Click the "JOIN" button above to join our $4.99 Society at TFD tier and see our members-only bonus video on Dave Ramsey here: kzitem.info/news/bejne/xJyQm5qXn6V8jG0&
@meganinthemountains
2 жыл бұрын
Hi, I'm a paying member but when I click the link it says I'm not :(
@tasneemkarim799
2 жыл бұрын
I have the same experience as Megan in the Mountains
@emberglide5079
2 жыл бұрын
Yuck
@leads823
2 жыл бұрын
I also cannot find the link for the master class. 🙁
@ryanedwards7487
2 жыл бұрын
"Trickle Down Economics", "Welfare Queens", utter shunning of his friend Rock Hudson, his treatment of AIDS in the early 80s, the mainstreaming of the Religious Right and the monsters it's created...if any president aside from Nixon in modern US history truly deserved an eternity in Hell...it was Ronald Reagan. I hope he enjoys his just rewards.
@Amayzun1
Жыл бұрын
When I was in my early 20s, I saw Suze on Oprah. She talked about financial independence & I remember her talking about not relying on your partner for money - that message stuck with me because my mother depended on my dad for money & was a homemaker until they got divorced. Seeing my mom have to start all over again in the work force, I vowed to NEVER rely on anyone for money. Suze may have some shit advice here and there, but THAT message, I received loud and clear and am thankful for.
@tranger4579
Жыл бұрын
That's what I told my daughters and yes I'm a father of 2 and saw my mother go through the same thing.
@adamp6320
10 ай бұрын
100% - I like how she says each partner needs their own financial life as an individual, as well as joint - and to be 100% transparent with money rather than 100% combined with money. Prepare for the worst but hope for the best. It's not a bad way to be and my husband and I have never fought about money after 7 years together.
@kathleenandersen4181
7 ай бұрын
Same! Back in the day, she really stressed about having a 6 month emergency fund and lowering your consumer debt before taking on any big purchases. But I agree that her advice is out of date and unhelpful at this point for most people.
@BAMvideos12
7 ай бұрын
That's basic advice that she's giving to foster a better public opinion than she deserves. Kinda like how Andrew Tate tells his followers credit cards are bad between his insanities.
@vickyfaul3160
7 ай бұрын
That's a great message stick with.My mom was a in an abusive relationship with my Dad and then he left when I was born, she started a CNA course and worked, we had grandma at home thank God, I saw that woman working, I hard was tired, she is now retired, paid off her home and I learn from her experience not to leave the workforce, because things happens in life.
@lob1523
2 жыл бұрын
I didn’t always agree with Dave Ramsey religious approach but after binging a bunch of episodes daily during my journey was the slap in the face I needed on a daily basis to get out of debt. I will attribute his rants as being a motivator for me personally getting out of my bad habits. Seeing people get out of debt who were in a worse financial position is what I needed to use as my personal way to get out of debt. Let me tell you hearing him go off on someone’s bad spending habits put me in check when I wanted to go off and buy something I didn’t need. I am aware of the shady side of his operation but I’m one of those people who needs to be kind of embarrassed into doing something lol. A gentle push was not going to snap me out of my spending habits.
@miltonsibanda4540
2 жыл бұрын
This. Now that I'm out of debt and more comfortable, I don't have to listen to him, but despite all the negatives I can credit his show as being helpful to getting to this stage
@mariamakematoure
2 жыл бұрын
Yesss talk about it!!
@Omar-et7sb
2 жыл бұрын
Hey, I am glad it was the motivator you needed (mine was reading "The Millionaire Next Door") but that doesn't make Ramsey less problematic. His advice is factually, objectively wrong by any reasonable measure. The returns he tells listeners to bank on are unrealistic.
@lob1523
2 жыл бұрын
@@Omar-et7sb I think he is helpful at getting people out of debt but yeah I never listened to his investing advice.
@sharonoddlyenough
7 ай бұрын
If you find yourself still needing a slap in the face, Caleb Hammer has been a recent favorite.
@haleyperdue4483
2 жыл бұрын
What drives me nuts about Ramsey was an interview I saw of him where he said when he was younger he spent very little time with his wife and children to dedicate himself to growing financially. He was willing to miss all the baseball games to get ahead. He placed most of the household and childraising on his wife. It just makes me mad that he doesn’t regret missing his children’s childhoods and he seems to take his wife for granted.
@jsharp3165
2 жыл бұрын
That’s the hustle-is-life mindset. Everything must be subordinated to the hustle. Everything. And the mindset is not optional for men. If the hustle isn’t the center of a man’s life, he is failing his family. That’s the old school entrepreneur code, even if they aren’t conscious of it. Most have multiple divorces and have side pieces because they value the hustle above all things. It’s their de facto god.
@Pomagranite167
2 жыл бұрын
And thats why wealthy men like him will never impress me. I do not wanna have your kid and then raise it and for them to lbarely have a father and for me to barely have a husband to lean on. If i marry you, I want you to be there for me and our family. If money is more important, go marry the fucking banker. I need a man, not a hustler.
@DavidRamseyIII
2 жыл бұрын
That makes you mad? That’s a pathetic thing to say.
@TheKaurK
2 жыл бұрын
Jacob it’s not a pathetic thing to say. You are as incorrect as they come.
@miacontouli2493
2 жыл бұрын
Rich white men who refuse to acknowledge that their wealth-building depending on unpaid female labour (physical, emotional and mental labour) are the worst.
@amelieflorelle
2 жыл бұрын
A person who birthed my good relationship with money? YOU, Chelsea!! Been watching for probably pretty close to the seven years ago the videos started and I’m still always learning something new 🙌🙌 🙏🏻
@thefinancialdiet
2 жыл бұрын
My heart!! -C
@ThePricklyash
2 жыл бұрын
Bravo Chelsea 👏🏽👏🏽👏🏽👏🏽👏🏽
@Martina_E
2 жыл бұрын
Right?!
@laurac8533
2 жыл бұрын
This! I certainly dont get things right all the time but a far cry away from where I was before I found TFD 👏🏾
@squirrel8296
2 жыл бұрын
Literally this! Dave Ramsey in particular nuked my relationship with money and TFD has helped undo a lot of his toxic teachings.
@dangranot5703
2 жыл бұрын
Spot on! Dave Ramsey is my personal axe I like to grind, though Reagan is fast behind. Dave is a guy who spends all his time telling you how bad your are for spending money on unnecessary things, but sees absolutely no conflict with repackaging the same advice into 6 different must have products and hard selling them to you as essential to achieving your financial independence. His leveraging of religious and conservative dog whistles is shameless, as well.
@createone100
7 ай бұрын
I agree. Ramsey is an egotistical bully. I call him the Dr. Phil of financial advice. Can’t stand his smug arrogance.
@eatpigsnot
7 ай бұрын
Dave is wrong when he thinks effort always equal reward. he is correct that debt is always bad and many people spend money they do not have, often on non essentials. if you have debt, especially the more debt you have, you should not go on vacation
@ChubbyBlumpkinz
7 ай бұрын
@@eatpigsnothe is incorrect when he says debt is always bad.
@jaybleu6169
7 ай бұрын
@@eatpigsnot Yeah, but he ignores the fact that we live in a society that literally spends billions of dollars a year convincing people to spend money they don't have on nonessentials, and then blames them for doing so. It's both irrational and cruel to surround people with advertising telling them how much better their lives would be with all this stuff we produce, then blame them for not being saints who are able to withstand that and be content to go without while they watch everyone around them enjoying all the stuff.
@eatpigsnot
7 ай бұрын
Who are you listening to? Every show, every book, etc... Dave criticizes credit card companies, time share companies, big banks, etc... He never blames people for falling victim to slick marketing, predatory lending, etc... He does blame people for being immature and irresponsible. And he is right. After a certain amount of exposure or just getting to a certain age, one has to realize, especially when Dave or anyone actually, points out the how and why as a consumer, often times the product even though people are blissfully unaware they are the product, they still take a vacation, will not work an overtime shift, etc... when they have mounds of debt. Dave blames no one for getting trapped. He does call out people who willingly walk into the trap when they have seen others be trapped, or walk, often run, back into the trap after being freed. Quite frankly, those people should be called out, and there is nothing irrational or cruel about that @@jaybleu6169
@knunez4862
2 жыл бұрын
When it comes to personal finance you have to pick and choose what works best for your particular situation. There is not a perfect mix one fits all.
@heythere2174
2 жыл бұрын
My “finance” class in high school was just watching a ton of Dave Ramsey videos about not going into debt (while we were all on the verge of becoming college students) - we never ever talked actual logistics about applying for a mortgage or filing taxes. It was the worst then and he’s still the worst now.
@johnny2003
2 жыл бұрын
A 1/5 of what Ramsey does is talk about filing for mortgages. If you chose to not listen about the 20% rule, 15 year fixed, that’s on you. Don’t blame others because you listened and didn’t go further with what he was talking about.
