Financial Advisors React To INSANE Dave Ramsey Calls! @TheRamseyShowEpisodes

Dave's advice at 8:45 would only work if she gets 13-14% rate of return every year during those 15 years… WTF

Take advantage of debt. Don’t let debt take advantage of you.

Good to know the person with 1mm in debt writes public policy.

Dave Ramsey is a scammer, a good one at that, look at his show.

I agree more with Dave’s baby steps from a quality of life standpoint. Following either the baby steps or the financial order of operations will get you to lasting wealth, but I like the idea of also obtaining peace during the journey as soon as possible by paying off all debt quickly. For me, debt means stress and worry about the future. Avoiding debt completely has helped me create a more peaceful financial life while not giving up my opportunities for building a great financial future. It feels weird to me to think that I would want to use other people’s money in any form because mathematically I could build a little more wealth than just by using my own money. The risk of having the debt is not worth the potential reward in my opinion. I think the path you take should depend on what you value more – finding peace while building wealth, or just basing your actions on the numbers despite the higher amount of stress from the risk involved. I love paying for my groceries, my light bill, my gas, etc and knowing that because I’m using money from my bank account, the transaction is over. I don’t have to pay off a credit card every month, which essentially means you’re paying for everything twice. Also, I literally spend hundreds of dollars less per month now with a debit card than I did when I had the temptation to spend more than I planned with a credit card.

That said, you guys do have a lot of points of views on money that I appreciate. The graphs, the statistics, the knowledge about how starting earlier changes the game, etc is great! Keep it up!

Thank you so much for the credit card discussion. The nuance is lost on Ramsey with this.

I have over a million in net worth and I use credit cards ALL the time. Electric bill, internet bill, med insurance, malpractice coverage (I am a physician), food, gas, guiltfree spending, and Puerto Rico local taxes (IRS taxes shouldn't be paid this way as you suffer penalties). This equates to ~$2.5k per year in cash back that I then invest. Credit cards are great and they make transactions easier while also offering consumer protection. I have had many disputes resolved with them and paid $0. I've never paid a cent in interest to them, and this has actually improved my credit score with time which allowed me to get a rate 1% lower than without it for my first home mortgage. I will never understand why people can't seem to be able to use them correctly. I don't even blame Ramsey as he is giving advice to lunatics with insane credit card debt most of the time, but to me, credit cards are literally one of the best financial tools.

15:00 You have to be careful with credit cards, I found I was spending way more on a credit card than I was with debit or cash. Also have to watch out for cards with monthly fees unless you spend X amount of money…gets you to try and spend a certain amount to save a few dollars. Fee free or NOTHING.

I'm not a fan of Ramsey. I have heard Ramsey personalities give horrendous financial advice that would cost the caller tens of thousands of dollars in unecessary taxes and hundreds of thousands of dollars in potention opportunity costs. Once you realize that Ramsey Inc. is a multi-level marketing enterprise that wants to sell you seminars, books, apps, subscriptions, merchandise, ad infinitum, then a lot of his so-called "advice" begins to make sense.

We learned something else today. Bo wears short pants😂

If I had unlimited money, trust me, I would not be wondering how to spend it. I would build real-life Rivendell and Minas Tirith, live they've done with Hobbiton in New Zealand. They would be bigger than Disneyland.

16:40 50 point interest rate saving on15 year mortgage is not worth the hassle. Instead, get 30 year mortgage but pay it on 15 year amortization schedule.

14:58
1. Use cash rewardbcredit card to pay for everything. Never use debit card.
2. Pay off full balance every month.
3. Every 6 month, redeem the cash reward and put it in your roth IRA.

I live in South Africa, our homeloans are 20years. Paid off mine in 7years.

Our interest rates are double digits.

👍🏾

1 million is an empty goal; 10 million on the other hand…

I have a very low limit credit card (<5k) for emergencies, since we are still working on our savings. It's come in clutch a few times, but it does take me several months to fully pay it off again.

I use a credit card whenever i can for necessary spending.
Food, gas, utilities , cable, internet.
Then i get 4% cash back transferred right into my brokerage
But i pay it every 2 weeks to 0 balance

The men struggling with having money and not enjoying writing check, I’ll gladly take a check 😂😂😂😂

15:50 The key flaw in your thinking is that you think you can bend math under the reasoning of “most people can’t afford” go buy a house a certain way. Hold on, I just had a brilliant thought… maybe they can’t afford to be in a home yet?????

