6 People Who Have Ruined Our Relationship With Money

[@thefinancialdiet]

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: kzbin.info/www/bejne/mZe9ZpmXm9h-j5o&

[@meganinthemountains]

Hi, I'm a paying member but when I click the link it says I'm not :(

[@tasneemkarim799]

I have the same experience as Megan in the Mountains

[@emberglide5079]

Yuck

[@leads823]

I also cannot find the link for the master class. 🙁

[@ryanedwards7487]

"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]

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]

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]

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]

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 But I agree that her advice is out of date and unhelpful at this point for most people.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]

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]

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.

[@tammystockley-loughlin7680]

I was just talking to my mom ( age73) about how Reganomics and trickle down economics was what started the downturn in our economic strengths across the working class. She said they sold it like all those rich folks getting tax breaks were going to do something for the public good, like sponsor schools, museums, symphonies and libraries...nope, just folded that money away and have paid to distract lower earners with "moral" issues, so they miss getting pick-pocketed. Remember to punch up, don't kick down. Positive vibes from New Hampshire, remember to be kind to each other and yourself during these trying times.

[@schuylergeery-zink1923]

It’s sad too bc we used to have privately funded libraries, museums, etc. when I’m wealthy I’m gonna build beautiful things for the community just because I want to. It’s sad so many people are so greedy :/

[@earthtohouston]

Well said! As a Gen-Xer, I like to remind younger gens that I was 9 years old when Reagan was first elected, so we did not put this monster in power. But you remind me that he was very charming, and people loved ol' Ronnie from the Westerns they grew up watching. He fooled a lot of people, including my parents!

[@methos1999]

@@earthtohouston And then 2016 happens. We really need to stop electing celebrities.

[@volvacations2186]

I love what your Mom said 'punch up don't kick down". I am making a pillow of that!!!

[@rudistorm3348]

I would say you and your mom are both right. Some wealthy people do use their money for public good, but unfortunately not enough. Also many charities do not give the majority of the donations to the cause.

[@jtixtlan]

I’m 62. Working class beginnings, got myself solidly into middle class and will retire by 67 with my own kids educated and debt-free. Orman’s main message was to for women to be personally responsible for their own financial security. For that, I appreciate her. I never found her relatable, but I think her message was sincere and helpful. The women 20-30 years ahead of me typically let their husbands control all the household money. Because of Orman, I was aware that was a self-destructive pattern, and I vowed never to fall for that.

[@lob1523]

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]

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]

Yesss talk about it!!

[@Omar-et7sb]

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]

@@Omar-et7sb I think he is helpful at getting people out of debt but yeah I never listened to his investing advice.

[@sharonoddlyenough]

If you find yourself still needing a slap in the face, Caleb Hammer has been a recent favorite.

[@grizzlybear4]

Thank you for bringing up the Suze Orman boondoggle too. I lived very modestly when I had money, and skipped vacations. I have "retired" into destitution. She was anti-union too. No space for disabled people or anyone who hadn't the health to toil through 60-70 hour workweeks... The night she preached that people who want enough to live on must be stool pigeons who stay in the office till 9pm every night was the final garbage night for me... I never listened to her crap again!

[@WhatsBliss]

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]

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]

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]

Indirectly its led to a LOT more corporate fraud as well.

[@kendalson7100]

​@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]

@@cometasporelcielolighting the gas stove with matches???? Oh the horror!!

[@squirrel8296]

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]

I need to do the opposite…after spending $4k on legos over the period of 3 months.

[@SuzanneU]

Scorched earth is intended to be temporary, and to teach you how to handle money.

[@courtneychervenak3710]

Wow, I did not realize this was the root of my financial anxiety until reading this comment.

[@grizzlybear4]

Suze Orman did that for me. Life long panic attacks over money and lack.

[@starbrightblue4936]

Sorry for your hard relationship with money but Dave Ramsey has helped people become millionaires

[@haleyperdue4483]

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]

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]

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]

That makes you mad? That’s a pathetic thing to say.

[@TheKaurK]

Jacob it’s not a pathetic thing to say. You are as incorrect as they come.

[@miacontouli2493]

Rich white men who refuse to acknowledge that their wealth-building depending on unpaid female labour (physical, emotional and mental labour) are the worst.