@heythere2174
2 жыл бұрын
@@johnny2003 Dave Ramsey's advice works for wealthy people with poor money management skills but his invisible first step is to stop being poor, which many people can't do because the system makes it very difficult to claw out of the cycle of poverty. My finance class shouldn't have been a lazy PE teacher passively showing Dave Ramsey videos, but an educator who actually had us learn with actual practice - as an educator myself, we learn from doing, not passively viewing. I don't know you, but you are always going to be received better if you're willing to acknowledge complexity and not be an ass on the internet. You're probably better than your comment and judgment of another stranger, Johnny, and I hope I'm right. Godspeed.
@SmallSpoonBrigade
2 жыл бұрын
@@johnny2003 It's bad advice. You should go for the 30 year mortgage in most cases. If you want to pay it off in 15 years, that's great, but with the longer term, you have smaller payments, which means that if you lose your job, you're in a much better position to keep the house than you would with a 15 year loan. There's nothing to stop you from taking the difference in payments and setting it aside to pay off early, or making additional payments (Depending on the terms of the loan)
@SmallSpoonBrigade
2 жыл бұрын
@@heythere2174 Yep, you have to be making more than the cost of the bare essentials in order to have any hope of making use of his advice. He's got some good ideas like not borrowing money to spend on cars until you're a millionaire, but most of the rest of it isn't workable unless you've got a substantial income.
@grizzlybear4
2 жыл бұрын
@@johnny2003 rude
@CarrieMtn
2 жыл бұрын
Thank you thank you! I always feel like I’m the only one who sees Dave Ramsey as the high school bully- popular as long as he likes you- horrible if you are beneath him.
@Dbb27
6 ай бұрын
Good analogy. I do like listening to people’s stories.
@WhatsBliss
2 жыл бұрын
Honorary mention to Milton Friedman, creator of the Friedman doctrine/stockholder primacy, which turned businesses away from various forms of the stakeholder theory (that a company is obligated to all it's stakeholders, like custmers, employees, suppliers, local community, etc.) to one in which the only stakeholder that matters is the stockholder and that a companies sole obligation is to increase profits for its stakeholders. This paradigm shift has led to the rocketing c-suite salaries, depressed wages, stock buy-back programs, financial speculation, etc. It accelerated our journey to the mess we're in now.
@doomedwit1010
2 жыл бұрын
The funny thing is it's not about profits now. It's about stock prices. I have 5 owners and employees and we made 1 billion dollars in profit 5 years in a row. Am I a good CEO? No I am crap. Because my stock was priced at 100 years of dividends 5 years ago. So they are a bad investment. If Share Price doesn't go up, I fail.
@cometasporelcielo
7 ай бұрын
I knew Friedman's grandson. Cool but quirky guy. Friedman's son, however, was an absolute jerk. Told my friend's mom in the divorce that she could keep their kid or the money. She chose their kid in a heartbeat. My friend, as a result, grew up quite poor. I remember their mom lighting the gas stove with matches in the 1990s. But I think he turned out a better person as a result.
@kendalson7100
6 ай бұрын
Indirectly its led to a LOT more corporate fraud as well.
@kendalson7100
6 ай бұрын
@cometasporelcielo my mom sat next to Milton on the train once in Chicago. He was going to Ravisloe Country Club to play golf. She said he was quite charming.
@JhanJo
6 ай бұрын
@@cometasporelcielolighting the gas stove with matches???? Oh the horror!!
@squirrel8296
2 жыл бұрын
For me, Dave Ramsey (and to a lesser extent Suse Orman) destroyed my relationship with money to the point that the thought of money used to give me panic attacks. It was so bad that I wouldn't spend money on necessities until like 6 months after I absolutely needed to. I'm getting better about it now (thanks Chelsea and TFD for your more pragmatic approach to money) but even now I sometimes still have a hard time spending money on necessities because of that previous scorched earth approach.
@TheCoolOwen
2 жыл бұрын
I need to do the opposite…after spending $4k on legos over the period of 3 months.
@SuzanneU
2 жыл бұрын
Scorched earth is intended to be temporary, and to teach you how to handle money.
@courtneychervenak3710
2 жыл бұрын
Wow, I did not realize this was the root of my financial anxiety until reading this comment.
@grizzlybear4
2 жыл бұрын
Suze Orman did that for me. Life long panic attacks over money and lack.
@starbrightblue4936
2 жыл бұрын
Sorry for your hard relationship with money but Dave Ramsey has helped people become millionaires
@dusti755
2 жыл бұрын
Lived through Regan period and to hear somebody talking the truth about it is refreshing. Had to work till 67 for full SS benefits, thanks Regan! And now want to try to make full retirement 70, heaven help us, I hope not!!!
@TacticusPrime
2 жыл бұрын
I'll give Orman one thing; she's against student debt being permanent. I've seen her come out multiple times advocating for allowing students with unpayable long term debts to be able to default on them. That's at least humane.
@RedRoseWhite
2 жыл бұрын
It's likely that she recognizes that the way US student loans work is insane at this point. These are not normal financial products. People make regular payments that add up to 45k on 80k loans, and their balance owing will show as 65k or more because of interest and fees. That is not how a loan is supposed to work. That's usury. I am in Canada and even though student debt can be heavy here, terms like that are just not accepted. Something happened on the back end of your student loan industry. Imagine if a mortgage worked that way?
@SmallSpoonBrigade
2 жыл бұрын
@@RedRoseWhite I put most of my tuition on credit cards because the interest rates were lower and they could be discharged in bankruptcy court if something happened that preventing me from working for a prolonged period of time. That's beyond messed up.
@ms_cartographer
2 жыл бұрын
She is pretty cool for the most part. She isn't as out of touch as Ramsey, because she worked her way up.
@mbrum3230
7 ай бұрын
Yes very humane to have those who didnt go to college pay for those who did. Smh
@TacticusPrime
7 ай бұрын
@@mbrum3230 What? No, she's in favor of making student debt like all other debt. Removed in a bankruptcy.
@bridgetgrenier9373
2 жыл бұрын
I really connect with Chelsea's utter hatred of Reagan.
@EMSpdx
2 жыл бұрын
Same. So much of the middle class bought into his facade and many of those people who voted for him saw their lives turn for the worse. Ugh.
@thefinancialdiet
2 жыл бұрын
It's a mood. -C
@gracielou-pickle5151
2 жыл бұрын
It should have been the lesson of "hey, maybe don't vote for someone just cause they're famous."
@rdlewis3616
6 ай бұрын
I lived through that era and could see in real time what was happening to our society. The movie Wall Street exemplifies that time period where greed was good. It set us up for the toxic culture we have today.
@kathleenmcnaughton3392
2 жыл бұрын
Hi Chelsea! (Depending on the definition) I'm an evangelical Christian and I've always been suuuuuuper wary of the blind devotion to his strategies. I'm a recent (but crazy avid) consumer of TFD. I appreciate what you said about it being okay for someone to have benefited from something they picked up or chose to do from his strategies.
@EMSpdx
2 жыл бұрын
I love when Chelsea decides to begin with violence. 1) Reaganomics was awful- it depended on racism, delusions of easy wealth and jingoism to make so much of cutting of social services palatable to the American public- that same public who are now experiencing a crumbling infrastructure and shredded safety net. 2) Dave Ramsey's empire depends on people not knowing- or caring- that he was a real estate speculator. 3) Suze Orman's good thing was understanding that emotions, gender & money do go together; her insistence on cutting out life's small bits of living undrrmines her own past as a waitress at a diner.
@whitneyschmitney
2 жыл бұрын
Get ‘em Chelsea!
@IAmebAdger
11 ай бұрын
To be very fair, one of Dave's recurring segments nowadays is "I was a stupid stupid real estate speculator, don't end up like I did back then", which is fair enough, but he uses it to pivot into "that's why all debt is bad", which is a bit extreme
@Rob-me8vp
7 ай бұрын
Chelsea is an excuse maker. Hard to listen to.
@freedomworks3976
7 ай бұрын
Great defense mechanism you have there for your life’s failures.
