Is Dave Ramsey Wrong?

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00:00 Intro
00:32 Where Dave is Right
01:46 Credit Cards
03:45 Student Loan Repayment
06:21 Leveraged Real Estate
09:00 Final Thoughts
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*Disclaimer: neither this video, nor any content produced by Caleb Hammer should ever be considered investing advice or official financial advice. All content is made for entertainment and educational purposes*
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Let me start off by saying that I personally have nothing against Dave Ramsey.
I don’t judge people based on their financial viewpoint or personal politics. I judge people based on their everyday actions.
And let’s be honest, Dave Ramey has helped millions of people get ahold of their personal finances and get to a point where they can retire comfortably… which is not the average American story we hear about today.
I’ve had the same conversation with my friends who are into personal finance multiple times, and the concussion we always have is “Dave Ramsey is perfect for the average American, but not the rare few who are able to be disciplined with money and spend time daily care about finances.
But again, to be clear, what Dave Ramey is teaching is the perfect message and lesson for the average American.
Why is that?
Well, the average American has:
An average new car payment of $575 a month or an average used car payment of $397… both with a 70-month loan repayment… kill me now
An average credit debt of $6,194
An average monthly mortgage of $1,487
An average net worth of $121,760
All while 56% of Americans cannot afford a $1,000 emergency if one were to pop up right now.
All those terrifying statistics aside, Dave Ramsey and his team have led thousands of people to become millionaires by the time of retirement.
Simply put, even if you don’t agree with his politics or stances on everything, he has turned the lives of millions of people around… and that’s always something to celebrate.
But you saw the title of the video, you want me to get into the good stuff. What do I disagree with from a personal financial standpoint with Dave Ramsey?
1) Credit Cards
2) Paying off Student Loans Early
3) Leverage on Rental Properties.
So, I said it before and I’ll say it again… his financial advice works for the vast majority of Americans who are living pay check to pay check and can never seem to get out of consumer debt…
And I am not against his education or philosophy on that…
But if you are watching this video, you are likely in a place where you are in financial education or at least trying to become so, and maybe his one size fits all approach does not work for you, which is not a diss on Dave Ramsey in the slightest.
Give this video a like and drop any comments below so that KZbin recommends this video to other people. Subscribe and stick around for more. Thanks.

[@CalebHammer]

Personally, I like Dave! He is perfect for the average American. For those of us who are aggressively financially disciplined, does his one-size-fits-all approach work for us? 1 of my first 10,000 subscribers will win $1,000, and 5 will each win $100. You will be randomly selected and announced within the first week of hitting 10,000 subscribers!

[@mchaudhry15]

I think religion is the main driver of Dave's philosophy of debt as opposed to Math. He tries to back it up with Math because most ppl today aren't really that religious.

[@miguelberetta7887]

Not a fan, he advocates for people to buy a house before investing. You're pissing in the wind in that case, you're losing money to inflation and letting your money bum off of you

[@CarlosSoto-re2oj]

I love your content. I respect your opinion about Dave but unfortunately I don’t agree. Dave’s plan is perfect for the majority of Americans. Sadly, 7 out 10 Americans are swamped in debt. I don’t agree with all of Dave’s principles but I 100% agree on living debt free. I paid off my mortgage last year (age 32) and do not regret it one bit. Math is not always the best answer. I will take the freedom of being debt-free over the “potential” gains in the stock market any day of the week. I have 20+ years to invest the mortgage I had into stocks/rentals property. This is why I love personal finance because it’s personal. Keep up the great work!

[@Bob-xe4dn]

Caleb is so frugal but he's not even getting a haircut

[@Bob-xe4dn]

Caleb looks like Michael Douglas in the movie falling down in this video

[@achavez78]

Dave's approach is similar to what you tell a recovered addict. You wouldn't tell them to use "responsibly" ...you would tell them don't use, touch, smell, or even look at it again. That's Dave's outlook towards any sort of debt is

[@drewgraham]

100%, and some addicts can learn discipline(specifically referring to alcohol here, some addictions should never be done in moderation) but a lot can't so it isn't something to advocate for

[@tiamat_023]

which, we know, is a completely idiotic stance to take in a capitalist system.

[@yzrippin]

​@@tiamat_023weight being completely dead free in 6 years instead of 30 years is a foolish idea being completely dead free loaded to the gills and able to take any vacation and any amount of time off work that I want at the age of 30 is a bad idea damn I'm on the wrong fucking track aren't I

[@jlkkauffman7942]

@@tiamat_023 nah! It would absolutely work in a capitalist system!

[@tiamat_023]

ok you win! 😀

[@sladikk]

the problem is most people, like many of the people in your videos, think they have great financial literacy when they don't

[@CalebHammer]

Yup! 10000%

[@GlorifiedGremlin]

Dave Ramsey is a good beginner step to getting yourself out of your own mess, but realistically, all Dave does is hammer the same few lines of advice into people's heads OVER and OVER again lol I don't feel you CAN become extremely financially literate through Dave Ramsey. Most of what he does is teach you how to not screw yourself lmao Not how to prosper

[@lauromartinez8948]

@@GlorifiedGremlin well that depends on how you define “prosper” cause he has helped thousands if not millions become millionaires.

[@agoodlittlewitch]

And then they call Dave! His show is full of people who thought they were financially literate lol!

[@frodiesel0]

Most people most young people at this point in life have not learned responsibility or accountability and have never had anybody hold them accountable for anything.

[@Daveyboy28]

Dave changed my life a few years ago. I paid off all my debt, started hustling like crazy and bought a house in cash. My wife and I have 3 children and no housing payment, no car payments, no credit cards, no debt whatsoever. It costs me peanuts to run my household, I wouldn’t have it any other way

[@SatKap3]

Ok

[@monkeybeak2056]

I feel like my financial Dad and my financial step dad are fighting.

[@millieslife5157]

😂

[@mrcaspper]

sounds like a Robert Kiyosaki book

[@johnjones393]

My three rules for credit cards: They have no annual fees, pay cash back on purchases and pay off the entire balance every month. The last one is most important. If someone can't pay the balance in full every month then they have no business having a card.

[@beth3535]

I’ve done all three for 4+ decades. It works!

[@Mexicobeanpole]

This. But it took me until I was 30 to figure this out.

[@sanitary103]

Common sense not too common unfortunately

[@eleosde7045]

I had to get one to repair my credit after a utility bill I didn't know was in my name hit $800. Not great with my credit card but learning each month! Sometimes they are good. I keep that crap low though, no maxing out here.

