he is making money off those he claims to be helping to not get in debt. And I know he does donate some things, but if he really wanted to help wouldn't he just give it away to help everyone.

ChaseSucks - I don't agree with never having a credit card.

I really disagree with this. Just giving money away to people is not going to prevent them from getting into these kinds of messes again. People need to be taught and Dave Ramsey does a good job teaching as well as motivating people to manage thier finaces better.

[fltoo]

His advice is invaluable. Although we all know how we got into this mess and how to live in the future after BK, he provides motivation for it.

He is very big on family first and only advocates second jobs as a temporary way to pay the debt. He also knows that Bk sometimes is the ony way out.

His financial advice is mainly to motivate you to stay out of debt and yes, he declared BK, the reason why he is a good spokeman for staying financially stable.

His mission is his job, so why would't he get paid for it? Your lawyer is helping you out of debt, so maybe ask your lawyer if he will do your case pro bono.

I am not a religious person and he is a devout Christian. You need to look at the whole picture of everything and anything, and not pick and choose what suits your needs............

IMO, if you think you need a credit card, if you don't go through a huge lifestyle change, if you think a new car is okay, if you were not affected greatly after your BK, you don't get IT, and maybe you could have lowered your standard of living and paid your bills instead of declaring BK.

[Cali]

I am not a DR fan at all. I think he is making money off those he claims to be helping to not get in debt. And I know he does donate some things, but if he really wanted to help wouldn't he just give it away to help everyone.

ChaseSucks - I don't agree with never having a credit card.

[ChaseSucks]

Dave is not real high on bankruptcy. He professes to be christian and religious but it seems to be his own style of religion. Save your money on the make over and put it toward your filing fees and a lawyer. Here is the essence of it. Get out of debt either by working your butt off and paying off your bills, Or, file chapter 7. (I said 7 not 13)Then don't ever sign another contract on anything, except maybe a house. Don't ever ever pick up another credit card for any reason the rest of your life. (This means forever) Forget about your credit score. You don't need it, if you don't use credit. Worrying about your credit score is just about as stupid as worrying about your credit card interest rate. Cash is king so save a lot of it for those pot holes, murphy's law, loosing your job, getting sick etc. And to quote Dave "Act your wage"

[momof2furbies]

I just recently caughted his show on television, and he does not impress me. Along with working two or three jobs, overtime, collecting cans, he also mentions to sell the cars if there is a car payment. Well, NO DUHHHHH, sell the cars??? What if you are upside down on the cars? Then what? I think in this day and age, and this economy, he is extremely unrealistic.

[goingout]

Having read some more I want to add that he recommends working 2 jobs etc. only as a temperary measure. He says it should take you 18 to 24 months to pay off your consumer debt, by working more, stopping savings, and cutting back on expenses. He doesn't go into a lot of detail on what to do if you've done all that and still can't pay off the debt in 18 to 24 months. My conclusion is that in that instance bankruptcy should be considered as an option. So, this is us.

I don't think he's anti-bankruptcy, but he does offer another option for some. I think too, what he teaches is valuable. It's hard to find one place to learn about personal finance that's easy to understand.

[BK2008]

I
A person with children should not work two or three jobs (as Dave suggests)to pay off a huge debt that could take 10 years or more to wittle away. Kids would never see their parents. That way of thinking causes all kinds of stress that harms families and health and wellbeing.

He also doesn't address...that if you have kids, and are working that 2nd or 3rd job, who's minding the kids?? And how much of that 'extra' income is going to be offset by the additional daycare costs?? And how much income tax is going to tax a bite out of that 'extra' income.

Not all of us have spouses, or family nearby to 'dump the kids on'.

So it might sound good in theory, but in practice....

[ameliabedilia]

I don't have a huge problem with Dave Ramsey. I like most of his advice except that there are many people that are trying to avoid bk at all costs when financially it does not make sense to keep trying to pay these debts.

A person with children should not work two or three jobs (as Dave suggests)to pay off a huge debt that could take 10 years or more to wittle away. Kids would never see their parents. That way of thinking causes all kinds of stress that harms families and health and wellbeing.

I also don't like the fact that you have to pay to use his forums. I feel like that's just cruel, especially when his books do so well. I do believe that if it were another pay website, Dave would say to cut it out of the budget!

[sunshine mary]

HE himself filed for BK and he doesn't recommend filing...Me I tried doing his plan but I was in way to deep and too far behind and I needed a life raft NOW !! LOL !!