@jeanne-marie8196
2 жыл бұрын
As a dreaded "boomer", who apparently irreparably advised our millennial children into a financial lifetime of debt and despair, I actually EXPERIENCED Reagan economics, (and prior to that Nixon, when gas fill-ups were limited according to whether your license plates ended in an odd or even number...not sure what happened to vanity plate people. Virginia fill-ups must have been a nightmare for gas stations with its proliferate use of those plates. Also, speed limits on the national highway system, as established under Eisenhower, were all dropped to 55mph in states that excepted federal highway funds, to save gas) and I am still waiting for the trickle-down from the top to positively hit me. I lived in the northeast where the majority of homes are heated with oil hot air, so winter was an absolute nightmare financially. We bought a fixer-upper house, and because of my good credit, paid the "low" interest rate of 15.78%. Yep, front-end loaded interest on my highest debt at that rate! But not to worry because "low" estimates of return on investments, was 10%. I'm paying out almost 16% on my highest debt and being told a 10% estimate was just as good! Of course, 10% was way overrated. "Trickle-down" went through so many rich people's higher archies, that when it hit the middle-class it was solid waste! We all were s%&$ on big time, and the poor were double s%&$ on with social programs decimated. The business structure was changed from employee first, to being "attractive to investors", and then to professional down sizers, who never considered employees as people and chopped many off at the knees. An email from my employer actually put employees 10th on the list of company assets. And it was also under Reagan that the 401k become the "pension" of choice", so all the underpaid employees could save for retirement on their own because we all know that everyone knows the stock market and can invest in it intelligently! 401 stocks were company-only stocks causing many to lose everything as company stocks declined. Sorry for the rambling my dear, but I am old and tend to ramble, and my still raw Reagan nerve was hit.
@borikero1
2 жыл бұрын
Are you enjoying your "trickle-up" Bidenomics yet?
@rjpg
2 жыл бұрын
@@borikero1 EXACTLY!!! I notice he didn't mention Jimmy Carter. Crappy market and double digit inflation.....yeah, that's better than Reaganomics. The trickle down theory created one of the best economics booms.
@dregernbern4518
2 жыл бұрын
"my still raw Reagan nerve" I love it. My avocado flavored millennial friends and I have been bemoaning the bad (for the poor and middle class) economic policies of the Reagan administration and how deeply invested our Xer and Boomer parents are in the bootstraps/trickle down narrative. Poverty has a powerful and diverse range of tools to ensnare people. Our citizens are not given the tools or education to avoid or escape these traps and are instead fed a narrative that a lack of money is a personal and moral failing. Which then translates into, those with money must be inherently smarter or better than the rest of us. The idle worship of wealthy individuals and a culture of mythologizing money are two toxic peas in a pod. Both ideas help perpetuate poverty as an exclusively personal failing. Multiple presidencies worth of economic policies rooted in these cultural beliefs have stunted the prosperity of our citizens and communities. More and more doors have closed in the subsequent decades and we are still heartily handed a heaping helping of bootstraps. This myth is a well marketed societal failing going back to a man with intense poise and charisma. I can't imagine the complicated feelings that come with being sold something so whole-heartedly and the betrayal of seeing those policies for what they are long after they've already shredded through 3 generations. We can overcome, but first we need the tools to do so. Wishing you all the best on your financial journey, and I hope you achieve a peaceful retirement in these turbulent times.
@borikero1
2 жыл бұрын
@@dregernbern4518 poverty is the original human condition...just read how the most primitive humans lived. Short and brutal lives with widespread disease, hunger and death...worse than any modern "poverty" definition. After that, the ancient civilizations depended for millenniums on huge masses of slaves and brutal centralized means of production, to ensure adequate production of food and essentials...most people still lived in unimaginable poverty. They would get extremely basic subsistence levels in exchange for their forced labor, and they obviously couldn't own anything. Someone figured that mass decentralized production mixed with enough "good" incentives could manipulate the population into producing a lot of stuff society needed instead of relying on slaves, serfs and other kinds of forced labor...a crazy idea of actually freely employing people and paying them a "incentive driven" rate for their services and labor, and even going further by letting them actually own stuff and letting them compete and produce things by themselves. ...basically capitalism and free markets. Then someone got greedy and decided they didn't like where they ended up in that particular societal hierarchy... and wanted the government to centrally own all the means of production and distribute equally the fruit of OTHERS people's labor and efforts...but it turned out that you couldn't get people to work and produce enough under those conditions. As the Soviet workers used to say..."we pretend to work and they pretend to pay us". The little you could squeeze out a unmotivated labor force would barely cover the subsistence levels...and left most populations attempting Marxism with chronic shortages, mass poverty and overall decay. It has been repeated like like a textbook scientific study in many countries with different levels of natural resources, education and population sizes...it just happen to not work...every single time. The precise right mix of socialism (safety nets) and capitalism (private and productive "trickle down" economics) is not known...it's a constant balancing act straight out of hell. But attempting to measure it only with poverty rates and equality is a fool's errand...and even then capitalism has produced the biggest reductions in poverty levels seen in history thru many countries (especially in China). It is no mystery why the Chinese COMMUNIST Party turned to capitalism to solve their biggest issues. I think capitalism should be adjusted with limited, sustainable and well thought out safety net policies...not the other way around. Capitalism and free markets is the ideal foundation...if you start your foundation with socialism it will fail sooner than later. The biggest issue is making people understand that they are not entitled to the labor and efforts of other people (unless they intend to go back to a slavery driven system)...the labor force has to be compensated one way or another with something they couldn't achieve with idleness sitting at home. The comforts of civilizations are not a God given right...it takes unimaginable levels of work and effort from many in the population to keep even the most rudimentary civilizations up and running. The Marxists have not come up with workable answers for those issues, and it shows in their many failures...Including their current MMT/helicopter money experiment (aka trickle up bidenomics).
@dregernbern4518
2 жыл бұрын
@@borikero1 the human condition is relative to the quality of life in each age. At different points in our history different factors contributed to the laboring classes of each era taking action to improve their standard of living. If not through gradual societal change, then through war and revolution. The story of large scale human society is a struggle between the haves and the have-nots. Over time the working class acquired more rights, work incentives, and other improvements through both violent and non violent friction with those they worked for. Each step forward in our quality of life was either incentivesed by profits or hard won by a discontent working class. In the United States specifically, the progress of workers rights post industrial revolution has erroded and poverty, relative to our own era, is a hydra viewed as a punishment for those who are swallowed by it.
@BankruptMonkey
2 жыл бұрын
Ah yes Dave "It's impossible to be poor if you work hard, you must be lazy and all debt is your moral failing" Ramsay making people feel bad for not affording cancer treatments on a minimum wage income.
@SmallSpoonBrigade
2 жыл бұрын
The main issue I have with him is that he glosses over how he got to get those deals that wound up bankrupting him in the first place and how he climbed out of debt. You don't get banks to write those sorts of loans without money and connections. Also, his advice doesn't really work if you're already that far behind. You need to have more than enough money to cover the bare necessities, and set aside some in order to have any hope of making use of it. Personally, it's working for me, but probably only because I didn't have a massive amount of debt and am fortunate enough to be renting my place from a relative at a steep discount. That being said, I'm going to be a millionaire eventually, just because I'm not going out and buying cars and I'm saving a ton to invest in a combination of stocks, bonds and a real estate trust. If you're not already being crushed with debt and non-reduceable expenses, it can be done with a relatively small amount of money out of each paycheck.
@Ht1976.
2 жыл бұрын
Stay broke
@annwilliams6438
Жыл бұрын
Just one of his many ironies is that he complained bitterly that his business would have to pay a tiny bit extra to go towards general health care for Americans - AND then helped to spread CoVid by saying that his staff should not be wearing masks and needed to come into the enclosed building rather than working remotely…. You can guarantee that HIS healthcare is the best available in the USA.
@annmarieknapp
Жыл бұрын
I'm sorry.
@astererratum6546
11 ай бұрын
Unfortunately my boomer family is OBSESSED with Dave and keeps pushing all his bs on me all the time. Among other Fox centric ideologies.
@johnharvey5412
7 ай бұрын
Some of my construction work is right across the Interstate from Ramsey's HQ, so I always make sure to give him the finger when I'm there.
@LadyMiner100
2 жыл бұрын
Not sure how this applies but I was born in 1957, and grew up in the military. Dad retired after Vietnam, when I was 16, and we moved into the civilian world about 1973. I found it a big culture shock to move from military bases with housing, schools, healthcare but very little spending money, to a small western town in Wyoming. I keep hearing about the hyper "individualism" of the USA which seems to be getting worse over time. The idea that it was something that really kicked in in the 1980's with Reagan is something I never considered. I assume it wasn't just him, but a swing of the entire political complex, but the end result is where we are today. Thanks for the insight.
@Zoetherat
2 жыл бұрын
It's pretty much what the US is based on. The entire country was founded on protecting the individual from the government.
@otsoko66
2 жыл бұрын
@@Zoetherat Not quite: it was founded on protecting the rich (white, male) individual from the government. Native Americans and African Americans and women were specifically excluded at the founding, and white men who didn't own land were marginalized. The country still does a really good job at protecting rich, white men - but no-one else.
@Zoetherat
2 жыл бұрын
@@otsoko66 No. In practice Indians and blacks got the short end of the stick, but the philosophy that the US is based on didnt concern itself with race. America's founding documents deliberately avoided the issue, and both opponents and advocates of American independence at the time acknowledged the incompatibility/ hypocrisy between their philosophy and slavery.
