Dave Ramsey Needs To Shut Up

And so do all the money bloggers who make money off other people. The ones who tell them how to get out of debt, while making themselves rich.

Years ago, we went to a church that praised Dave Ramsey, the so-called financial guru. They held Dave Ramsey's financial classes to help people pay off their debt.

Throughout all this, all I saw were people getting ripped off. Buying a $79 kit, just made Dave Ramsey even richer.

Telling people to take “baby steps” and pay off their smallest debt first is common sense. Then take that amount and use the “snowball method” and pay off the next and so on.

He advises people to drive their cars into the ground. Live in a tiny house. Eat beans and rice. At the time, I attended a church where the church pastor embraced this course and paid off his debt. And now lives in a $400,000 home.

But this is all smoke and mirrors. Let’s say someone pays off $5000 in debt. Their income is around $50,000. They have a college degree but are not in a very marketable field. Over time, their income is not going to go above $75-$80k unless they are really lucky. They will stay in roughly the same income bracket.

Not enough to buy a $400k home and support 5 kids, as I wrote about previously.