[@mendelian8768]

@@sanitary103 You have just to think about it. Banks can even afford to give $0.00 annual fee cards with a cashback hand out because it is paid by another customer who is in debt. More costumers are in debt then costumers who take advantage.

[@RandallHallKaizenReiki]

I really think the "No credit cards" thing has become his brand. He has to keep that message going. Since most people think they are the exception, not the rule; teaching a no exception system will help the most people. And like you said, even financially responsible people will succeed on his system.

[@Chief_5]

I find that with modern financial tools you can pay your credit card purchases off daily rather then waiting for the monthly bill. 😃

[@johndone8045]

Define success, following daves plan will not make u success with a regular job

[@morbotheturtle3796]

@@johndone8045 it absolutely will. What makes you believe it wont?

[@morbotheturtle3796]

@@petunia7623 he’s gotten offers, he’s turned them down

[@thethinkingmansgame5050]

He even said.. in order to sell books/products you have to be extreme.. no on wants to hear save. Invest..and live below your means

[@aaronbinner3727]

Without Dave I wouldn't be debt free. He seriously saved my life.

[@4862cjc]

Same here. In less than 2 years, I paid off all of my debt, including mortgage.

[@justincburns]

Ditto

[@sooner1125]

Congrats!!! You guys are awesome. Financial peace vs maximum rate of return. Each person has to decide for themselves

[@DanielNebergall]

As a debt elimination team the ramsey group is absolutely awesome....after that there is some good debate on how to prioritize things and what to do. He is really great and its just differing opinions at some point

[@sinclairal]

Same! I paid off massive amounts of debt with his plan. The thought of being back in debt makes me sick. never again.

[@alexmitchell7083]

We did Dave Ramsey. Dumped a ton of debt. I could have gone the investment route but I just wasn’t financially literate enough. I feel I am now but I can attest, even though the math doesn’t work in my favor, paying off all my debts did give me a new lease on life. I felt so different and free. It was the best decision we could have made with the information we had at the time.

[@GK-gc9cv]

Debt vs invest only makes sense if debt is used to leverage. I see no difference if you have $50k debt to pay it off or invest in stocks... the return vs interest is minimal and not life changing. That is much different to person with $50k cash debt free who decides to invest in stocks or leverage it and buy a $250k house

[@kolaethegreat6752]

Dave Ramsey's philosophy has changed my life. I have NO dept, I own my home and car. I have investments that are safe ( at least as safe as long term investments can be). I'm happy in my life with what I've learned, it has worked for me and my family. I take cruises every 3 months, I have money in savings. Could I make more money following other investment gurus, maybe, but I choose safe strategies for increasing my income and not greedy strategies. I can sleep at night, I have peace, I am grateful, and I'm happy. No amount of money can buy those treasures. Don't get lost or loose it all being greedy!!! Thank you Dave Ramsey!!!

[@The2Ramseys]

Here from TikTok. Dave Ramsey saved our financial lives and improved our marriage exponentially. He taught me personally be more content with the things I already have. I will forever be grateful to him and his team. He was what we needed. I do realize he’s not for everyone though.

[@CalebHammer]

Which I would like to think I expressed effectively a few times in the video ☺

[@The2Ramseys]

@@CalebHammer You did indeed. Dave’s other ability that is not reference as often is his ability to inspire. He makes you believe you can do it. Hope is what he sold us, and with that, we ran and we didn’t stop. New subscriber to you and I’m excited to see where you go.

[@CalebHammer]

@@The2Ramseys 1000% agree, well said! I’m very glad to hear your story and how things have improved 😀 thanks for the sub!

[@SenorJoeBiden]

@@CalebHammer Yes you did! You are the Millenial/Gen Z Dave Ramsey.

[@kylesteinhauser2535]

@@SenorJoeBiden he’s a lot smarter

[@typhoon320i]

Dave was saying: "if you use credit cards, you will spend slightly more in all categories, and all shopping trips, than if you were literally paying cash." (A psychological phenomenon.) This is an issue that is not negated by paying balance in full, every month.

[@alisonf6478]

I don’t. Before I used cash back cards (which I pay back immediately), I used my bank card. I use them both the same way. And now I get back 100-200/month in cash. I get it’s not for everyone. I used to have problems with credit debt, but I learned (the hard way!) how much to be financially savvy. ❤

[@Thurgor_Supreme]

I don't know what your grocery shopping trips are like, but I'm nickel and dime comparing prices at a Wal-Mart thats already cheaper than everywhere else, and I only buy stuff that I actually need. I might as well give myself a 2% discount and not have to screw around with an ATM. Everything else on my cards is gas to drive to work and half of my utility bills

[@typhoon320i]

@@Thurgor_Supreme I use credit cards for all my purchases too. But I find Dave's concept believable

[@sodiumchloride8273]

Debit cards are plastic too

[@dog7881]

I don’t use my credit card for groceries I use it for my phone bill and only my phone bill. It’s helped my credit tremendously just by doing that.

[@jimfarmer7811]

I've gotten over $10,000 in cash rebates from credit cards in the last 20 years and never paid a cent in interest or annual fees.

[@CalebHammer]

There it is right there ^^^

[@dabadass6969]

Have you ever justified a purchase because of cash rebates? I'm not too proud to admit that I do it from time to time. "I'm getting $5 cash back on this grocery trip, I'll treat myself to this item. It's free/it really only costs me $5 because of the cash back I'm earning." In your situation hypothetically, if you were to justify $50 per month in unnecessary spending, you'd be down $2,000. A lot of people aren't as disciplined with their spending on credit cards as they are with cash or debit cards.

[@jimfarmer7811]

@@dabadass6969 I've honestly never used the rebates to justify a purchase. The rebates are too small to even enter into the purchase decision. The majority of the purchases were for gas, utilities, and groceries.

[@Lauren_C]

@@dabadass6969 If I’m planning on a purchase, I’ll check one of my cards for an applicable rebate (saved me a decent chunk on car tires), but generally, I default to my Double Cash card.

[@user-hd8ej8yx9p]

congrats to you, perhaps you are a perfect cc user... however, the RISK of not paying them off and have debt balloon for most people is tremendously high. You can lose your job, you can overspend, you can live beyond your means, and that risk of indebtedness is eliminated if you simply don't use credit cards. 10k over 20 years is absolutely nothing, sorry to say. I'd wager to say you've overspent far more than 10k over 20 years. if your rewards were 2%, then you spent over $500,000 over the last 20 years in gas, utilities and groceries, which comes out to 2k per month in gas utilities and groceries? seems high.