@Zoetherat
2 жыл бұрын
As far as women are concerned, it was oppressive to women only if you're comparing it to modern western society, which is an unfair comparison. By that standard, every society at the time and before was oppressive to women. This is an example of singling out one particular society and judging it unfairly and holding it to standards no society could have met.
@veronicarivera1352
2 жыл бұрын
When I started to learn more about finance after buying my house, my real estate agent recommended Dave Ramsey. His advice on having an emergency fund, life insurance, and getting out of debt was very helpful. However, over the years I have learned just how toxic, boomer, and racist his platform is. So I don't follow his investment or wealth-building advice at all.
@Zoetherat
2 жыл бұрын
HIs investment and wealth building advice is horrible, but it has nothing to do with his political or religious attitudes. He could be a liberal atheist and still have the same horrible investment advice. Chelsea can't separate her political views from her financial advice.
@monique7885
7 ай бұрын
How is it racist
@MrJr1976
6 ай бұрын
Let's get this straight. The person who makes more in a month than you do in a year recommended this person to follow and you choose to ignore it? Can someone be more ignorant?
@rocketsocks
2 жыл бұрын
I grew up in the '80s and the degree to which the culture in America has changed to become meaner and crueler especially toward the poor and the injured (and immigrants) has been extremely noticeable to me. Year by year it's changed a little but over 40ish years it's changed by leaps and bounds.
@hazeldavis3176
7 ай бұрын
Completely agree. The level of malice not only allowed, but overtly encouraged turns my stomach.
@mbrum3230
7 ай бұрын
Perhaps because the poor began to blame others without looking at their own actions. Including race baiting?
@MsCardio1
7 ай бұрын
Do you think it is because we ( the 47% who pay income tax in this country ) are so FED up with lazy, ignorant people asking for a hand out and being unwilling to follow tried an true principals of thrift, moderation, and working very, very hard.
@PlaystationMasterPS3
7 ай бұрын
@@MsCardio1and here it is in action. shame on you
@lbec9487
7 ай бұрын
Nothing pisses conservatives off more than pointing out the lack of compassion and brotherly love in their political beliefs. I brought that contradiction up to a Christian conservative who was complaining about immigrants and asked if he, as a Christian, thought the razor wire in the river at the border was Christ-like. Well he got so angry he stopped the discussion right then and there and resorted to calling me names instead.
@paillette2010
2 жыл бұрын
You nailed Reagan. The most charming criminal in the Whitehouse.
@danh8244
2 жыл бұрын
Ramsey advised one of his callers to pursue MLM. Although giving the correct insight that it is about recruitment, encouraging someone to pursue MLM is purely wrong considering that it is such a scam. For someone who is absolutely against credit cards, his support for MLM screams hypocrisy.
@emadalvi3006
2 жыл бұрын
MLM is a scam, unless you scam someone else, typical Evangelical grift mindset
@MissE333
2 жыл бұрын
His attitude to MLMs is the reason I stopped watching his channel. I was completely shocked at the way he described them. His only words of caution to the caller was that he’d have to work hard, but he’d be in “control of his own destiny”. Only only thing I took from that is that Ramsey is invested or closely connected to MLMs.
@katem6562
2 жыл бұрын
Yes I didn’t see that episode but remember another where a woman called in to describe her remarriage and her earning more then her fiancé and previous abuse by her former husband! He didn’t say anything useful like premarital counselling or anything else that I felt that could of help her and her fiancé.
@mmmsunshine5367
2 жыл бұрын
MLMs and the religious right is an interesting rabbit hole
@grizzlybear4
2 жыл бұрын
In 40-plus years of friends getting ensnared in MLMs, I have never seen one of them recoup their losses, often huge losses from going to tons of conferences, where the leaders kept upping the ante on "investment". I tried 2 or 3... overpriced vitamins, and one guy who embezzled the organization he started, then ditched the country. They seriously need to be outlawed and punished.
@d14551
2 жыл бұрын
This is excellent. And as I watched, I kept remembering what my high school social studies teacher said many years ago, which was that democracy can only thrive in societies that have large, stable middle classes. And, as this video points out, we have been whittling away at our middle class and at the possibilities for moving into the middle class for decades. Not good.
@GabrielChez
2 жыл бұрын
As a college student who has been looking for critical financial content in a sea of Dave-Ramsey to crypto-bro-esque channels, I have to thank you Chelsea :]
@borkbork4124
2 жыл бұрын
Right there with you. I had a personal finance course in high school and it was Dave Ramsey workbook curriculum. I felt talked down to, and the savings goal examples were assuming we were earners of at least 50,000…There was an example that said save 500 for however many months to afford a car at x price, but working class people dont have that kind of money to set aside each month to buy a car in full. I also didnt like how much he loves cash when cashless transactions are rare, and paying cash at stores that accept cards means you are paying the same rate as a card user, when point fo sale card systems take a small percentage from the stores earnings with every transaction. That is why you pay cash when buying a car/downpayment.
@squirrel8296
2 жыл бұрын
You have no clue how lucky you are that TFD is where it is while you are in college. TFD even didn't exist when I was looking at colleges and the only advice I received was Dave Ramsey and it did a lot more damage than good.
@SidV101
2 жыл бұрын
Investing With Rose is another good one, she’s not as active anymore but her catalogue is good
@I..cast..fireball
2 жыл бұрын
Check out plain bagel or ben felix if you want to learn about sensible, evidence based investing.
@SidV101
2 жыл бұрын
@@I..cast..fireball ben felix is amazing but probably too wonky for a lot of people
@magskl672
2 жыл бұрын
One of the most hypocritical statements from Dave Ramsey was him saying that "“I don’t believe in a stimulus check, because if $600 or $1,400 changes your life, you were pretty much screwed already,”... yet he advocates that a $1,000 "emergency fund" is all you need to have in savings... make it make sense
@justwait9822
7 ай бұрын
I disagree with ramsey on a lot of things but the 1000 dollar emergency fund is just a starter emergency fund while you pay off debt. He does recommend a 6 month emergency fund. I think a 1 month emergency fund based on risk is prob better but if you're debt payoff plan is 1-2 yrs, 1000 prob would be enough to get through.
@elleelle7200
7 ай бұрын
I am not advocating for Dave Ramsey, but you’re conflating two different concepts. The $1000 e-fund while paying off debt makes sense with the way he explains it. His statement about the stimulus is just idiotic…he forgot what being poor is like.
@kylen6430
7 ай бұрын
Yes. The order of operations is to have a small emergency fund set up before taking care of high interest debt. The point being, if you don’t have that, you will just incur more high interest debt if you hit any obstacles like car breaks down or something. So you get a small fund, pay off high interest debt, then save up to a 3-6 month emergency fund. Some would advise that the small fund be big enough to cover the highest deductible to your insurance plans.
@rudistorm3348
7 ай бұрын
Well the problem with stimulus checks is it causes inflation. When people actually work for money they spend it more wisely. That is why you see so many blow through lottery money, inheritance and stimulus checks.
@kylen6430
7 ай бұрын
@@rudistorm3348 yes. A stimulus check stimulates the economy. That’s the point
@darcy5823
2 жыл бұрын
My anecdotal experience is that many of us GenX'ers were the first to experience the middle class collapse after the 80s, as opposed to millennials who are experiencing it in growing numbers. Despite our education, what our parents told us to get, we are living no where near the level that our middle class parents lived at. I haven't been middle class since I left my boomer parents home. I'm middle aged now and am terrified that my social security will be confiscated because of my student loans. Starter homes here on the West coast are half million dollar homes. My kids, millennials, grew up poor even though I didn't. My dad got a great job at General Motors out of high school and made great money without college debt. We had our home and a vacation cabin. We had a boat, family car, junky work pick-up and dad flipped hot rods. This same dad shames me for not being a home owner with a pension. Ha! Can you imagine a pension!
@robsolf
2 жыл бұрын
For people living in the 90's and 2000's, Ramsey's attitude about debt was essential. We had commercials on TV depicting a family sinking toward bankruptcy due to unsecured debt, being "saved" by home equity loans where, "not only did we 'pay off' our credit cards, we had money left over to buy a pool!". THIS was the environment in which Dave Ramsey's message was responding to, an environment which continued well into 2008-ish(see "Maxxed Out" documentary, if you haven't already). People were going from being buried in credit card debt to being house poor. And I think that message was important. And people did need some perspective on debt. That said, I don't jibe with much of the narrative he chooses. But at least he does recognize the predatory nature of some financial institutions. Can't say I really disagree with you, but I think the context of the time in which he came up is important.
