Dave Ramsey - thoughts?

pjcox2005

enthusiasticsaver wrote: »

I have watched a couple of his podcasts and yes he talks sense but because he is based in the US not all the advice is relevant. He is popular on here but I am sceptical that buying his £20 books is good common sense unless you really have no clue about how to be financially stable.

The babysteps is just basic financial common sense which we have followed our whole life. Don't take on debt, invest for the future and retirement and to get your kids through university, pay off your mortgage asap and first and most important build up emergency savings. Work for yourself, not to service the credit card debts, car loans, personal loans. Budget and live within your income.

I agree, take those steps and you should be in a good position. I would argue a little that once you've grasped those steps then introducing "good" debt should be done - so I wouldn't be quick to overpay a mortgage if you can benefot from employer contributions and tax savings in a pension. You'll be much better off saving that way and then subsequently paying off the mortgage with the funds received.


I think investing, even if very small amounts, is a good eye opener and makes you want to save more and concentrate on his points when you see money being made outside of employment.


Appreciate that life often gets in the way of those points and its just not an option for many.