[@changechange9972]

I think people can learn a lot from both Caleb and Dave. Great content from both!

[@mollynash2597]

I've been listening to Dave Ramsey since the early 2000s. He's really good at teaching people to take control of their money. I grew up poor, my mother made less than $20,000/year, we lived off of credit cards. My Dad was not a high income earner either but he never got in a lot of debt, but he also never owned a house. Until I started listening to Dave, I really was never taught to save money. I lived pay check to pay check because I thought that's what you do with your money, spend it, lol. I am now debt free except for my house, which may be paid off in the next 4 years. I really don't have as much in my retirement accounts as I should for someone in their 40s. I have been watching your videos and I'm glad I never got myself in as much trouble as some of your guests.

[@GK-gc9cv]

Given the choice I'd take $0 in 401k but house paid off in 40s over hundreds of thousands in 401k but drowning in debt

[@hwan88]

@@GK-gc9cvthis is the wrong financial move if your objective is growing wealth, but if having no mortgage brings you joy then more power to you.

[@10flyingdutchman]

I take a two step approach and you both make great points. 1. Follow Dave's advice and get out of debt and get a budget under control. 2. When steady and literate (like seriously), the advice you give makes sense.

[@coolguy91975]

IMO, his advice is spot on for people who lack impulse control, or have too much debt. For those actually in control, they don't have any problems Dave can address.

[@CalebHammer]

Exactly, perfect for 90% of Americans, if not higher.

[@braceyourselvesfortruth2492]

If you have impulse control problems, you should see a therapist, not Dave Ramsey.

[@MikeThePike316]

Except his system also works for people who are equally financially responsible and, of course, millionaires

[@josephliptak3183]

​@@braceyourselvesfortruth2492 why not both??

[@braceyourselvesfortruth2492]

@@josephliptak3183 therapist first, then you won't need Dave.

[@oldschool9932]

Bottom line .... both Ramsey and Caleb perpetuate a fiscally oriented mindset that promotes fiscal responsibility. This is paramount for all. Good on both Caleb and Dave regardless of their differences.

[@Viva_La_Vargas]

There’s no “one size fits all” financial hat out there. I’m aware of that. However, following Dave’s plan, I paid off $138k of debt in 18 months and am now debt free with a strong emergency fund, 529’s open for my kids, IRA’s for me and my wife, and an investment portfolio through Vanguard that is at a mildly aggressive growth strategy. I agree with like…. 90% of what Dave and the team teaches. He really helps you realize that your “behaviors” is what got you in that mess. Me and my wife now live a life with no debt, and with control over our finances. Less debt = Less risk. I’m open to you and your videos, even though I don’t agree with everything. Just like with Dave. There’s no one size fits all. Glad we found you AND Dave.

[@KP-hi1om]

I am in the same camp as you my friend. I do think it's healthy to hear other points of view regarding finances. It either reinforces or challenges my point of view.

[@beckypetersen2680]

If you paid that much off in 18 months, your income must have been quite high. I think the disadvantage that most of the debt free screams that people share on Dave's show - the people are making 100-200K a year. However, most people I know really aren't making anything like that much.

[@Viva_La_Vargas]

@@beckypetersen2680 I’m an active duty soldier, my income is quite low compared to others. We stuck to a very strict budget, I did door dash basically every second that I wasn’t at work, did garage sales every other weekend, etc. It can be done. My wife stays home and homeschools our babies and I make about 65k a year

[@jesswatt5824]

Dave really turned things around for me a few years ago, but now that I'm on the right track I've broken away from his rules a fair bit. He's great for getting people out of the ditch though, for sure.

[@TheDogondone]

Been following Dave's advice for a decade. Absolutely no regrets.

[@HandmadeByKC]

My husband and I did the Dave Ramsey Financial Peace University and it helped us so much. We are at a point now where we have just one credit card that we only use for large purchases then pay off as soon as we can. I get his lessons are not for everyone but me and a lot of people I know have made great life changes based off the principles he teaches.

[@brand0nabe]

Great perspective, and great work delivering it in a nice, concise and precise package! Dave Ramsey is a brand, and I think he has to stay on brand to keep his message consistent. Frankly, I’d say 90% of your interviewees would be helped immensely by sticking to the Ramsey plan! 😂

[@susanelizabeth1724]

Thank you for doing this because I’ve always felt the same way, but I’ve never put it into words. You did a really good job explaining the differences and outlined that in order to be account of your finances. You have to have a good handle on math.

[@CallMeOGS]

I really never questioned Dave's bankruptcy that was cool information that you shared

[@CalebHammer]

I think if people are teaching about finances, they should be 10000% transparent about their own financial mistakes!

[@arsvi123]

That always striked me as odd about his origin story. Just because a bank acquired aanother bank doesn't mean they get to change the rules, they acquired it with all of the terms, conditions and obligations.

[@projectchosin]

He openly talked about them. The banks pulled the notes

[@jp__878]

@@arsvi123 it’s odd now given out current economic conditions. 2008 was a clusterfuck to say the least. I’d imagine the terms of the loans were pretty bad (huge interest rate) and he didn’t have much equity in them. Calling in those loans rather than waiting for a default could save them hundreds of thousands, if they sold the properties fast enough.

[@johnpatterson2613]

@@arsvi123 They didn't *change* the rules. The exercised the existing option to call the notes. They can't do this with a 30-year mortgage because it's a different type of lending agreement.

[@jesshatchette]

Your advice is very balanced. For people who need to completely obtain from debt, you see a case to support Dave's trusted advice. In the case where people have the discipline, you support the math. Well said!

[@Julia-b9x]

Do you mean abstain from debt?

[@beckypetersen2680]

@@Julia-b9x I think - as much as possible. Yes, but honestly, unless you are allowed to prepay your electric bill, you always have some sort of debit in this modern society.

[@Lady.Luck.]

The longer I have been in BS2, the more I see why he's so particular about stuff. Anytime I loosen up, I just tread water. I have been a big supporter of his plan for 5 years now. It's been strict but we paid off 80k in 5 yrs. Almost done. My sister on the other hand is more open minded thinking you can be savvy about investments, no need to pay off student loans etc. Well 5 yrs later and we paid off 80k and moved to a 15 yr mortgage. She on the other hand has 80k in student loan debt and is feeling stuck about big payments coming due when the hold is up. Problem with being open minded is sometimes you're finding comfort in ideas but not actually taking action. For me I needed to be strict and I achieved so much.