@iamnickstoicu
2 жыл бұрын
I went through Dave Ramsey's financial peace course when i was 20 and I appreciated the structure to start my budgeting life with but the relationship I have with my student debt is scarred because of the attitude he gives it. I'm not in credit card debt because I just spent too much (though I did have one card as a teen and i did pay it off) I'm $50k+ in debt to school for a bachelors degree I needed to get into the job I have now, not to mention a car payment because there is no decent public transportation in the city I live in. I accept the debt I have because it is a necessary amount to have the life I want and I will proceed to enjoy my avocado toast and coffee thank you very much.
@anitas5817
2 жыл бұрын
I love this. You are investing in your future. You are not recklessly spending on bling. There’s a difference.
@theushistorian
2 жыл бұрын
My mother dreaded my decision to go to law school because of the enormous loan debt I would have to pay. I paid off more that $200,000 in loan debt. It took 10 years, but I did it by working a public interest law job and a small tutoring business on the side. I understand your worry. But believe me, you will be able to pay off your debt. Just don't spend wildly as your income increases. Don't live in deprivation either--treat yourself, take trips, have fun. But budget out a monthly amount to pay those loans, and may above the minimum payments whenever you can.
@squirrel8296
2 жыл бұрын
That's the damage of Dave Ramsey's scorched earth approach. Student debt (and college/post-secondary training in general) is investing in yourself and your future. You basically need some form of post-secondary training to get a decent job. Car loans are also unavoidable with how expensive cars are and that North America has basically no mass transit outside of a few large cities. Also buying a house is pretty difficult and has been for a while now.
@MrJr1976
6 ай бұрын
@@squirrel8296 It's a terrible investment then. Average wages have increased 41% since 1990 but college tuition has increased 1,600% in the same time. For 95% of people, the increase in pay will NEVER outweigh the cost of taking out the student loan. Also, was it necessary to purchase a $30k car instead of a $6k one? You weren't "forced" to buy a new car. You WANTED a new car
@courtneychervenak3710
2 жыл бұрын
Thank you so much for finally bringing up the Ramsey empire. My financial literacy class was mostly Dave Ramsey videos & worksheets. Even though my teacher warned that she "did not agree with all of his beliefs and ideas" (I grew up in Rural, Ohio so this was probably intentionally coded), I still ended up following a lot of his content throughout my early twenties until I realized how toxic it was.
@thewewguy8t88
Жыл бұрын
Honestly I am just now starting to realize how toxic his beliefs are.
@mmmgan1
2 жыл бұрын
Spot on, as always, Chelsea. Dave Ramsey was a huge inspiration to me and led me to discover channels like yours that had all the relevant info and knowledge I sought without the parts that made me grit my teeth (chastising couples who share finances but aren't married, for example). Plus I got a little tired of the Ramsey mentality that adding a side hustle delivering pizzas (in addition to whatever full time job you already have) will get you out of debt. No company will ever need to pay their employees living wages as long as we get people to buy into this logic that it's acceptable to be paid next to nothing and if you want to prosper, it's on you to work 3 jobs. Dave Ramsey's advice/tirades can be motivating, but since he sticks to the same script on everything, it can be very one-size-fits-all.
@Thestashdowndiaries
2 жыл бұрын
I found Dave Ramsey when I was researching the debt snowball vs. Avalanche. He got cringey pretty fast and took the rest of my research elsewhere. It's so tough to find sound financial advice without paying an adviser. Side note: I went with the avalanche.
@SmallSpoonBrigade
2 жыл бұрын
TBH, I'd automate as much of it as possible. I get as much of my investments deducted from my paycheck and sent directly to my investment accounts as possible. I then use a robo advisor to make sure that the allocation is maintained. The more of the mandatory expenses that can be automatically siphoned off and put into a separate account as possible the easier managing your money is. Good luck.The Automatic Millionaire is one of the most sensible reads on the subject I've seen. It doesn't really oversell things and if you follow the advice, you'll at least spend less time messing around with money.
@Mindyourbusiness82
2 жыл бұрын
I would like to submit Robert Kiyosaki to be added to this list. The amount of people who still adore the "rich dad, poor dad" mentality. Ugh.
@sarac2019
2 жыл бұрын
100% Chelsea could do an entire video flaming that liar and grifter!
@lanaharper9798
2 жыл бұрын
Oh HELL yeah That’s another name that I grew up with btw lol
@wallihaley5194
2 жыл бұрын
@@devilsadvocate7059, I know that you were not directing your question to me regarding Robert Kiyosaki, but I find his approach bordering on psychopathic. He’s all about borrowing money as opposed to Dave Ramsey who urges people eschew debt, to leverage that debt to grow wealth. I listened to him one day when he was talking about using his money to buy nursing homes and he was laughing about the fate of the people who were living there. He just struck me as a not very nice person.
@TJ-yv3kp
2 жыл бұрын
Yessss he is another one🤬
@sharonoddlyenough
7 ай бұрын
Ugh, I read all his books when I was a kid.
@miacontouli2493
2 жыл бұрын
I haven't forgotten one of Dave's speeches where he started out discussing why he's right wing. But just ended up talking about the gun he carries, what it looks like, the kinds of bullets it carries in the longing tones of a lovestruck soap opera star describing her lover's physique. It went on for an embarrassingly long time too.
@alfamaize
2 жыл бұрын
Seems to me that a core background message for most of those point is "live to work" as opposed to the much healthier "work to live"- and many of them do it by shaming people for the concept of life as something to enjoy as opposed to live as something to enrichen someone else. This channel is much better on the concept of work to live. Go that path. I'm retiring at the end of this month, nowhere NEAR Suzie's concept of 70. I've known far, far, far to many people who died during their career or within a few months of retiring late in life. No- enjoy life. And pay attention to what REALLY makes you happy- not what you are told that makes you happy (the opposite of the concept of FOMO). You and your friends and family will be far better off to follow work to live.
@avery-els
2 жыл бұрын
Enjoy your retirement!
@alfamaize
2 жыл бұрын
@@avery-els Thanks!
@Pomagranite167
2 жыл бұрын
Happy retirement to you! You only live once, and to live to entich a corporation is no life at all. Get drunk on beach for me so i can live vicariously through u 😂
@alfamaize
2 жыл бұрын
@@Pomagranite167 You'll get there, too. Make the right moves, set up the long term savings, etc- TFD has some good advice to get there. And then when you get the chance, remember to vote in people who will use tax dollars to pay for college, like it used to be. If you can get healthcare for all- that will save money that did come out of my paycheck.
@MollyMustache
2 жыл бұрын
Omg 23:44 “Their epic quest to slay the moist dragon that is Mark Zuckerberg” 😭😂 TRULY laughing out loud, oh man. Your script is pure gold!
@rabidfollower
2 жыл бұрын
One of Orman's controversial opinion was her criticism on FIRE. I don't think she was wrong. When you gain "financial freedom" in your 30s, it's like scoring 20 points in the first quarter in basketball. That is not the finish line. The finish line is when you can no longer physically work. THAT is the moment when you have to have financial freedom. When you score 20 points early, you can still choke and lose the game at the end. So everybody's goal should be to make sure you cross the finish line a winner. And that is true whether you are into FIRE or not.
@dutchmagpie170
2 жыл бұрын
Wow! A really good tussle with the material as my old professor used to say. Here are some thoughts from a liberal on the other side of the pond who has spent some time in the US. The post war economic consensus of Keynesian liberalism did much to improve the lives of ordinary people and at an accelerated rate. Probably the fastest since economic history began. However by the mid 1970's it had become tired and failed to address the problem of persistent inflation. Regan and Thatcher successfully taped into this discontent and I have to say, were aided by a somewhat arrogant liberal attitude of 'it is what it is' get on with it. We often take the view that when faced with generous social programs there may be some 'free loaders' but that is the price of the system. Both Regan and Thatcher exploited concerns about these individuals among ordinary people. History records of course, they replaced it with something far worse for the majority. Dave Ramsey I think also provides a service by challenging 'society is to blame' liberals and confession time, I have been one myself in the past. In a society there is a balance between social responsibility and individual responsibility. There is a need for policy change and individual change together, they are not mutually exclusive, if we are to grow an inclusive economically expansive society, in which we all value and share. In challenging us to engage in the debate between individual and societal responsibility, I believe Dave Ramsey adds value to the discussion. As for some aspects of Dave's personal values that you might not agree with, 'Follow the light not the lantern' as my late Grandmother used to say. The single greatest difference I see between our 2 societies, is that despite all that has happened, the UK's socialized medical program, with it's imperfections, has removed the fear of debt as the price for health for British people. I hope this contribution adds another dimension to the discussion and congratulations to Chelsea for enabling it.
@emilycurtis4398
2 жыл бұрын
Screams condescendingly in rice and beans. I was looking at videos on living on one income when I was pregnant, so I found some Dave Ramsey videos. Dave praised his wife for being an "accomplished woman" who is "well read" as they lived on his income. My husband still laughs at that video and praises me when I read a magazine.