[@DanstevGraker]

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]

I agree. Ramsey is an egotistical bully. I call him the Dr. Phil of financial advice. Can’t stand his smug arrogance.

[@eatpigsnot]

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

[@TheRonnieBlueEyes]

@@eatpigsnothe is incorrect when he says debt is always bad.

[@jaybleu6169]

@@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]

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

[@heythere2174]

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]

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]

@@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]

@@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]

@@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]

@@johnny2003 rude

[@knunez4862]

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.

[@dusti755]

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!!!

[@jefftitterington7600]

Dave Ramsey's basic financial advice was helpful to me because of its presentation. "Presentation" is the key word. The ideas weren't new to him. His ultra-conservative framework around those ideas turned me off his system fairly early on. Another problematic attitude comes from people who assume that hustlers are the only people with value- ordinary workers are to be sneered at. This comes across (whether intentionally or not) from people such as Ayn Rand, Elon Musk, and the proponents of the "3 hour work week" - who all need other people to make them successful.

[@xtinkerbellax3]

Yea, hustle culture has been sold to the masses as something that will benefit them (and for some it will) but it's really for the benefit of the people at the top. I wish people would really think about why they are told certain things and if it's actually in their own interest or someone else's.

[@wepid3426]

Yeah, his advice is good in general. If you're in a higher income bracket household (my family is), his advice makes sense. If you're lower income, it makes literally no sense haha for example, him talking about taking out auto loans. Makes sense for me to buy a car cash for 10k or less. But a lower income family is going to need a loan. And this is where his advice falls short. I do agree that growing your lifestyle when your income increases is negative, but I think how often does your income keep scaling up? That's rare. Only happened to us twice in my spouse and my careers.

[@asajayunknown6290]

I was partial to Ayn Rand's ideas, except for her vehement anti-religious stance. I'm not all that religious, but outright dismissal of something that every culture has developed over 1000s of years is the height of hubris. I also saw some in-person interviews with her from the '50s. The sense I got was she was one of the most miserable, lonely people I'd ever seen.

[@StakeFromJateFarm]

Calling someone who has several homes "conservative" is well very American and laughable of you.

[@CarrieMtn]

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]

Good analogy. I do like listening to people’s stories.

[@TacticusPrime]

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]

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]

@@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]

She is pretty cool for the most part. She isn't as out of touch as Ramsey, because she worked her way up.

[@mbrum3230]

Yes very humane to have those who didnt go to college pay for those who did. Smh

[@TacticusPrime]

@@mbrum3230 What? No, she's in favor of making student debt like all other debt. Removed in a bankruptcy.

[@amelieflorelle]

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]

My heart!! -C

[@ThePricklyash]

Bravo Chelsea 👏🏽👏🏽👏🏽👏🏽👏🏽

[@Martina_E]

Right?!

[@laurac8533]

This! I certainly dont get things right all the time but a far cry away from where I was before I found TFD 👏🏾

[@squirrel8296]

Literally this! Dave Ramsey in particular nuked my relationship with money and TFD has helped undo a lot of his toxic teachings.

[@Rhawn246]

OMG I love her! 😄It's the intelligent discourse, the cool demeanor, the style, the wit...Seriously, I'm so glad that I found this channel and this next level engagement! It's like, this is the world that I want to live in!

[@rpgeek22]

This is one of the few people I've found who is smart enough to realize how abysmal Reagen was for America. Thank you for the hopium boost.

[@nicholassullivan1239]

regan and thatcher, absolutely disgusting.

[@timkellyD2R]

All lies if you actually look at the facts. But facts don't matter to the left and followers like you.

[@timprussell]

And the ideas set forth in the 80's continued and early 90's have guided the Republicans ever since. Bush 41 increased taxes and was punished so that was off the table. Bush 43. and Trump cut taxes, sold it to help the middle class but it mainly when to business and high earners. At the same time many conservatives think all our public debt issues are the result of welfare while keeping up cold war levels of military spending. Social security taxation never adjusted for inflation was a gift of the Reagan admin. That is the ultimate long game right there. So much damage has been done. There's still a fair chunk of the politicians that got their start in the Reagan era that are still in Washington but age, GOP divisions created by the MAGA movement and voter demographics may sway that this decade. The younger voters have been coming out strong last few elections so we'll see. I'm middle Gen X so cynical enough to think maybe change won't happen.