[@ToastbackWhale]

I’m right there with you on the credit cards. If I have the opportunity to save 1.5% on stuff that I need anyway - groceries, certain bills, etc- then it’s stupid to turn that down. Dave and Co go on about how it’s immoral because they’re only able to do that because they’re getting interest from other people, but that’s…not my problem?

[@saulgoodman2018]

Yeah, Like how does others not paying effects me one bit.

[@thekezzey95]

Cool story bro. How much credit card debt do you have?

[@turntprophet7960]

@@thekezzey95 0 credit card debt while solely using it for bills that have to be paid regardless.

[@MikeThePike316]

​@@thekezzey95 Majority of Americans live paycheck to paycheck and have credit card debt, but I always seem to run into the minority who are exceptions. Something's not adding up.

[@nickshumaker4784]

@@MikeThePike316 It's like gambling, no one talks about their losses. So the only people who mention it are the people that pay it off.

[@tommytester5210]

I would caution prioritizing investing over making payments. Investment gains are never guaranteed but loan interest payments are

[@MrDanielZie]

I was looking for this comment. Of course Caleb is right that a 90 day mortgage is not comparable to a thirty year fixed interest mortgage, but I still feel that he is downplaying the risk of leverage by equating expected but uncertain returns with certain interest rates on debt/leverage. Of course it can pay off to invest instead of paying back your student loan but you should be aware of the risk that it might not and for most just paying back the debt should be the better decision. 10% annual return (over a 10 year period) is overly optimistic and can not simply be compared to an interest rate that is actually guaranteed to occur.

[@kindredkey]

@@MrDanielZie ... yep... Dave also addresses this in some of his videos > how financial gurus who use these simple calculations for gains on leverage NEVER include the beta which accounts for risk. Also, math is great, but it's just a tool and personal finances are PERSONAL + FINANCE... the math is good for the finance part but not always the right tool for the "personal" part. We (as humans) are not robots.

[@barvdw]

​@@kindredkey nothing is risk free, the stock exchange can blow out completely if, say, the US ends up in a protracted war and is on the loosing side, but honestly, if that happens, I feel you might have to worry about other things than your investment portfolio... While the Dow Jones will go up and down and up again, in spite of some bad times in the past, the general trend has been up. Same with real estate, on average, all busts have been made up and then some. And don't forget, a property or other investment that lost value is a paper loss as long as you don't sell at a loss. I made some questionable investments (no bankruptcies, fortunately, and never with money I need to be liquid), where they went down by over 50%. I kept them, and have all but made up the loss on most of them. Then again, my strategy for individual stocks is to buy companies I want to be a small-time owner of, I buy them and check for worrisome symptoms perhaps once a year. A classic mortgage on 20-30 years is a magnitude less risky than short loans. As long as you can make the payments, you're basically fine. Even if you do want to sell, you can do so without a figural gun against your head, which Ramsey had to do in his day. I'll be honest, I don't have a lot of debt, and I like it that way, but a low-interest mortgage? That's a tax deduction for the next 8 or so years, at less than 2% interest, I'm really not in a hurry. Disclaimer, I don't live in the US. Our tax system, our dependency on personal debt, our credit card culture is very different. I have one credit card, just because it's the most common accepted form of payment abroad and online, but with hardly no perks like miles or cashback, and a €20 yearly fee. Not great, not horrible, I do like the included travel insurance, though. We don't have FICO-scores, either.

[@DavidJao]

Student loans are an especially odious risk because student loan creditors have all sorts of powers that regular lenders do not have. They can administratively garnish your wages and tax refunds without a court order. Student loans generally survive bankruptcy whereas other types of unsecured debt can be discharged. Nobody ever retires with credit card debt but people enter retirement all the time with student loan debt. Student loans tend to have cosigners much more often than other debt. If you can get 10% return guaranteed from the S&P 500, then that's one thing. But, accounting properly for risk, the correct decision is clear. Pay off those student loans ASAP!

[@barvdw]

@@DavidJao I understand your concern, and to be clear, I agree that you should pay off those student loans, where I disagree is how aggressively you should do that. Especially with low-interest loans, I believe you can be a little more laid-back and should prioritise other debt, as well as investment, as long as you pay your minimum payments, of course. And I'm not opposed to paying off a little more, I just wouldn't postpone investing until you paid off your last student loan at 2% while loosing out on a 7-12% return on average. The numbers are very different when your (student) loan has an interest of 10-15%, of course. In that case, go hard on repaying that.

[@mandypdx]

I completely agree with you. Under Dave’s advise, I would have had to pay off my $80k student loan at 2.8% interest….before I bought my home and started my 401k. It took me about 10 years to pay it off but my house had $250k in equity and my 401k was over $350k at that time :)

[@nx2269]

Under Dave’s advice, you work and cash flow school, not take out $80 k in student debt.

[@mandypdx]

@@nx2269 was his advise available 20+ years ago??? It wasn’t for me :) He’s never recommended a Time Machine

[@cu2983]

@@nx2269 but my student loans let me walk into a 6 figure job....

[@danielredziniak2996]

I graduated last years with my bachelors and now weeks away from my masters. All while working in my field for the past 2.5 years where I payed for school and have no dept. And just bought a house at 23 years old

[@mandypdx]

@@danielredziniak2996 that’s so awesome!! I bought my first house at 23 also :)

[@user-jb4dh6cs5x]

i was at a point where i needed to hear from dave, but now from you. happy to be here (:

[@CalebHammer]

Happy to have you here!!

[@9liveslisa]

Caleb, you are the best thing since Dave Ramsay. I really appreciate anyone who helps educate people on how to manage their finances. Thank you!

[@freddybie]

Dave was one of the first finance people I found on KZbin, and his videos pushed me to be better with money. After I started to turn things around I realized that not all of the guidelines were right for me. I believe that as long as you are not going into debt, have a reasonable emergency fund for your situation, and are saving for now, and the future, you are better that 90%+ of Americans today.

[@R_Jon]

Dave’s advice is for people who want to get wealthy and do it with as little risk and stress as possible. We are living examples of his advice and I’m grateful to him for that.