@melb2734
7 ай бұрын
Congratulations on reading the magazine! 🎉
@emilycurtis4398
7 ай бұрын
@@melb2734 when I get the free time to read a book it's even funnier
@boniw698
2 жыл бұрын
Reagan ole union buster Supporter of the wealthy. What we are experiencing today in a big part to the middle class struggling we can attribute to him and his political party Jimmy Carter was the last true respectable and everyday man’s financial representative president He understood how to make and live on an honest $1. Thank you for being so forthcoming and truthful. This is refreshing. At my age 71 widow living on my husband’s pension thanks to the union. A factory worker for 43 years in auto industry. He’s souly missed. 🌟🌟🌟
@christineoneill2360
Жыл бұрын
Spot on about Reagan's economics. Additionally, closing mental health hospitals ( in California as a govenor) set us on the road to homelessness .
@adnaloy9025
2 жыл бұрын
This is interesting and really eye opening. I knew some of this already... I mean Reagan fired striking union workers after all and put us into the "war-financing-our-economy". I appreciate your attention to detail here! Great video!! :-)
@jazziered142
2 жыл бұрын
I actually started following budget girl, and with her videos through the help of Dave Ramsey, I did get out of debt. The only thing I did differently, is had two bills that were almost the same, but the higher interest one was about $300 more. I knocked that one out first. The difference in the amount, compared to the difference in interest rate, it was a no-brainer.
@jtixtlan
6 ай бұрын
I’m 62. I know for sure: We can work hard, bring value as employees, and take personal responsibility for our lives, and STILL be compassionate humans. Our personal relationships, values, and the way we treat others is more important than “winning” financially to the highest level of financial success.
@zeni6450
2 жыл бұрын
Learning about an emergency fund from TFD was my first step to financial freedom! Always appreciate TFD acknowledgement of systemic barriers :)
@ConsciousMoney
2 жыл бұрын
Love how you tackle this subject head-on, from the side, everywhere and find really useful angles to help people understand what is quite a complex, multi-layered topic.
@msmith3395
Жыл бұрын
I recall a number of years ago when I mentioned something about having read something form Orman to a more experienced colleague at work while having a casual discussion about investing. He was taken aback and said "those books are for idiots." So true.
@Sophmorical
2 жыл бұрын
Was talking with my mom about my journey to being better with my personal finance. She asked me if I followed Dave Ramsey and I had to fight back the urge to rant about him. So glad I found TFD back when I was a financial hot mess so I didn’t fall for any of these other types of personal finance people
@phazon100
2 жыл бұрын
Favorite chapstick
@spbausch
2 жыл бұрын
Great video. I was surprised that you started with Reagan. You are just too young. At 69, I am old enough to remember the horror as it unfolded in real time. I don't watch Shark Tank. I've known for years the Ramsey and Orman are dangerous crocks. But I had never heard of the Sigma Male or the Winklevii guys. One reason I watch your channel, even though I am pretty much beyond saving and investing for retirement (I am in it and hoping I did enough), is to keep up with current ideas and trends in the economy. Keep up the good work!
@Sky-Child
2 жыл бұрын
Dave Ramsey is just plain rude frankly. If anyone in my real life yelled at me like that I would go to great lengths to avoid them. I am working towards paying off my debt and building an emergency fund and investing, but there is no way I will be living on plain rice and beans for the rest of my days because although it would be nice to live until I am old and have a nice retirement, I could absolutely get hit by a bus and die tomorrow. Balance folks - enjoy the here and now without bankrupting yourself
@lubnan08
2 жыл бұрын
Yes agreed
@WhatsBliss
2 жыл бұрын
Exactly. Moderation in all things, including frugality.
@UlexiteTVStoneLexite
2 жыл бұрын
Dave Ramsey is crap he fires his employees for having sex as if he has any control over his employees lives like that.
@pretty_saucy
2 жыл бұрын
"This is the longest script I've ever written." GOOD. I've got popcorn and a cocktail. Let's go.
@redhead3322
2 жыл бұрын
Well second comment I guess. Story time: My parents own a couple of rent houses that they intentionally rent at a slightly (10-15%) below market rate in rural Texas to people who are rebuilding their credit. They feel like this is an important community service. They're responsible landlords, but homespun and imperfect. One of their tenants, a married couple, moved in joined a church, and immediately started going to Dave Ramsey classes. They followed everything to the letter, including only maintaining a very small emergency fund which didn't even cover one month's rent. Well, they both lost their jobs to COVID related closures, and needed to use their stimulus check to cover less forgiving expenses. My parents allowed them to pay what they could each month and then slowly make up the difference over time without any interest, and they eventually caught up. They also talked to them about the dangers of not saving enough--because they're parents and they can't not. When my mom told me this I could only think of what could have happened if they were in a different situation, the thing that they thought was getting them on the right track could have been the very thing that completely derailed their ability to save long term.
@jazztazz770
2 жыл бұрын
This is so terrifying. I'm definitely attempting to tackle my debt in a Baby Step-hybrid way. Like instead of snowball, I'm using avalanche. And instead of 1000 emergency fund, I'm doing 6 months expenses instead. I definitely don't think his advice is one-size fits all, and people who fall into that mindset are... quite frankly, simple-minded. The snowball works if you don't fully understand how interest works. $1000 E-fund could probably work if you have family support you can count on if something drastic happens, which I do not have so I adjusted. No one should follow anyone blindly. Everyone's situation is different.
@cheyenneharmon1022
2 жыл бұрын
I go back and forth with the Dave Ramsey plan. I agree with the debt snowball and living debt free (as much as possible). But I disagree with his philosophy on whole life (not because of the cash value) but because many people spend down their nest eggs. Even though the house may be paid, the spouse / children may not have the cash to buty you. It takes time to sell a house, tapping into the equity takes longer than planning a funeral. I say, always have a $10-50k whole life, for funeral expenses. I also disagree with the credit cards, 3% cash back on gas (especially in these times) is helpful. Every penny counts.
@Letty4
2 жыл бұрын
You're definitely right that there's good and bad! It seems to be more for people who are in a financial disaster or who struggle to see a way out of debt and it makes a lot less sense for people who are doing alright or doing well.
@anitas5817
2 жыл бұрын
I put everything on a credit card, pay the whole thing every month always, and earn a ton of rewards. Being arbitrary about credit cards is just silly. Just depends on how you use them.
@jakeslist569
2 жыл бұрын
Dave Ramsey offers generic advice about getting out of debt, but that’s about it. The rest of his content pushes guilt, shame, obligation, & fear to push his message without mentioning the complications in life. That is, Dave never mentions anything about changes in the labor market or one’s own personal skillset (product-market fit) or market forces as legitimate reasons why people get into debt and stay that way. Also attracting mates/associates requires resources and no one wants to team up with a zero, tbh. That requires some debt in many cases. Life is far more complicated than Dave would honestly admit. That’s why I can’t stand the man.
@TheDecoCottage
2 жыл бұрын
I agree. His baby steps are great for steps 1-3 (with the exception of the initial baby emergency fund of $1000; I’d increase that). Beyond saving 3-6 months in an emergency fund, his advice is not great. I also disagree with him about stopping 401K/employer sponsored retirement contributions while in debt, especially if your employer matches contributions. I also disagree about having a 0 credit score. Having that high credit score; jobs check that when running background checks and you could lose out on opportunities because of it.
@EMSpdx
2 жыл бұрын
@@TheDecoCottage YUP- especially with the stopping retirement contributions. You have to not just pay down debt but also grow your way out of it. And he simply does not seem to understand that.
@jakeslist569
2 жыл бұрын
@@TheDecoCottage I’m with you on all points 💯
@jakeslist569
2 жыл бұрын
@@EMSpdx yeah Dave has a personal narrative that doesn’t match well with reality. You’re so spot on about credit scores, Dave’s short-sighted to think a zero doesn’t matter.
@DesertMav
2 жыл бұрын
My two cents is that I think Dave Ramsey is a good place to go as a beginning step to personal finance, but most of his ideas are extremely outdated. There is going to be some sort of toxicity in most sectors of the personal finance space, but I do enjoy some aspects of different parts of it such as this channel.