[@davemccage7918]

Capitalism sucks, Socialism sucks; both of these theoretically are good systems, but will always be exploited by corrupt leaders in a position of power. There is virtually no upward mobility and either of these systems, however, one of the systems leads to vastly better technological progress and an overall higher standard of living. Care to guess which one it is?

[@Dbb27]

Many people know Reagan was not a good President. Self serving and a puppet for the corporate elites.

[@SuzanneU]

It depends on how you take it. I found Suze Orman's advice highly empowering. Because of Suze, I became financially literate, built and maintained an excellent credit rating, put together a generous financial cushion, identified and articulated my relationship with money, and came to a place of peace and personal security.

[@tharindukottegoda989]

I think her financial advice is honestly pretty good, minus all the shady products she sold, such as the pre-paid card. Which she claimed built credit history, even though it didn't. And had a ton of fees, which makes poor people poorer. She had a lot of products like that, if you are interested, search up How Suze Orman SCAMMED the Working Class and the video is an hour 15.

[@sarah-bethhogg]

The Fundie Fridays YT Channel has a deep dive video on Dave Ramsey. The deep dive is more focused on the fundamentalist aspects of his business and overall views. Still, it was pretty eye-opening. Thanks for talking about him because many people just won't because of his "reach". He is definitely not ethical at all, so I struggled to separate the helpful advice from the toxic. Love from Canada.

[@UlexiteTVStoneLexite]

Fundie Fridays is great. I don't have a problem separating the helpful advice from the toxic because his helpful advice isn't anything special or original. I got myself out of debt without even knowing who Dave Ramsey was so I can look at his advice and completely ignore it because it's nothing special

[@missmoxie9188]

I love Fundie Fridays

[@LadyMiner100]

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]

It's pretty much what the US is based on. The entire country was founded on protecting the individual from the government.

[@otsoko66]

@@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]

@@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]

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.

[@ellesmith2551]

Once a person gets out of the burden of financial debt, they start seeing more opportunities. We can't deny that their programs actually work for some people, specifically those with zero self-control. It is not very different from how a lot of parents speak to their children.

[@kathleenmcnaughton3392]

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.

[@Athenral]

Special shout out to Milton Friedman, the man who created the vile economic ideas that created the foundation for Thatcher & Reagan.

[@margueritendi7033]

Exact! And who destroyed Latin America economy, that lead to the massive economic migration we are witnessing today, and that shows no signs of stopping

[@econdude3811]

Capitalism is the worst system, except for all the others!

[@annmarieknapp]

Reaganomics was such bs. Trickle down economics did not make America wealthy, just supported big business.

[@jtixtlan]

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.

[@kinshasav]

Chelsea! This blew my mind. Thank you. As an almost 50 year, I have been susceptible to Suze and Dave. I didn't know why it didn't feel attainable to me until now. Thank you!

[@BankruptMonkey]

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]

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.]

Stay broke

[@annwilliams6438]

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]

I'm sorry.

[@astererratum6546]

Unfortunately my boomer family is OBSESSED with Dave and keeps pushing all his bs on me all the time. Among other Fox centric ideologies.

[@jmgirard7]

20:17 When my ex-husband, who did under the table work for several years, turned 40 and tried applying for actual jobs he was convinced that he'd get a job no problem due to age discrimination laws. He wouldnt listen to me when I told him he still had to have the skills or education to back up the job. Like you cant be a stock broker after being a landscaper or unemployed just because you're 40 and want to do the job. He still feels left behind and refuses to take ownership that he let himself get left behind.

[@jeanne-marie8196]

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]

Are you enjoying your "trickle-up" Bidenomics yet?

[@rjpg]

@@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]

"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]

@@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]

@@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.

[@GabrielChez]

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]

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]

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]

Investing With Rose is another good one, she’s not as active anymore but her catalogue is good

[@I..cast..fireball]

Check out plain bagel or ben felix if you want to learn about sensible, evidence based investing.

[@SidV101]

@@I..cast..fireball ben felix is amazing but probably too wonky for a lot of people

[@hobsdigree2]

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]

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]

@@jtowensbyiii6018 You absolutely can save for a house.