[@PN-ve9lf]

Amen to that

[@coglineerro730]

His advice will not get you wealthy. If you want to build wealth, look for people who don't suggest putting all your money in actively managed index funds or avoiding any credit except a mortgage. Also, if they call you stupid because you made financial mistakes in your life, just ignore them.

[@regdesousa9763]

If they are saying Dave worked for them why all the negativity lol !!Just do what works for you.. Most people follow Dave’s get out of debt advice but not 100 % …like most of us we save more than 1,000 dollars because that wouldn’t even pay my Mortgage and I like to know we can pay that if something happens … It isn’t like you can call Dave and say hey you were wrong I need 5,000 more ?Every advice is not 100 percent for everybody !!

[@willrisher6049]

@@coglineerro730ok lol

[@GK-gc9cv]

Wrong. Dave's advice is for people who want to live comfortably with out debt weighing them down. Following his advice its unlikely to reach upper class or even upper middle class. You dont get wealthy avoiding debt, you get wealthy by taking risk and using debt to leverage returns and business opportunities

[@chaosjester527]

This was a really great video, I have actually felt like dave's advice always fits a different audience and not what I was looking for in terms of advice. You really gave an amazing debate to each of his points. I would love to hear you and him talk finance so that we can hear the full reasons behind each decision. This type of talk helps everyone get a better understanding of the topic and thought process. It teaches others how to think in similar ways so that we can create solutions to our own unique problems. Thank you!

[@CalebHammer]

Wow, thank you so much! That means a lot. And I love would to talk to him some day!!

[@lindab3340]

Hi Caleb, love your channel. I’ve been watching them nonstop!! Question : for school loans with internet rates like 6.8 percent, how do you recommend tackling those? Curious to know your thoughts . Also- will you consider doing a call in Q and A portion for your show? Would be cool for folks who don’t wanna be seen but may have financial questions . Thanks for the good content

[@CalebHammer]

Thanks :) And If I had 6.8%, I would pay off after they start back up! Maybe save up what would be needed to do so now in a "high yield" savings account.

[@chrystina]

Thanks for sharing your stance on this. Dave changed my life, and now your channel is keeping me motivated!

[@codyfacelove]

I grow up listening to Dave Ramsey and it help prevent me from going into debt from a young age but it also made me not get my first credit card until I was 25 and even then I was pretty adverse to it. Even then use leverage to invest in the stock market (option trading) so I wouldn't do that for investment property either. However, having some expectation to buy a home in cash is pretty dumb.

[@theninjaofmusic]

I was very similar. Got a 30 year fixed loan on a house that was living below my means (and got it while rates were stupidly low). Wanted a place to start a family and have a store of value for the majority of my money.

[@JayRays1truck]

But it is possible to buy a home with cash. You may have to live with your parents for a few years and buy a cheaper home than you want, but it is possible.

[@JoshuaGreyJensen]

My "financial literacy class" in high school was LITERALLY a word by word copy of Dave Ramsey's courses. This MF instilled in me that credit cards are dangerous and pure evil. And to this day I still am apprehensive about them dispute utilizing 6 mo 0% interest for sofas, engagement ring, and whatnot. But because of landing some lucky jobs and whatnot. At 25 I own a home, have 4 month emergency fund, and the only debt I have is my base model Corolla and I am paying to the principal every month. So I owe him some gratitude because I have seen how debt has affected my parents and my sister and I simply do not what to be in that same situation for my family. But also that guy seriously had me thinking that credit cards were the worse things ever...

[@troyus111]

His argument would be that 50% odd are making payments on them which means a majority can’t manage them properly.

[@christopherschultz654]

Love the video! I am just starting my education, and the frustration of not being taught my entire life about this stuff has finally hit it's limit.

[@RJ9mech]

All that said, I'll avoid the risk of playing kissy face with the bank. 😁 Thanks for presenting your thoughts. I'm happy to have followed Dave's plan carefully, and the structured focus helped me to achieve some remarkable goals with more yet to come. Although we might see some of these details through a different lens, I'm happy to subscribe and hear different ideas, and to watch your audit videos. Well done!

[@savvybudgetgirl]

Awesome video! Dave is definitely not for everybody and I appreciate you taking the time to break this down.

[@TVHouseHistorian]

I love that you’re so young, and SO financially literate, as well as the fact that you have an eye on retirement. Most people under the age of 50 don’t want to think about retiring debt free.

[@ot7stan207]

I live next to an older lady who hadn’t saved for retirement and every day I hear her through the wall reminds me to get my act together.

[@Bob-xe4dn]

Dustin don't get mushy okay

[@1213LB]

Good video. When I took Dave's course I don't remember him saying not to take on a mortgage and instead pay in cash (it was years ago). But I do remember him talking about paying for a car in cash. Also, regarding credit cards if there is fraudulent activity credit cards are more protected, you just contact the card and dispute it vs. contacting the bank (if you used your bank card) and disputing and waiting for the money to get back into your account.

[@mollynash2597]

Dave says pay cash for investment properties. For your own home he suggests 15 year fixed rate mortgage.

[@Stovetopcookie]

Hi Caleb. Human emotions considered, I paid off student loans early. Stress level is incredibly low now. If I lost my income, this is one less huge burden to worry about. All my friends are in debt, stressed out, unhealthy and are on several meds. I’m the last one standing. Not sure how to put a value on that. But I guess if you can afford to pay it early for the peace of mind factor.

[@lindseywaldrop5937]

This! I know the correct choice by the numbers is to not worry about my relatively low interest student loan debt, but it weighs on me nonetheless. So fine, I’ll go with my emotions and have the peace of mind on this point.

[@daelkolwitz3509]

Caleb, I appreciate you and your content. When you talk about real estate snowballing, this is what my father would do. It's great when people pay, but when there are hiccups in the economy (2008-2010), (2020-2022), it becomes a house of cards. Today he is 71 and still working because he lost everything. A man with an opinion will never change the mind of a man with an experience.

[@sambuechel9632]

eloquent

[@GK-gc9cv]

As long as you have other income or not too much leverage the house of cards wont fall. In my opinion real estate long term is the best way to build wealth and only way a middle class person can realistically get rich, but risk control is key.

[@zeimarodriguez8845]

Yeah that is what I tell people! I follow Dave Ramsey, and has worked well for me even though I was pretty good with money. I never had a problem with spending more than I have and my mom taught the value of saving. But I’m too scared of falling into the credit card craziness so I prefer not to start. I personally only know two people that I know are discipline enough to have credit cards. The average American needs someone like Dave.