@jasminequezada3083
2 жыл бұрын
Just popping by to say I love your blouse! 🥰
@Kate-bi9dh
2 жыл бұрын
Love that you hit on Ramsey, but I would have loved to also see Kiyosaki (his focus on over leveraging is concerning, but as an accountant hearing him talk about liabilities and assets INCORRECTLY drives me up the wall). Asset and Liability accountant rant: An asset is a thing that you own, could be a house, a rental property, a car, inventory, even intellectual property. A liability is money you owe. So, you mortgage a house to live in, that is an asset and liability. You mortgage a multi family house to rent our, that is an asset and a liability. But either without borrowing money? That’s just an asset, “no” liability (no in quotations because of things like accruing taxes). Subleasing an apartment is a right to use asset and a lease accrual liability. What Robert is trying to communicate is his preference for INCOME/REVENUE generating assets (rentals) as opposed to EQUITY generating assets (home you live in). Equity likely sounds familiar, in this instance think about it as the difference between the value of your asset and the liability associated with it-you can have more liability than asset value as well (think vehicles). ANYWAYS, him describing one type of property (multi family/rentals) as an asset versus another (single family) as a liability is incorrect when he also specifies borrowing money too about said rental property. I get that he’s not an accountant or really a finance professional (this is basic stuff for a finance, accounting, or business major), but as he is “educating” others on finance I would have hoped he would have at least used the right term: Income Generating Asset. Instead he’s used the incorrect term and is contributing to financial illiteracy. RANT DONE.
@WhatsBliss
2 жыл бұрын
Never encountered his stuff, but that was an interesting rant and thank you for the definition of terms
@hermanbosman1047
2 жыл бұрын
Can we get a vid of the 6 people we are suppose to listen to? (Excluding Chelsea and TFD of course). People who actually point out the truths and help us to get started in the financial wilderness?
@leilamcdowell4634
2 жыл бұрын
I second this!!
@koset
2 жыл бұрын
THANK YOU for including both Dave Ramsay and Suze Orman. I was seriously going to pass on your video if I did see them both here. Now .. I'll join the Society at TFD!
@kiragillett8338
2 жыл бұрын
Como persona que ya ha terminado el libro 9 steps to financial freedom por suze orman, entiendo completamente las críticas de sus consejos. Por ejemplo el consejo que invertir en un index fund con 2 o 3 amigas, “sólo va a costarles a ustedes $20mil dólares, una vez”, depende de tener un círculo rico y supone que tienes la mitad de $20mil disponible inmediatamente. Las únicas dos cosas que me gustan del libro es el concepto de “respetar tu dinero” y “pagar tus deudas personales primero”. Por qué creo que es muy importante mantener las relaciones saludables y no crear más tensiones en pareja o amistades por no volver a pagarlas. También la idea de “respetar tu dinero” me ha ayudado muchísimo hacer las cosas financiales que me molestan o me dan ansiedad, como llamar al médico sobre una factura, aplicar por la compensación de trabajadores, editar tu currículum, solicitar nuevos trabajos, o lo que sea. Dado eso, te agradezco mucho por tener esta conversación y también por criticar los gurús financieros. Gracias por el video. (Aún estoy aprendiendo español, por si acaso cometo errores, déjame saber porfa:)
@georgiatucker1861
2 жыл бұрын
Thank you for this! I thought this for YEARS and I am delighted that you are covering this is issue in a long format - brava Chelsea!
@amandahaas2272
2 жыл бұрын
I had a sad/bad feeling about Dave Ramsey when people at work talked about it. Granted being in the Bible Belt, financial stuff was better than talks about church and not going to heaven. I felt so bad that I couldn’t be “prosperous” because I was having trouble finding a job and was released from that job because I was going back to undergrad. And my mom said his stuff isn’t realistic for people who don’t have the money to start off with. And the judgement and cult like perspective that seemed to infect my Texas panhandle community was disconcerting. But he’s too outdated and unrealistic,.
@opallise
2 жыл бұрын
I also live in the TX panhandle. I agree that it is tough to live here as a "poor person". Everyone is super friendly right up until you say something positive about social programs and the "wealthy people" breaking the social contract. Stay good! You're not alone here!
@amandahaas2272
2 жыл бұрын
Thanks Opal! You too! Eventually, the tides will change.
@MrJr1976
6 ай бұрын
"Don't live in more than you make" is outdated? Honey, you're gonna STAY poor with that mentality
@hobsdigree2
6 ай бұрын
Dave Ramsey does it right. Pay off your debt, and you'll be giving yourself a raise. Most critics of him don't like his tone, but that kind of tough love is what works. Think of people like Simon Cowell, Gordon Ramsay, or Kevin Samuels. You may not like their tones, but they show results.
@jtowensbyiii6018
Ай бұрын
His advice is often bullshit and lies, you can't save to buy a house according to him if you make less than around 150k a year
@hobsdigree2
Ай бұрын
@@jtowensbyiii6018 You absolutely can save for a house.
@SerialNerdery1825
2 жыл бұрын
I think there’s value to being very frugal and thrifty until one develops a good financial base. As an immigrant to the US, we were somehow able to thrive during the 2008 recession by frugality and every little dollar saved and earning interest or invested helps a lot. For example, when we first arrived, I bought a bike and biked to work. 15 years later, we are much more comfortable with a couple of cars, I still bike to work.
@mochilinha1753
2 жыл бұрын
Omg I was addicted to Suse Orman 🤣 now I am addicted to TFD hehehe
@thisisyourfinalwarning
2 жыл бұрын
girl, same!
@princessdyn
2 жыл бұрын
I started watching Suze Orman during the Great Recession in my early 20s as the world was falling and I wanted to make sense of this money thing since I had none as an unemployed new grad. I moved on to Dave Ramsey after getting another degree this time with student loans. Ultimately I paid them off in 3 years but my main takeaway was HAVE A STRATEGY. Lowest to highest debt or interest, get a plan and stick to it for at least 3 months to start seeing some results and don't give up! Have measurable milestones that you can celebrate 🥳 (I was getting 1 or 2 Smirnoff Ice flavored drinks and doing nothing for a whole weekend for every loan I paid off). I was never a diehard fan but every plan / people has some flaw somewhere. I chose not to dive into the religious aspect of DR's teachings as I get how toxic some of them might be. Now that I'm out of debt I watch personal finance KZitemrs. Oh boy that's also another can of worms ☺️
@gracemullen8183
2 жыл бұрын
Dave is toxic as hell. He seems to have zero understanding of how housing costs and college costs makes it almost impossible for millennials and Gen Z’s to get out of debt. The advice about the emergency fund and his advice about credit cards are both horrible.
@sonicpsycho13
2 жыл бұрын
Dave is the "ok, boomer" and "old economy Steven" memes made flesh.
@bbloni6767
2 жыл бұрын
He talks to the people who called in like they are stupid. So disrespectful.
@borkbork4124
2 жыл бұрын
He is just so outdated. He says cash is best, when it is not-a lot more purchases are happening online. Debt is not all the same either, medical debt weighs on so many people, and that debt far outweighs the borrowed money for school in the U.S. Someone in my family loves listening to his radio show, and it is silly that what Dave says is not the same as what this family member actually does with their money (hint, they do not invest any of their money, it just sits in a basic savings account that does not even keep up with inflation). And the tip of investing and diversifying is a universal money rule, it is not exclusive to Dave.
@catz7679
2 жыл бұрын
We are millienials and currently debt free (did dave-ish) but one of our cars decided to crap out so back into debt we go. Thanks Murphy.
@sonicpsycho13
2 жыл бұрын
@@catz7679 Dave's outlook ignores the opportunity cost of money. Low interest loans can free up money for you to better use it elsewhere. I have a 0% interest car loan, no way am I paying that off early.
@scottg2946
Жыл бұрын
Chelsea you are seriously on-the-ball here and a great communicator. What a great piece this is!
@rebeccajones9757
2 жыл бұрын
I still like Suze Orman. She had timely advice when I was fresh out of college in her Young, Broke, and Fabulous book. She had ideas on saving money that didn't involve personal sacrifice, like shopping for insurance rates, or calling credit card companies and asking for a lower rate. She emphasized how interest rates compound and advocated for negotiating. She also educated me on how credit scores are calculated. Now that I am middle aged, I am grateful for the low interest loans I had, and high interest savings. I'm quite comfortable now from Suze's advixe 20 years ago. Her TV show was very much the brand of sacrifice that you're criticizing, and that is fair. Her books were better than the show and her current social media presence.
@pagesculptor
2 жыл бұрын
And thanks to Suze, and my kid subtle prodding, we got a living will and will that will secure my kid's future.
@annan.3283
2 жыл бұрын
Agreed, Suze pushed me to start my retirement account stat after college because she always did the math to show how small savings would compound by retirement. And how if I waited until age 30 the difference in retirement savings would be drastically different.
