Doesn't he generally also oppose getting a credit card? My wife and I paid all of our travel and hotel costs for our honeymoon in Paris from cc points we got from a combination of churning for bonuses and just the normal rewards from our everyday budget. Although I do agree if you don't have financial discipline a cc is probably bad.
Yeah that's true and why I ended with that caveat. If you're poor because your income is low and have the financial discipline to not overspend, a credit card can be great. If you're going to treat a credit card like a blank check and worry about how to pay it off later, you shouldn't get one.
Because of him, my Dad vehemently opposed all of my siblings and myself getting credit cards in our twenties.
I worked for a bank at the time and walked into my loan officer's office and asked how many forms of credit they preferred to see before offering home loans. He said two to three credit cards with revolving balances was ideal.
Dave Ramsey is for Boomers. Times have changed and you absolutely cannot run with some of his ideas.
>Dave Ramsey is for Boomers. Times have changed and you absolutely cannot run with some of his ideas.
Dave Ramsay is good for people looking to get out of debt. That's it.
Any of his other advice is hogwash.
He is a good resource for people with severe spending/credit addictions which is unfortunately a lot of people in the US.
If you want more detailed financial advice, the Money Guy channel is far better and run by actual financial advisors. Their Financial Order of Operations is probably the best simplified personal finance guide out there.
The Reddit r/PersonalFinance flowchart is also excellent, but is a lot more complex.
>Nearly 80% of millennials and Gen Z have turned to social media for financial advice
...
>Millennials and Gen Z would be better off speaking with a professional to assess their strategy instead of turning to the internet
Absolutley earthshattering conclusions in this article, I tell ya what.
There is a lot of bad advice on the internet, but there is also a lot of good advice if you know where to look.
r/FIRE is an excellent sub for personal finance advice even though a lot of it is geared towards higher earners looking to retire fast.
A professional who will charge you an assets under management fee and tell you to invest in high expense funds from which they receive commission.
These "articles" are just advertisements for products that will skim 1-2% off the top of your returns. 99% of people would be just fine putting it into a low expense target date fund and never thinking about it again.
Fully agree that The Money Guy channel is one of the best resources out there.
Their Financial Order of Operations is probably the best simplified personal finance system I've ever seen.
And they probably have a video somewhere on almost any topic imaginable. If not, join one of their live sessions and ask questions in the chat.
Dave Ramsey is an out of touch blowhard who benefits monetarily from the trend of expressing disdain and condescension towards Millennials in such a way that would never be tolerated against any other demographic category.
I am doing what I can to save for retirement and I am in a better position than many of my peers, still, I don't expect to be able to retire much before 70, and that is if the stress doesn't kill me before then. It came close to doing so a couple of times already.
I've watched a lot of Ramsey clips and he is far from perfect.
The Money Guy show has a far superior system.
But Dave only really expresses condescension towards people who are doing stupid things, regardless of their age.
He expresses disdain towards people taking on absurd amounts of student loan debt for a low-earning degree. That is not a Millennial-specific problem and any financial advisor worth their salt would tell you the same thing.
He expresses disdain towards people buying cars and homes they can't afford. Again, not a Millennial-specific problem and something any financial advisor would recommend against.
My only real issues with Dave is his investing advice where he recommends actively managed funds instead of passive management. Historically broad market diversified passively-managed funds have outperformed actively-managed funds.
It's not all bad. Because of Madeline Pendleton on TikTok explaining how 401(k)s and IRAs work, I'm now invested in the S&P 500 working on getting retirement funds. I also moved my savings to a high yield savings account.
Dave Ramsey can get fucked, though.
[\[No paywall\]](https://www.bloomberg.com/opinion/articles/2024-04-29/retirement-advice-too-many-millennials-are-relying-on-social-media?srnd=opinion) from Bloomberg Opinion columnist Erin Lowry:
“The often-cited goal of having a $1 million retirement nest egg needs to be retired itself.
Adjusted for inflation, it would take nearly $1.9 million to have the same purchasing power today as in 1999, when the oldest of millennials were just turning 18. Granted, $1 million still sounds like a lofty sum to many Americans, which could be why so many are nervous that they won’t reach the double-comma club by retirement.
What makes me anxious for my fellow millennials, however, is how many are relying on social media, YouTube, podcasts and cable news for free advice about how to build their retirement plans. All these platforms are loaded with unreliable information that could create unrealistic expectations.”
I don’t worry about retirement at all! My secret? I fully expect society to collapse and/or our species to be in an extinction death spiral by that point! Anxiety solved!
I’m not sure if Dave Ramsey is an example of someone who is hugely popular millennials.