[@veronicarivera1352]

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]

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]

How is it racist

[@MrJr1976]

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?

[@MuchFlight]

damn you are spitting. probably one of the best financial literacy channels i've ever come across, combining an understanding of our political landscape with grounded and realistic financial advice.

[@d14551]

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.

[@opallise]

I remember my mom voting for Reagan. Ironically because she was concerned about the national debt and one of his planks was dealing with it. She, of course, thought he meant getting rid of in, not tripling it. *sigh*

[@SmallSpoonBrigade]

To be fair, that was before people had any reason to believe that the Republicans were the ones that couldn't figure out how to balance a budget if their lives depended on it.

[@TheQueenBillieJean]

I still remember hearing about the "trickle down economy" in HS (2012 grad) and I was astonished by how dumb it was! In fact, my friends and I still joke about it often. Seriously, none of it sounded like a good idea, so it was shocking that it gained approval.

[@melb2734]

​@@TheQueenBillieJeanIf you give me a bunch of money, I'll tell you that some of it may trickle down to you someday 😂 Or there's a Nigerian price who would love to put money right into your bank account 🎉😅

[@danh8244]

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]

MLM is a scam, unless you scam someone else, typical Evangelical grift mindset

[@MissE333]

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]

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]

MLMs and the religious right is an interesting rabbit hole

[@grizzlybear4]

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.

[@kayla3751]

The way Chelsea absolutely ROASTS Reagan in the beginning sent me.

[@user-zd6dk4cs4u]

Agreed. Clearly her leftist ideation is loud and clear in everything she propogates. Ronald Regan was one of the greatest presidents in modern history.

[@MissUnderstood_Mom]

^^^ this dude is an absolute clown 🤡

[@MissUnderstood_Mom]

Me too! Swoon…

[@lynseycobden203]

The only thing I’ll credit Dave Ramsay with is giving me the motivation to get out of debt. His methods are not universal or achievable. If I waited until I had a huge deposit to buy a house, I would have been priced out of the market. I also had an inheritance that cleared a lot of debt.

[@gracemullen8183]

To me the most unrealistic thing about Dave is that he doesn’t like people taking out loans for college. Is he not aware that would mean only people from very privileged backgrounds would get an education? That’s probably okay with him though, his kids went to school debt free and he doesn’t want others to have that advantage.

[@emiliabolsas]

It’s the belittling and “Father Knows Best” attitude that I can’t stomach. Yes, his method works. Of course. It worked long before he commodified it into a solution and slapped his name on it. But this isn’t a one-size-fits-all world. We have lots of shades of gray outside the very white world of the Ramsey-verse. Furthermore, he capitalizes off of the same mentality that got most of his viewers into deep consumer debt in the first place: naïveté, lack of critical thinking and desire for a magic bean they can buy. Baby Steps, ehem, his books, events, seminars, KZbin channel and the many, many side-acts he has forced on his unwitting audience, including his own daughter.

[@borkbork4124]

@@gracemullen8183 yeah, I worked for 5 years after high school making double minimum wage rate in a trade, went to community college to knock out first two years, and my savings doesnt even cover one year at my state university. It is hard to save (that is save money) to gain wealth, let alone be a middle class earner, that is why a degree is necessary. Student loans are something I am educating myself on due to necessity with my upcoming transfer, and the one good thing is school financial aid offices do a lot of private loan shopping for you already. I am not in need of anything more than the federal loan I was offered this year, but I may need some private loans next year. His rhetoric about how all types of debt are bad is not a good way of thinking in my opinion. I am entering an in demand field, so as previous grads have said, paying off student loans will be a breeze. So, if all goes right, my student loan debt will not weigh me down for more than a few years. And even then, going into an in demand field is what student loans are meant for, to help fill those roles with more people; making a degree more accessible to the students and their families that cannot afford it out of pocket.

[@rjohnson427]

@@gracemullen8183 I know kids currently in college who are able to do it with little to no debt by the combination of choosing lower cost schools, getting partial academic scholarships, and working full time during summer and part time during school. Going to school part time is also an option. Or taking a a gap year to just earn and save money. I think the real issue may be with expectations. We expect to get a college degree based on a societal norm of going straight to any college and finishing college in some traditional, prescribed amount of time (4 years bachelor, etc.).