[@beckypetersen2680]

Wow...only 2 people? Yikes. That's sad. I saw somewhere that actually 45% of Americans pay them off every month. (I have no idea if the person talking about that was truthful - can only quote what I heard.)

[@utunum1799]

I didn't know about the 90 day loans, thanks! I agree, being financially literate makes Dave Ramsey does really help me.

[@taylorscott-fr8hs]

Thank you for this video. I think people often forget that not every method was made for you. Thant's what I think when I see people criticize different debt payment methods. it's not dated it may just not be made for you. that is why it is important to meet with a financial advisor and see what works best for you. Dave Ramsey methods work but anyone who has surpassed the baby steps should defiantly start looking into better methods to make and maintain money when they are financially stable. again, wonderful video! keep it up.

[@TheBraulio459]

The issue is that many people overestimate their financial literacy and discipline. You can do all the basic math in the world, but at the end of the day, if using a credit card will help you justify a purchase than you probably shouldn’t use it. I never understood his program when it came to credit cards either because it made no mathematical sense until I looked at my own finances and realized that I hear plenty of income and always paid of my cards, but I never had money left over. When you start using your debit card and cash you slowly begin to realize and associate money with work/time and the opportunity cost of every purchase, I literally lost my breathe when I had a big purchase to make and realized I wouldn’t be using my credit card which made me understand how much a CC can help you justify purchases and dissociate from the idea of money

[@MikeThePike316]

They don't get it. The majority of folk live paycheck to paycheck and carry credit card debt each month. Yet, I always run into the minority of people who seem to always have money, always carry a $0 balance, and only use a credit cards for absolutely necessary purchases. However, I bet that if we looked at their bank statements, we could really pick apart just how much people spend on nonsense. I bought cars with financing and, more recently, I used my own cash to buy a car. I was way more discerning about the details of the transaction bc I was using my own money. Wound up doing private party sale to avoid the bogus fees charged by the [st]ealerships.

[@christinewatson1989]

As someone with dyscalculia (math dyslexia), my acute awareness that I'm functionally retarded and nearly inept at financial matters is exactly why I'm doing well financially. You gotta know your limits and sometimes the best use of money is a financial advisor.

[@augustustheman]

Well put. This usually far outweighs the approximately 1.5% cash back but people don't realize they are buying more than they would have with cash so they think they are being smart.

[@beckypetersen2680]

@@augustustheman Well some people literally never carry cash. Some countries Like Sweden discourage it.

[@JulieStevenson752]

I can’t imagine not having a credit score. As much paperwork as I had to provide to buy my house, if I didn’t have a credit score I would have extremely limited choice if lenders.

[@MikeThePike316]

You had to provide all the paperwork bc you were using debt 🤦‍♂️

[@JulieStevenson752]

@@MikeThePike316 most people have to use debt to buy a house. Dave says you can buy a house without a credit score

[@bradk7653]

Why would you borrow money for any reason? 2003 was the last year we ever borrowed money. We bought our last house with cash. We now have 3 homes, all mortgage free.

[@MainConMan]

@@bradk7653i aint got enough yet

[@rachaelgoldstein8091]

Do you have a credit card churning video I would love an educational on that 😊

[@MsSarahJam]

This is a great compare and contrast video. Thanks Caleb.

[@Chicagocubbiegirl]

I consider myself financially responsible and I use a credit card for the rewards, pay it off every month, which earns me about 1k a year. But they do scare me. It is very easy to build up a balance.

[@kaianthony8077]

My opinion is that Ramsey is a mixed bag but his legacy is probably a net positive. He's definitely made an impact and helped millions of people take a hard look at their habits. The best thing about Ramsey is that he's given hope to people who refuse financial help from every other source due to his place in conservative/Christian circles (his course is regularly taught by individuals on thousands of church properties). On the other hand he's given a ton of awful investing advice, downplayed how privileged he was in the 80s and never takes a balanced look at systemic reasons for why the average American debt has been so high the last 40 years. His organization's weird obsession with it's employees' sexual habits and their refusal to allow caterers to mask at the height or COVID before the vaccines is also troublesome but a lot of conservatives shared his beliefs on these points.

[@ruthirwin8222]

Those are great things i never maaked its not about being conservative its about thinking for yourself and realising you just cant trust the government

[@handleyobusiness]

Sexual recklessness does lead to being broke. Conservative values make a ton of sense regardless of your religious background.

[@330DKNY]

@@ruthirwin8222 Except Dave refused to allow others to wear a mask. Exactly what I would expect from most hypocritical "Christians"

[@IbrahimMuhammad_114]

I found your channel thru dave. You were in the recommended videos

[@liamstorkerson6885]

love the detailed analysis of each opposing thought to Dave. Not many if any people do this today and definitely refreshing to see and listen.

[@Mr_NB628]

My biggest problem with Dave Ramsey is that he doesn’t say to put money in index funds. He says to put money in mutual funds. Which tend to have high fees. If he’s really about saving every dollar he would recommend index funds and not mutual funds.

[@lonle6506]

He is sponsored by some economic advisors who he advertises for

[@exjehooberdubexpiobeezleeb6269]

That and telling people to forego 401k contributions with matching employer funds until their debts are paid. That's just leaving free money on the table and potentially jeopardizing your future retirement.

[@user-hd8ej8yx9p]

@@exjehooberdubexpiobeezleeb6269 it's about doing one thing at a time... if your employer matches you at 3%, you make 50k/year, then you're only "leaving on the table" $1,500 max per year... that is peanuts, in comparison to being debt free, and really putting away money afterwards. glad you're no longer a JW, though, i'm a PIMO myself

[@exjehooberdubexpiobeezleeb6269]

@@user-hd8ej8yx9p different employers match at different rates plus the compounding effect year over year. I guess my issue is his lack of nuance but the video above makes a good point about who he's good for. And congrats on being pimo, it's rough but hopefully you get your freedom soon. If you haven't already, check out the exjw subreddit. It's a huge help and support network for those of us who've left and those who want to leave 👍🏾

[@NoRegertsHere]

@@exjehooberdubexpiobeezleeb6269 most ppl Dave deals with need focused debt repayments and are in a hole. The bad debts they clear pretty quickly. Match plus 10% return on 401k deposit plus match is still less than 24% interest on credit cards and the cashflow quick debt repayment frees up. Then he’s all on board with the matching.