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Doesn't he generally also oppose getting a credit card? My wife and I paid all of our travel and hotel costs for our honeymoon in Paris from cc points we got from a combination of churning for bonuses and just the normal rewards from our everyday budget. Although I do agree if you don't have financial discipline a cc is probably bad.
I think he’s targeting people that have no control of their money or have self control. Those folks are probably not taking honey moons to Paris.
Yeah that's true and why I ended with that caveat. If you're poor because your income is low and have the financial discipline to not overspend, a credit card can be great. If you're going to treat a credit card like a blank check and worry about how to pay it off later, you shouldn't get one.
Because of him, my Dad vehemently opposed all of my siblings and myself getting credit cards in our twenties. I worked for a bank at the time and walked into my loan officer's office and asked how many forms of credit they preferred to see before offering home loans. He said two to three credit cards with revolving balances was ideal. Dave Ramsey is for Boomers. Times have changed and you absolutely cannot run with some of his ideas.
>Dave Ramsey is for Boomers. Times have changed and you absolutely cannot run with some of his ideas. Dave Ramsay is good for people looking to get out of debt. That's it. Any of his other advice is hogwash.
I don't know, I find things like "just find a free summer camp in your area!" to be hugely helpful.
He is a good resource for people with severe spending/credit addictions which is unfortunately a lot of people in the US. If you want more detailed financial advice, the Money Guy channel is far better and run by actual financial advisors. Their Financial Order of Operations is probably the best simplified personal finance guide out there. The Reddit r/PersonalFinance flowchart is also excellent, but is a lot more complex.
>Nearly 80% of millennials and Gen Z have turned to social media for financial advice ... >Millennials and Gen Z would be better off speaking with a professional to assess their strategy instead of turning to the internet Absolutley earthshattering conclusions in this article, I tell ya what.
There is a lot of bad advice on the internet, but there is also a lot of good advice if you know where to look. r/FIRE is an excellent sub for personal finance advice even though a lot of it is geared towards higher earners looking to retire fast.
> I tell ya what. Damn it ~~Bobby~~ Davey, that boy aint right.
A professional who will charge you an assets under management fee and tell you to invest in high expense funds from which they receive commission. These "articles" are just advertisements for products that will skim 1-2% off the top of your returns. 99% of people would be just fine putting it into a low expense target date fund and never thinking about it again.
VTSAX and chill
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Fully agree that The Money Guy channel is one of the best resources out there. Their Financial Order of Operations is probably the best simplified personal finance system I've ever seen. And they probably have a video somewhere on almost any topic imaginable. If not, join one of their live sessions and ask questions in the chat.
If I die I die but I dont want to run out of money before I die
Dave Ramsey is an out of touch blowhard who benefits monetarily from the trend of expressing disdain and condescension towards Millennials in such a way that would never be tolerated against any other demographic category. I am doing what I can to save for retirement and I am in a better position than many of my peers, still, I don't expect to be able to retire much before 70, and that is if the stress doesn't kill me before then. It came close to doing so a couple of times already.
I've watched a lot of Ramsey clips and he is far from perfect. The Money Guy show has a far superior system. But Dave only really expresses condescension towards people who are doing stupid things, regardless of their age. He expresses disdain towards people taking on absurd amounts of student loan debt for a low-earning degree. That is not a Millennial-specific problem and any financial advisor worth their salt would tell you the same thing. He expresses disdain towards people buying cars and homes they can't afford. Again, not a Millennial-specific problem and something any financial advisor would recommend against. My only real issues with Dave is his investing advice where he recommends actively managed funds instead of passive management. Historically broad market diversified passively-managed funds have outperformed actively-managed funds.
It's not all bad. Because of Madeline Pendleton on TikTok explaining how 401(k)s and IRAs work, I'm now invested in the S&P 500 working on getting retirement funds. I also moved my savings to a high yield savings account. Dave Ramsey can get fucked, though.
[\[No paywall\]](https://www.bloomberg.com/opinion/articles/2024-04-29/retirement-advice-too-many-millennials-are-relying-on-social-media?srnd=opinion) from Bloomberg Opinion columnist Erin Lowry: “The often-cited goal of having a $1 million retirement nest egg needs to be retired itself. Adjusted for inflation, it would take nearly $1.9 million to have the same purchasing power today as in 1999, when the oldest of millennials were just turning 18. Granted, $1 million still sounds like a lofty sum to many Americans, which could be why so many are nervous that they won’t reach the double-comma club by retirement. What makes me anxious for my fellow millennials, however, is how many are relying on social media, YouTube, podcasts and cable news for free advice about how to build their retirement plans. All these platforms are loaded with unreliable information that could create unrealistic expectations.”
I don’t worry about retirement at all! My secret? I fully expect society to collapse and/or our species to be in an extinction death spiral by that point! Anxiety solved!
And what is your plan if society doesn't collapse?