[@gracemullen8183]

@@borkbork4124 I went to a public university myself, so I know people saying ‘you’re choosing the wrong school’ just don’t know what they are talking about, some states have in state tuitions that are more than what a minimum wage earner would make in a year. Financial Aid also expects too much from the expected family contribution, my family couldn’t afford the 20% contribution FAFSA was expecting, they have their own expenses.

[@rocketsocks]

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]

Completely agree. The level of malice not only allowed, but overtly encouraged turns my stomach.

[@mbrum3230]

Perhaps because the poor began to blame others without looking at their own actions. Including race baiting?

[@MsCardio1]

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]

@@MsCardio1and here it is in action. shame on you

[@lbec9487]

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.

[@courtneychervenak3710]

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]

Honestly I am just now starting to realize how toxic his beliefs are.

[@robsolf]

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.

[@NickRaven]

I had to declare bankruptcy in Arizona and as part of the remedial financial education you had to take as part of the process, the state provided Dave Ramsey materials. He says to never have credit cards, not to have a credit score, on and on. I did eventually work off the rest of my debt and get debt free, but I would absolutely never take financial advice from him.

[@alona724]

Wow. It’s one thing to buy his materials yourself. But for a state to require anyone to read his heavily religious materials feels especially wrong.

[@Erin-rg3dw]

@@alona724 I think it was FL that tried to make the HS financial literacy classes use his books. I'm not sure if that came to fruition or not, but people pushed back because of the religious aspect. For my personal reading, it's fine, but I wouldn't want it as part of school curriculum.

[@PlaystationMasterPS3]

@@alona724religion is cancer, and shit like this is why

[@annalynn8264]

​@@Erin-rg3dwThis actually became a reality at my highschool, our ENTIRE Personal Finance course was tought off his booklet and videos. It was hell and torture.

[@hyenaedits3460]

Seeing how popular these figures are often makes me feel hopeless that any sort of change will ever happen. I'm glad the tide seems to be slowly turning.

[@celesteashcombe47]

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]

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]

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]

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]

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]

@@rudistorm3348 yes. A stimulus check stimulates the economy. That’s the point

[@mmmgan1]

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.

[@mariayo4284]

Danke!

[@bridgetgrenier9373]

I really connect with Chelsea's utter hatred of Reagan.

[@EMSpdx]

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]

It's a mood. -C

[@gracielou-pickle5151]

It should have been the lesson of "hey, maybe don't vote for someone just cause they're famous."

[@rdlewis3616]

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.

[@gingerheskett3955]

Thanks!

[@EditsRus747]

I love Suze Orman! After college, I was encouraged by her to pay off all of my student debt and buy a home! (Her advice to prioritize parents I hadn't heard of before but I believe with that concept.) Suze told me not to buy a car until I was able to pay it off in 2 years, advice I still live by. She also encouraged to not vacation unless you could afford it. I'm glad I waited and since I turned 30 my passport card has been filled and it feels great to return home to plan the next instead of worrying how I'm gonna pay off the last.

[@ConsciousMoney]

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.

[@Thestashdowndiaries]

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]

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.

[@iamnickstoicu]

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]

I love this. You are investing in your future. You are not recklessly spending on bling. There’s a difference.

[@theushistorian]

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]

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]

@@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

[@MissUnderstood_Mom]

@13:58 I love this shade so much.

[@EMSpdx]

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]

Get ‘em Chelsea!

[@IAmebAdger]

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]

Chelsea is an excuse maker. Hard to listen to.

[@freedomworks3976]

Great defense mechanism you have there for your life’s failures.

[@paillette2010]

You nailed Reagan. The most charming criminal in the Whitehouse.

[@JennAlmaguer]

LMAO! The amount of times I laughed out loud while watching this video!!! Well done Chelsea, please continue choosing violence 💅🏼

[@MollyMustache]

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!

[@zeni6450]

Learning about an emergency fund from TFD was my first step to financial freedom! Always appreciate TFD acknowledgement of systemic barriers :)

[@larahporter8123]

I love Dave Ramsey. My relationship with money and debt (or paying it off) has improved dramatically. It’s hard yes, but it’s smart. And I’m not even from the US.

