10 things Dave Ramsey got wrong article

iVillage Member
Registered: 05-09-2002
10 things Dave Ramsey got wrong article
22
Sat, 01-14-2012 - 4:10pm

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iVillage Member
Registered: 04-16-2008
Sat, 01-14-2012 - 5:19pm

Love that blog!

iVillage Member
Registered: 08-24-2007
Sun, 01-15-2012 - 7:16am
ldp328, you'll get lots of varying opinions on this message board and that's what makes it all interesting.

Personally, I acknowledge there is a strong emotional component to some financial decisions and I have sometimes made decisions that didn't make financial sense, but made a lot of emotional sense. In my case, I moved $4,000 of debt from my line of credit to a low interest card, paying an extra 1% APR. I simply hated trying to balance a chequebook that had a negative balance. Moving the money re-motivated me during the journey and I know that, for me, it was the right decision.

In the past, ,we've had people on the boards trying to debate whether to stay at home with their children or earn extra money. Many on the board crunched the numbers with her .... but for me, this was a very emotional decision and not simply about numbers. If it was only numbers, only simply math, the decision would have been easy!

All I am saying is that sometimes you need to spend money because it is better for you emotionally. Visiting your Mom in the hospital IS important, and the flowers were a wonderful idea. I would never put money ahead of people. Actually, I think Suze Ormand even says "people first, then money" on her financial advice t.v. show.

I think, as you read these boards, try to remember that the people here are just trying to help and share their experiences. There's no judgement.

Kate


empty purse

iVillage Member
Registered: 05-09-2002
Sun, 01-15-2012 - 8:37am
Hi small change,
Thank you for your post. I so agree with you on what you consider emotional connections to decisions. To me, I consider it living life in the present and realizing what brings happiness versus unhappiness. I would have done the same thing about moving money around. I am getting an $8000 refund on my student loan and instead of putting it right back to my low interest loans, I am using it to pay off two higher interest credit cards first. Because to me, that makes financial sense in the long run. I don't think there is judgement here either...so I don't quite understand where you were going with that? My point about spending money to visit my Mom is that I would never follow Dave Ramsey 100% because from what i can tell, he wouldn't approve because I am in debt. I am not afraid to admit anything here thankfully and I've been on this board off and on for over a decade (yes, I got in debt, out of debt, in debt hahaha) so I know this is a safe place to admit mistakes (like my $90 chiro visit post!). But I was flabbergasted that a woman wouldn't buy her child hotdog buns because they were not debt free yet . Yes, to each their own, but that way is not for me. (Another poster on ivilliage said I better follow Dave Ramsey because I need it - it didn't offend me but it was a springboard for me to look at him again. And realize I disagree with alot of his ways. I also found it interesting that he declared bankruptcy in 2008....) Oh I should mention, the blogs I quoted from are NOT from ivillage.
iVillage Member
Registered: 05-09-2002
Sun, 01-15-2012 - 8:43am
I know demontespan right? I thought twice about posting it but just for a second. If I believe in something, I don't mind seeing the opposite side, so I figured if anyone on here loves Dave Ramsey, they could still get a kick out of it. (I don't have kids and don't know if we ever will (by choice) but even I felt sorry for a kid eating hotdogs with no bun, and I have no maternal instincts.) hahaha oh my.
iVillage Member
Registered: 04-16-2008
Sun, 01-15-2012 - 11:43am

If hotdogs are not bad enough to start with ...

I do have to say that the Dave Ramsey thing is a good start for people who spend money nilly-willy and have no concept of balancing a budget and have to give him credit for that.

iVillage Member
Registered: 02-19-1998
Sun, 01-15-2012 - 12:33pm

As someone who actually has some retirement funds because I put what started out as very little money into our ESOP plan I have to say he is unequivocally wrong about it.

I do think for basic getting out of debt Dave Ramsey can be very good but obviously he needs to learn more about the investment business.

I love how ALL viewpoints are discussed here - it makes this board especially valuable.

Thanks everybody!

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iVillage Member
Registered: 01-30-1999
Sun, 01-15-2012 - 5:44pm

He didn't file bankruptcy in 2008- that was a looooong time ago before he came to his senses. And I would love to be as smart as him b/c then I would be a millionaire. See nothing to critize him for.MHO.

Michelle

iVillage Member
Registered: 03-27-2005
Sun, 01-15-2012 - 6:54pm

This guy really needs to actually listen to Ramsey before writting about him.

iVillage Member
Registered: 04-16-2008
Sun, 01-15-2012 - 7:05pm

Invest 15%, straight from the horse's mouth (or website):

http://www.daveramsey.com/new/baby-step-4/

I am glad Ramsey works for you, but my understanding of the debt support group is help people get out of debt, not hero worship Dave Ramsey.

iVillage Member
Registered: 03-27-2005
Mon, 01-16-2012 - 9:44am

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