[@TheHootnany]

I agree that holding low interest student debt longer just making minimum payments and investing the extra money is more gains in the long run, but I'd rather pay off sooner cause I have had more than enough of my fair share of sudden layoffs without notice in this country.

[@michaelsanchez8519]

Hey Mr. Hammer, love your stuff brother. Been watching you for a little over a month and you’ve helped me control my spending habits. Thank you for that. Would you be able to break down how someone should go about investing into that SMP 500 thing? Do I need to seek a financial advisor? Is that something I can do through an app? Do you personally offer private financial advice? I don’t want to be in the show. I honestly have no reason to be as I have less than 1k in total debt. But I want to learn more about investing into long term retirement accounts. Keep up the good work brother 👍 you’re the man.

[@diegovargas9080]

Great video, hit the nail right on the head.

[@wheretonext2897]

Thank you for not trashing Dave so many people get out of debt using his system then go onto trash him because he doesn’t handle people with kid gloves he just is a straight shooter and tells you point blank to your face what you Gotta do and a lot of people don’t like hearing the truth. Like you said he is perfect for the people that did not grow up with any financial education he brings it back to Ground Zero and then you can move beyond Dave once you’ve learned the lessons

[@CalebHammer]

Thank you, and very well said!

[@Bob-xe4dn]

​@@CalebHammer how many of these girls do you want to marry

[@nobeliefisok9174]

Ive been saying for years that Dave's advice is a starting point for people that are ignorant of how money works, or undisciplined. Once you solve your underlying behavioral issues, then Dave's advice is just bad. Debt is a useful tool. Credit is a useful tool. Obsessively avoiding spending any money is a waste of 40 years of life. For me, I get so much value from rewards card per year. I never carry a balance on credit cards, and haven't for three decades. But I do put every possible form of spending onto credits cards, including my electric bill, garbage pickup, cell phone, water bill, gas bill, daily spending (groceries, gas, etc), and everything else. I do not buy anything just because I have credit available. I always have tons of available credit because when you do pay off your credit card every month, pay your auto loan if you have one, pay your house loan if you have one... the credit card companies throw money your way.

[@ryanpatton1795]

wtf after finding caleb recently and only seeing the recent financial audits this is JARRING. Like his pinned comment is talking about the first 10k subscribers and i've never seen him under a million

[@Dairy9661]

Love getting a different perspective!

[@OPDNETWORK]

You are so right I followed Dave Ramsey I listen to a lot of things that he said however Dave is a little out of touch with the times I said not to listen to anybody 100% I tend to take a little bit out of everybody’s information and make him home I love what you doing bro keep on the good work

[@sameerazer33]

I grew up with rubbing alcohol being the standard method to treating cuts and scrapes. 30 years later, I learned that alcohol kills the bad bacteria but also the good bacteria. Some of this good bacteria helps with wound healing. So I learned to use Neosporin instead of rubbing alcohol. I feel like Dave is like ol' trusty rubbing alcohol. If it's all you got, it works. But there are more optimal solutions out there, which minimize the undesired side effects.

[@DanielTPeace]

Well said and finely illustrated.

[@princescott]

Loving your content ✨️

[@nihnjastar]

How do you gain a financial education? I'm good at budgeting and not overspending but feel lost when it comes to how to start investing, what kind of mortgage I should get to be able to pay as little interest as possible (when I'm ready to buy), what interest rate I could afford to buy a house at, and how much house I can afford.

[@awa2612]

I use to listen to DR, and he has helped me get out of a very difficult situation in my financial life. I have stopped following him since I think as my net worth went pass 7 figures, his teachings actually were not as applicable. Oh yeah I love CCs and points. My wife and I have saved so much on travel because of it.

[@MikeThePike316]

The only teachings you found disagreeable were likely his stance on debt. Everything else he teaches is on par with what financial advisors teach

[@jaysonyabut9308]

I don’t agree with DR’s rule of stopping contributions to retirement until your debt free. If I did that I would of missed out on over 100k after the covid crash.

[@GusMahn]

If you have a match, you need to do at least that much!

[@shaereub4450]

I would agree when it comes to low interest debt. What about high interest debt? How high does that interest rate need to be before it becomes your top priority?

[@jaysonyabut9308]

@@shaereub4450 I agree with DR about doing the snowball method so interest rates don’t matter. I just balanced paying off debt and contributing to retirement at the same time. It’ll take a little longer, but it was worth it to me.

[@benjaminjourden4845]

Dave Ramsey system is called “Financial Peace” it’s not about doing the mathematically best thing but freeing you from debt and creating healthy habits that will make money a blessing, not a burden.

[@sarahdavidtacy5098]

I think you have a really fair, nuanced, and intelligent approach to Dave's work and to finances in general. I agree that Dave's philosophy sort of streamlines things and makes it easier for the average person. But I think for people like me, and many others, we balk at those approaches because we can tell he's glancing over things and not explaining things fully. Really appreciate you and your work on this channel.

[@user-ut4zw6so6o]

Dave Ramsey makes it simple, so for people overwhelmed by financial trouble, gives you some ideas to keep straight in your head. Nuance is for when things are more under control and you need to start making choices about where to invest.

[@micheldwson]

Great videos, I would say it’s a little ambitious to assume that returns on S&P 500 are always going to be positive. There are a lot of economic issues besides inflation that might make such expectations fall flat. People say well history says returns are always 10% but there is less than a century that says that’s true. You’re probably right but just don’t assume.

[@stephenbacks3100]

I’m a widowed teacher, and father of two. I have about $400 in credit card debt, my 2018 Mazda is paid for, and my mortgage is $1,300/ month. It helps that my oldest son lives at home while attending college on partial scholarship. As a car guy, I still hate car payments. I’d rather travel! I chaperoned a trip to Paris for free, and used an airline voucher to Boston this summer. Experience is better than stuff!

[@NicoleMendes583]

Love this video, so spot on!

[@fonz-ys6xu]

The baby steps are a great foundation to start with. They definitely helped me get on a great path to retirement. But that doesn't mean every little thing he preaches is correct, or that finances shpuld be a one size fits all. I don't worship or idolize any 1 single KZbin personality. That would be foolish.

[@fonz-ys6xu]

Also, Caleb brought up a lot of good points, but that's assuming that people are disciplined enough to save the "extra money" in the student loan example be gave. Most people are already screwed up because they lack that discipline or ability to see why small sacrifices pay off over a long time line. You're right about that stuff for sure. But only with the right mindset.