[@hopedodson8058]

“Dave Ramsey Industrial Complex” - 🤣🤣

[@scottg2946]

Chelsea you are seriously on-the-ball here and a great communicator. What a great piece this is!

[@LadyOrpheus]

Dave Ramsey got me started. But NOT how I want to end. He initial baby steps were great, but boy he gives *terrible* advice sometimes. Not to mention his horrible employment practices. Was happy to turn to better channels like this one!

[@Hirogen24]

Loved the video. There is so much toxic advice out there. Thank you for alerting people to it.

[@carak4356]

This was really interesting to me as I was raised in a fundamentalist religion and had no understanding of money until I wanted to go to college and buy a house and had no credit history as until that point I’d only used cash. It took me years to overcome that indoctrination and I appreciated this video and the diplomatic way you shed light on things that might help us understand each other. Having very little money and very strict ideas about how you manage what little you have is a very interesting experience; it took me 20 years to change my socioeconomic status and it was very very difficult having come from something so steeped in fundamentalism and money as evil. Interesting to hear it from someone like you, I appreciated your honesty and willingness to be bold

[@aic0809]

I just wanted to express my appreciation for your vulnerability. I also came of age in a fundamentalist environment, and it really contributed to persistent feelings of shame, fear, and anxiety around money. Between this video, your comment, and comments from other evangelical Christians, I am recognizing that I am still coming to terms with the intersection between constructions of sin, finances, and shame. These forces have adversely affected my mentality about, and relationship with, money, and I’m trying to dismantle those harmful belief systems. Again, thank you!! And thank you too, Chelsea and the TDF team!

[@carak4356]

@@aic0809 I loved hearing your perspective and experience. Means so much.

[@aic0809]

@@carak4356 Thank you for your kind words, and again, thank you so much for sharing your experiences. I’m still thinking about this video and the things it revealed to me about myself. I hope that both of our healing journeys will lead to less fear and shame and to a healthy relationship with money. 🙏🏾

[@tennyopallas]

Because i watched Ramit Sethi's Netflix show with my husband (what I thought was actually generally good advice though still occasionally out of touch), I had my feed flooded with Dave Ramsay content. The only thing I think makes sense from his advice is if you're already making a few hundred k a year but still drowning in credit card debt, don't buy yourself multiple super fancy brand new luxury cars.

[@helgmelia84]

Evangelical Christian here. I love your content! Seriously. I wrestle with shame and fear around money and watching your channel has helped me heal from past financial trauma. Thank you so much for just being who you are and giving such good advice. P.S. I, like you, am quite skeptical of Dave Ramsey. I like his emphasis on getting out of debt, but that’s about where it ends for me.

[@samph3315]

I'm Jewish and from what I know about the actual teachings of Jesus (thanks to my formerly Catholic husband), it seems that to vote for Reagan was to totally disregard those teachings. You might also want to read a book called Dying Of Whiteness that discusses how the republicans get people to vote for policies that are detrimental to them. (Fucked up fact: we're the only developed nation that doesn't have nationally mandated PTO).

[@georgiatucker1861]

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!

[@CaraMarie13]

I love Suze Orman. I was actually not aware of any of the negative stuff about her. I only saw some of the episodes available on KZbin a few years ago but her advice was very helpful. She's the one that taught me about opening a Roth IRA as soon as possible and the term insurance. She's also the one that taught me about investing as soon as possible and not worry about paying off my student loans right away. She was a great entry into the world of fiance. Sad to hear that not all of her advice was useful but am glad that I found her when I did.

[@phrekyos]

She somehow managed to piss off one of her former employees enough that s/he made an hour and fifteen minute long documentary about her (here on KZbin) as well as a self-published book. Obviously it's hardly unbiased, but it's a fun watch anyway.

[@cv8499]

I was going to say the same. I actually found some of her advice helpful and pretty commonsense. I guess she doesn't advocate for systemic change as much as she could, but her angle is, this is the system we've got; you might as well try to make it work for you. But I do see what Chelsea means about her advice being self-punishing. Like if you watch the "Can I Afford It?" segments, where someone calls in and tells her how much money they have, how much they owe, and an item they want to buy, if they owe anything at all on credit cards, she says "Denied!" even if the item is just like a blender, something small, and what they owe is relatively low. I'm all for people planning for the future, not living beyond their means, and cutting back where they can. But damn, if you are low-income or are struggling financially, denying yourself a cup of coffee at Starbucks isn't going to suddenly make you financially solvent. It'll just make the misery of struggling that much more miserable.

