On This Episode
Whether you’ve heard his radio show on accident or know his baby steps by heart, you’ve probably heard of Dave Ramsey. But should you heed some of the advice he's giving? Let's take a look at some of the things he promotes.
A lot of people listen to Dave Ramsey, author and host of a popular radio show focused on managing finances. The question is, is Dave’s advice worth adhering or are there some instances where Mark disagrees?
When it comes to Dave Ramsey, it’s important to understand where he’s coming from. Where does his expertise lie? Is he licensed in financial planning or insurance? Or is he basing his advice on personal experience? What does it mean when you work with a fiduciary?
From Dave Ramsey’s debt snowball method to investing in mutual funds, Mark talks through what he agrees and disagrees with when it comes to making financial decisions. In all of this, it’s important to have realistic expectations on your investments and a solid strategy for your financial plans.
There are a lot of generalizations in Dave’s plan, but a one-size-fits-all is not the kind of financial plan that works for everyone. Clients want someone to look at their situation and understand how to guide them through what to do with their finances. Specific advice will be more meaningful, which can be done when you and your advisor get to know each other.
While some of the common sense advice that Dave gives is good, there’s also a lot of advice that doesn’t make sense for everyone. Communication between clients and financial advisors is key, so work with a financial advisor who has your best interests in mind and can help you make the best decisions for you.
Listen to the full episode or click on the timestamps below to hear what Dave Ramsey says that might not make sense for you.
Debt is not a good thing to keep. But you need to have somebody look at a plan to figure out how you’re going to pay off your debt, when you’re going to pay off your debt, what debt you pay off first, and how much you should be saving.
- Mark Silverman
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:46 - Does Mark agree with the debt snowball?
3:57 - Should you just invest in mutual funds?
6:41 - Can you really expect a 12 percent return on your investments?
8:08 - Should you stop saving for retirement while getting out of debt?
11:59 - What does Dave Ramsey say that is good to follow?
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