@gixxingthecommute3410
7 ай бұрын
I'm glad you mentioned Reagan, I couldn't take anyone seriously that listed people in this category but didn't list reagan. History will not judge him well, he's just the major catalyst for financial change the past 40 years. If America ever collapses and they go back looking for a reason, his presidency will likely be the culprit
@jglaab
2 жыл бұрын
I was ready for a list of exclusively entertainment celebrities so starting with reagan snatched my wig. 💯% agree with everything said and i could probably listen to an 8 hour video shitting on reagan and then watch it again. Solid video again Chelsea! 😊
@muiawat
2 жыл бұрын
Reaganomics🤢
@jtixtlan
6 ай бұрын
I’m a boomer who tried gig-work (Uber) to supplement income to help my kids pay tuition. Disaster! Dangerous! When I prepared my tax returns about six months into rideshare driving, I really did the math. What I learned is that I was working for about five dollars per hour! When you dig into the facts, you may find that the wear and tear on your car and the cost of gas And the amount of downtime waiting for rides or the amount of time spent driving to pick up a rider who is often going to scam you out of your fee, you realize that you are a slave to a multi billion dollar corporation that takes no responsibility for your safety or your profits. I personally found it to be a bigger scam than even MLMs. For young adults, I employ you not to work for companies that expect you to take all the risk and to work for nothing. Either do everything you can to build a solid career that pays you well with a corporation, always making yourself marketable to other corporations, or build a business in which you drive your own success. And font work full-time for low wages doing unskilled jobs like fast food or coffee once you have your degree!!!! You didn’t take on all that debt and study for four years to work for low wages!
@johnpeterson3299
2 жыл бұрын
One of your best videos. Dave Ramsey and Suze Orman are entertainers who seek to profit in anyway possible from their viewers. Kind of like taking anger management advice from Will Smith.
@YusufEymen248
2 жыл бұрын
Investing in precious stocks like gold, silver, crude oil and cannabis is one of the best way to safely invest and grow your portfolio but can seems scary to some but with the help of a financial advisor I have been able to invest and grow my portfolio. You can take part in this great stock market too.
@ameliaemerson2250
2 жыл бұрын
I've been wanting to invest in gold but I'm so skeptical on whether to continue or not but seeing how good people are doing in I believe I can make good profit.
@YusufEymen248
2 жыл бұрын
Well for me I work with *Armani wang* He's a pro. Investment Advisor he's knowledge and ideas has been top notch . With he's help I have been making lot of profit from my investment.
@gabrielaevita6058
2 жыл бұрын
The stock market is getting its volatility high. Hence stock investors would be outstanding and would be steps ahead of others who invested into it later...
@YusufEymen248
2 жыл бұрын
@Anderson Hector you can reach him on what'sapp
@YusufEymen248
2 жыл бұрын
+125
@nathantherealtorsonoma
2 жыл бұрын
First: Yes thank you. Every time I hear someone start talking about Dave Ramsey I have to fight to keep my eyes from rolling back in my head. Second: I work in real estate and I have definitely noticed especially amongst the young men in the business is "hustle" mentality. For the life of me I can't put my finger on it as to why but it feels really unhealthy to me. A lot of these guys seem to idolize Jordan Belfort, Conveniently side stepping the fact that he did some horrible things and continues to do horrible things.
@cjko100
2 жыл бұрын
I like some of what Ramsey teaches but definitely not all. I like the part about pretty much owning your spending and situation and don’t spend more than you make. Basic financial advice. So your advice about getting advice from Imperfect sources is good. Get advice from multiple sources. I definitely don’t like the not worrying about your credit score. The biggest thing that turned me off to him though was that he paid for his kids college and his parents paid for his. While he sits there and shames other people to not go into debt for college and anyone can get through without debt. If he wanted to really preach that he wouldn’t have paid his kids way and could have shown how they made it on their own. This is coming from someone who did get through school almost entirely debt free by living super cheap, getting academic and athletic scholarships. But I still think it’s super hard and not even possible for everyone.
@anthonyperez9736
2 жыл бұрын
Thinking about where the country would be if Reagan never happened keeps me up at night
@ThatPazuzu
2 жыл бұрын
I took an economics class in high school and the entire class was watching Dave Ramsey videos. It was ROUGH
@ThatPazuzu
2 жыл бұрын
I remember a class where the focus was that going into debt is bad. If you take out a loan, pay it back. That's it. There was no consideration that no one wants to go into debt to begin with.
@ariesmry
2 жыл бұрын
Yikes. That’s the equivalence of taking a psychology class where the entire class is Tony Robbins motivational speeches
@borkbork4124
2 жыл бұрын
I had the same class! I felt I was being talked down to. There were savings examples, but the numbers he used assumed we earned 50,000 a year….but he also said no studnet loans, so how am I supposed to earn more money huh Dave!
@candecarro
Жыл бұрын
Yes! Every time I hear Dave quote 12% annual returns in the stocks, bonds and mutual funds market I want to scream. I’m 75 and a seasoned investor in the stock market, real estate, private mortgages and other alternative activities. And I’m fine. But 12% on avg? That’s typically an unrealistic possibility.
@sjblack9135
6 ай бұрын
It’s taken me years to undo even some of the underlying guilt and anxiety I feel every time I make a frivolous purchase thanks to a few of these people mentioned. While I will say, I am super glad to be free of debt, I also resent that I ever felt like how much money one has is an indicator of the kind of life they should lead. F-- that nonsense!
@azneesy
8 ай бұрын
Introducing Reagan 😂. I’m dying.
@BafoofaSniclefrits
2 жыл бұрын
I'd be very interested in a Ronald Reagan video
@camgyoutube
2 жыл бұрын
I love your shirt, Chelsea!! Truly my fashion icon in addition to giving high quality financial education
@Chichi-sl2mq
2 жыл бұрын
Thank you for the video. I sometimes feel ashamed that I,m not succeeding at hustling. the society we live in now is full of these people who think that hustle culture is for every one.
@lk1869
2 жыл бұрын
Do not feel ashamed…ever. One step at a time. Your way. Progress is progress, and the good thing is that you get to define it. No one else is living your life. 😉
@tauIrrydah
2 жыл бұрын
So when people say the male Karen is a Dave, we know which Dave they mean now.
@theflamingpopsicle19
2 жыл бұрын
This video was not only INCREDIBLY informative, but hilarious. I was cackling over the drippppppping sarcasm LOL it’s impossible to talk about these people without it!
@VikingKittens
2 жыл бұрын
I knew when I hear " Buckle UP Baby," it was gonna be a good episode. Thanks for not letting me down. Cheers
@LuciaCasucci
2 жыл бұрын
What a great video and perspective, Chelsea! Loved every minute of it. Crazy the impact of Regan into our current socio-economic situation
@brianneholmes6547
2 жыл бұрын
The Dave Ramsey plan helped me to get out of debt. However I can not even recommend his plan to anyone anymore. I can not support him anymore, his brand or his company.
@gracepeck2085
2 ай бұрын
My parents sent me to a private Christian school when I was in high school and our economics class was literally just the Dave Ramsey course.
@user-lw6ml5xz4v
6 ай бұрын
Suze Orman turned my life around. When I was 25... and when Barnes and Noble, was still a thing, I remember browsing through her book, at the time, "Road to Wealth." That book is the *complete guide* - which includes everything from retirement planning, estate planning, life insurance, etc. I bought the book in 1999. What she did on her show, and what she gets criticized for, is pointing out the true cost of your $5 coffee which you should have invested that $5 for 20 years. Road to Wealth, the book, has been updated over the years. Read that. And what almost all financial gurus and KZitem talking heads get wrong... everyone is focused on spending, saving. The other side of the equation is income. Increase your income - and avoid divorce.
@gabzi27
2 жыл бұрын
I generally view all advice about anything, no matter the source of the advice, as something to be processed and then picked through for what is actually going to be right for me and my life, and the situation. Advice that is given to a large audience without the context of each person may not be what's best for everyone. Person to person advice can be non applicable to a situation if the person giving the advice doesn't have the full context of a situation. When given advice, you don't have to listen to it and you don't have to take it. Imagine taking every piece of advice that you hear or are given? Yikes. It's also foolish when giving advice to expect a person to always use it. The expectation from the advice giver to the advice receiver that their advice is what they should do and is what is absolutely best creates an unspoken pressure that could sway someone into doing things that aren't necessarily the best for them.
@joshuagharis9017
7 ай бұрын
As someone in recovery, 5 years, I agree that we can get good stuff from anywhere, even less than ideal sources
@beckypetersen2680
11 ай бұрын
I think Dave Ramsey actually hits where people can understand. He gets the psychological boost you get with little positive steps.
@RebekahSage
2 жыл бұрын
I absolutely love Chelsea's shirt, does anyone know where it's from??
@julietchu7008
2 жыл бұрын
Costco
@hinkhall5291
Жыл бұрын
Dave Ramsey is the dad I never had. I need a guy like him to kick my ass.
@LiamRichie825
Ай бұрын
Late to the party, but my mom is my reason for my good relationship with money. My dad works in finance but didn’t teach me anything. My mom taught me about saving and spending/living within my means.
@kgal1298
2 жыл бұрын
I read that Ramsey 12% thing and I was like "who has those returns constantly?" I swear that mans drunk.
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