[@annan.3283]

Yep I also opened a Roth IRA when I didn’t have permanent employment in my 20s because of Suze.

[@nannichols7101]

When I first saw her on Oprah, she seemed to have some basic, common sense advise...but then, she went off the greedy deep end. Credit cards & now she has dental plans???Watch how suze orman scammed the poor and middle class on youtube.

[@quietestkitten]

Suze has been really inspirational for me as well. I suppose she could do more to acknowledge systemic injustice, but there’s not much practical advice she could offer to change that.

[@FantusyFailure]

I am SO EXCITED for the TFD updates and longer format videos. Just stuff like this with more depth and analysis. Can't get enough!

[@rabidfollower]

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.

[@msmith3395]

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.

[@jazziered142]

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]

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!

[@lizhoward9754]

First time visitor to your channel. Boy did you nail it. Now I am a subscriber. Everything you said, in my opinion and experience, was so accurate (but I sill LOVE Shark Tank). I am soooo thankful you mentioned Reagan. Reagan was elected shortly after my 23rd birthday so I remember pre-Reagan America very well. One thing most Americans don’t know is that our standard of living was the highest in the world for decades until Reagan’s no banking/business regulations and no wealth tax tirade began. Banks used to be local and were set-up to help small, start-ups business and help local people borrow. Thanks to Reagan we now have the “too big to fail” banking system. If you want to know why nobody went to jail when the financial system collapsed, it can all be traced back to Reagan’s policies. Reagan also helped with our massive, massive deficits with the “cut tax” mentality that somehow has only seemed to benefit very wealthy people. Now we Baby Boomers have our millennial children saddled with debt and lower standard of living.

[@erinchristman2669]

Literally just this morning I was thinking, "I'd love to hear Chelsea go off on Suze Orman." I willed this content into being.

[@sparkymularkey6970]

Thank you, Erin Christman.

[@supernova622]

Bless

[@dutchmagpie170]

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.

[@alfamaize]

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]

Enjoy your retirement!

[@alfamaize]

@@avery-els Thanks!

[@Pomagranite167]

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]

@@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.

[@darcy5823]

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!

[@bethanybrautigam7777]

I attended a Zoom interest call on the money coaching program with Ramsey, even though I never did his stuff I was interested in helping others and wanted to get some kind of certification. His two male staff were so extremely condescending and belittling to every woman on the call, and it seems intentionally misunderstood my questions to make me sound stupid. The one man on the call they treated so differently, like an equal, calling him "brother", etc. At the end, one person was "randomly" selected to receive the certification course for free, and guess who it was? This was before all the COVID stuff, but I'm glad I followed my instincts and ruled them out early on!

[@miacontouli2493]

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.

[@77Tadams]

I will say that I know how hard it is to get out of debt and also work jobs that don't pay well because of mental health issues. I have had crippling depression and anxiety due to CPTSD. I never was a lazy person, I just have some issues that kept me from rising into better jobs. This is fine, it made me the creative person I am. But no one knows what others go through. You also don't know what you don't know. If you are raised in poverty, it can be a feat all it's own to get out of the mindset you have lived in. Mental Health has so much to do with poverty. Poverty also causes mental health issues. It is the snake eating its tail. Its not to say you cannot get ahead, you can. I did. I don't judge harshly, but I have been judged harshly.

[@koriel-in-real-life]

Your discussion of Dave Ramsey and Suze Orman really highlighted the similarities in their shaming and guilting techniques that have historically also been really effective in Christianity at making people feel the need to chase an unattainable goal that requires you to be bought into their system to achieve someday. Fascinating correlation there.

[@ed8329]

I can't follow the Dave Ramsey plan because I need so much expensive therapy from the guilt and shame of being raised Catholic! (just kidding... kinda)

[@toriwork8891]

What's even weirder is that, if you actually READ the Bible, Jesus talks non-stop about the dangers of chasing wealth and materialism. There's passages that say, verbatim, we should spread our wealth around so everyone has equal amounts and tells a rich guy that he'd need to forgo all material goods if he wants to truly follow Jesus. He would hate Capitalism, and if he ran for political office in modern America, would be absolutely hated by your stereotypical conservative Christian.