A lot of these videos are hard to relate too when people have a combined household income of 230k how do these people struggle in general 😂 the average income in uk in a combined household is probably 50k 😂

Only people who sit down for work think money can't buy happiness..

Buy the car! He's paying cash! He's maxing out his 401k and IRA. Buy the fun car!

I know the guys dont agree with Dave on the no credit cards thing, because of course he’s wrong lol but I think we should all remember that Dave knows most people in the US are financially addicted to overspending and so you CANNOT tell an addict that its okay to have a drink once in a while as long as you’re smart

1st guy how long will he being making 3 million (if only a few years and spends like he has it forever oh know), 2nd lady divorce him

14:58 from an ethical and moral perspective, should the rich seek rewards at the expense of the poor who are in credit card debt paying the interest to the creditors?

Agree with these guys about credit cards. They are completely fine if you keep a BUDGET and pay them OFF each month in FULL PERIOD!!! I have used cash back rewards for many years and what i did was take that cash back from credit cards and invest it in about 30 or so quality stocks that are good solid companies. Here i am with over $100k in a personal stock fund (totally separate from my 401 k which i have way more than $100k). I did this supporting a family where my wife has been a stay at home mom and i earn well under $100k a year. Its possible to do but you have to be disciplined and realize that although there is nothing wrong with having and enjoying nice things thats all they are are things! Oh and we have also taken over 5 trips to Disney for like a week (wife loves Disney) The key is time and discipline.

Imagine that you make a living reacting to someone else's YouTube videos

I have always used credit cards to get the free money. They are also more secure with identity theft.

My face was turning inside out! 😅😅 I laughed for 5 min

The background music during this is so distracting

Yea I don’t get the credit card fear mongering. We use ours just for everyday expenses and get money back.

16:13 Get a 30 year and pay it off like it’s a 15 year. Right? Few people do this. Myself included. I’m paying off my 30 year like it’s a 10 year.

I bought a new car for three very simple reasons. I wanted something that would last a long time (not looking to sell it for at least 10 years, or just keep it till it rusts away), something I could afford (Honda and Toyota) and something that shouldn't suprise me with issues / any issues that come up are covered (no previous drivers who didn't take care of the car and new car warranty). If those three boxes are checked, then I see no reason not to get a new car.

7:12 “writing checks isn’t fulfilling” I can see that. But if I have that much money, I’m cutting back to 30 hours a week and volunteering, coaching my kids football team, taking 3 weeks off to go on a mission trip…. Go see the what the check you are writing is going to.

The editing is killing me, I love it😭

You can be anyone and do anything on the phone

5:00 Allow me to fix that statement for you.
Normal cars drop in value. Unique cars, don't. A well-researched person could make a valid argument for purchasing a sports car to enjoy, knowing that it will eventually increase in value. Yes, it's a crap shoot, but it can be done. Should you? That's entirely up to you. 😂
The other thing NO ONE considers or even mentions is that many people buy a car and drive it until the wheels fall off, put them back on, and keep going. If you're one of those people, who gives AF if it tanks in value? You're never going to sell it anyway. 🙄
I have a 2007 new body style Silverado with 270k miles on it. I've put the last 200k on it since I bought it 10 years ago. I'm going to keep it unless I give it to one of my boys to drive, but only to drive. They won't get it until I die. 😂
5:25 "For a 24 year old to think they need multiple cars, there's where the mistakes are being made." Spoken like a truly entitled guy who's never had to drive a POS and worried every time they get in it if it's going to crank and stay running that day. 🙄 I have kids. I have to transport them 120 miles just to pick them up and drop them off with their mother. That takes us straight through Atlanta. I am NOT going to risk stranding my kids on the side of the interstate in the middle of the freaking ghetto. I might carry, but I'm not purposefully stupid.

7:30 that question is only answered purposefully with Jesus Christ

DAVE RAMSEY!!! Wooohooo!!! I love him!!! So wise!!!

You don’t need to get married biggest liability ever divorce rate is huge.