[@emilycurtis4398]

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]

Congratulations on reading the magazine! 🎉

[@emilycurtis4398]

@@melb2734 when I get the free time to read a book it's even funnier

[@boniw698]

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. 🌟🌟🌟

[@mattwhite9046]

Just found your channel. Good stuff here. A lot more can be said about Ramsey regarding his referral network of local financial advisors, who are exclusively commission-based sales reps. He does not refer to fee only advisors who have a fiduciary responsibility to their clients. Also, Orman is largely responsible for the deification of the College of Financial Planning (CFP) and its credential holders. In fact, it is just one of an entire alphabet soup of businesses competing to make advisors legitimate in the eyes of the public. While the CFP is a good designation for entry-level advisors, it is by no means the gold-standard of trust and care nor is it always correct in its perspectives on investing. Looking forward to watching more.

[@jasminequezada3083]

Just popping by to say I love your blouse! 🥰

[@Mindyourbusiness82]

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]

100% Chelsea could do an entire video flaming that liar and grifter!

[@lanaharper9798]

Oh HELL yeah That’s another name that I grew up with btw lol

[@wallihaley5194]

@@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]

Yessss he is another one🤬

[@sharonoddlyenough]

Ugh, I read all his books when I was a kid.

[@whiteJohn100]

"We love it when the girls are fighting, get each other!" Still laughing. Love the idea for this video, can't wait to see more

[@VikingKittens]

I knew when I hear " Buckle UP Baby," it was gonna be a good episode. Thanks for not letting me down. Cheers

[@susannjarvis5587]

What I find most troubling about the money gurus you mentioned (as well as others you didn't have time to get to) is that they do not address the systematic economic issues that can keep people in debt no matter what these financial pundits preach. And that's mostly due to the first person you mentioned -- Ronald Reagan and his disastrous economic policies under which we are still living. The financial problems many are facing go far beyond their individual choices and fall squarely on the shoulders of government policy makers.

[@phazon100]

Bitcoin fixes those problems

[@jsharp3165]

Systemic answers breed hopelessness because the system doesn’t want to be fixed. No one will buy the guru’s books or take their classes if they don’t have hope that they can fix the problem. Giving people a sense of agency gives them a sense of control.

[@soffiegirl1027]

Not to mention all the social services he cut! what an absolute POS that man was

[@phazon100]

@@soffiegirl1027 tax cuts mean you keep all of your money…taxation is theft

[@ninabeena83]

Please oh please give us a Reaganomics breakdown one day 🙏🏾

[@boricuaflamenca]

From the bottom of my ❤️, thank you for putting out this type of content. Not to shame anyone but to shed light on important topics that social media idolizes and turns into profit with its shady and misinformed perspective. Not everyone can be a billionaire or wants to, some of us just want to make it to the end of the month with some dignity and a bit of savings and less indebted. Thank you for your smart content. 💗

[@thefinancialdiet]

[@Callan0305]

LOVE, LOVE, LOVE THIS! Thank you, appreciate your take on these people!

[@davidamitchell8157]

Where can we go for the KZbin class now? I've just heard about it, and I'm really interested in learning from you.

[@dianamerchant1026]

I asked my tax preparer once if any of these money gurus were of ant help. She looked horrified. They’re just scam artists who want to sell a product. That’s it.

[@christineoneill2360]

Spot on about Reagan's economics. Additionally, closing mental health hospitals ( in California as a govenor) set us on the road to homelessness .

[@CarrieV9]

Orman was one of the only ones who talked about women and money back in the day. She paved the way for channels like yours. You may disagree with some of her advice, but she was a trailblazer who advocated for financial literacy and having a plan.

[@David.Marquez]

I clicked on this video for the hot takes, stayed because of the really detailed and relevant analysis. As always an awesome video.

[@kirstenfox182]

Thank you so much for mentioning Dave Ramsey! Not all his advice is unhelpful, as you mentioned, but overall his advice only makes sense of you already have a ton of money and are just stupid with it.