[@plato9070]

If a sudden extreme emergency, medical for example, occurs forcing you to use a tonne of money instantly you could get really unlucky if your S&P500 money is in a grave temporary dip. Therefore I think paying off loans is a lower risk strategy even for the financially disciplined.

[@CalebHammer]

Why would you not have an adequate emergency fund in place before investing?? You should not have to pull from any investments to cover an emergency.

[@plato9070]

@@CalebHammerAlthough an adequate emergency fund is usually enough, there is almost no upper limit to how bad emergencies can get if you're really unlucky. Especially if multiple hit at once.

[@markbeiser]

My "emergency fund" is in my Webull account. If I need it for something, I can borrow up to the margin limit on my account with a few clicks in the app if it isn't a good time to sell something I also work in an industry that, bar the total collapse of civilization, is quite economic downturn proof, and have layers of health, accident, short and long term disability, and cancer insurance, so I'm not in as much risk as most. With the way inflation has been lately, I'm glad I'm not holding an emergency fund in a "high yield🤣" savings or money market account anymore.

[@BoneProducedIt]

You’re spot on🎯

[@jaemibean6682]

Love the haircut!😊

[@froggore52]

The problem with your credit card argument is that everyone thinks they are financially disciplined, until they're not.

[@brandonclark482]

Bingo!

[@whatevergoesforme5129]

Not only that. Do people think the cash backs are given for free? That is why my sis was told that if she uses her CC to pay for her doctor's fees, she will pay an additional 3% because credit cards are not processed for free.

[@snarky77005]

I totally agree with you about Dave Ramsey. I'm just making my minimum payments on my mortgage, because it makes mathematical sense to do so. I might want my house paid off when I retire. So I'm loading up my 401k and my Roth IRA. My plan is to use the IRA to pay off the mortgage and live on Social Security and 401k with a paid off house at retirement.

[@NoRegertsHere]

Or you could invest while young and mid 40s then switch to paying off the house quickly.

[@snarky77005]

@@NoRegertsHere Yeah, well, that ship has sailed if you know what I mean. Plan B ain't looking bad though.

[@marcamorese4089]

Another issue is that he advises passing up on free money from your employer. I've heard him on more than one occasion advise callers to forgo their company match to their 401k until they're completely debt free. Never pass up free money. To say nothing of the fact that you're passing up tens of thousands of dollars in retirement to be debt free a month or two earlier.

[@OhMaryJo]

I followed *most* of what Dave Ramsey teaches and got out of debt several years ago. I have a credit union rewards credit card. When I charge a purchase, I immediately do an online transfer from my checking to the credit account. I pay my health care insurance by credit card. Guaranteed points that I use to purchase gifts. Also, I bought my car used (one year old). I need dependable transportation, not the junkers I used to drive. I took out a 5 year car loan but paid it off in two years. I had a low interest rate (about 2% a few years ago). I also did not stop paying into my 401k while paying off my car. I’m retired now, so that extra money will help someday.

[@KingSobieski]

Dave R has great advice. Cold Turkey. Simple. No BS. 15yr mortgage. I traveled for work and listened to him on AM radio. Changed my life. :)

[@lockman004]

At first I found Dave Ramsey in tune with my preexisting philosophy on avoiding debt and living within my means. Then as I listened to him more regularly I realized that he is a bully. He's confident and self assures to the extent that if you disagree with him he uses his statistics pulled from a dark place to shut people down. He's a borderline braggard and then he mixes money and religion. As time went on I found him increasingly dogmatic and talking down to his loyal followers. His dismissive laughing at people that disagree with him makes me uncomfortable taking his guidance on any topic.

[@thursdaythought7201]

Dave Ramsey makes my blood boil. His advice is better than setting your money on fire (I guess), but it doesn't really do anything for his listeners. He sells scams with basic advice and he thinks he is a genius. I can't even imagine how much money he has scammed from his fans.

[@brentrobinson9671]

That’s why he needs a co-host to dilute the fact that he’s an ass more than half the time.

[@rafaelalba0910]

Great message! Thank You (:

[@minski226]

One question: as we all know any fund or stock has come down quite a bit and most likely will still continue on that path for quite some time over the possible depression. Doesn’t this have an effect on the student debt. I have roughly 12k of student dept at an interest rate of around 3,5%. I invest part of my income every month and own an apartment (mortgage). Now I am thinking than with my current plan of pay back it will take me 7 years to pay it off, but I could easily do it in 3 or less and not have to do anything drastic. How is it if in the next 3 years the average interests of S&P is around 3 overall which strategy is better?

[@bridgetlove1884]

His advice against not contributing upto match while paying down debt is terrible. That is part of your compensation package, always, no matter what your financial situation, do the minimum up to match.

[@13ikea]

I disagree with DR in that we should pay debt off before investing. The number one advantage of investing is Time. If it takes me 10 yrs to pay off debt, that’s time in the market I’ve lost.

[@vancomycinb1193]

who are you working for, if you owe the bank 10k for your car? Is it you?

[@13ikea]

@@vancomycinb1193 huh? I never mentioned a car. This was a simple example I used.

[@cheeseman9967]

Caleb, I appreciate how you get to know your customer on a personal level as you investigate their finances. Everyone has different reasons for financial stress, getting to those reasons make all the difference! I tip my hat to you and your way of doing things!

[@tateg.7530]

I don't think it gets talked about enough they hypocrisy of Dave defending MLMs as legit businesses because he has some friends who have done well for themselves, while also calling banks "scummy" for lending money and charging interest.

[@CharlesBallowe]

I find Dave in the "how to not be poor" rather than "how to be rich" class of advice. Some would say "playing to not lose" instead of "playing to win". Or "how to not take risks" vs "how to evaluate and manage risk".

[@PinkInTheDiamonds]

I think it's dumb to not use credit cards. It's more secure AND you have tons of perks to them. The problem comes when people are irresponsible.

[@drewgraham]

Its dumb to be irresponsible with credit cards, and most people are irresponsible with credit cards, so for most people it is dumb to use credit cards and dumb to not learn enough dispipline to use them

[@MASTERPPA]

I used to love listening to Dave Ramsey, until I heard him tell a 75-80 year old women who was struggling to keep paying her 10% to the church no matter what.. terrible

[@alexispena6168]

Hey Caleb! Awesome channel and passed Ramsey’s approach now. What is your take on Robert Kiyosaki! Really like his mindset on money but iffy on his approach to financial growth.

[@treesnmoguls]

Dave's plan is 1000 times better than NO plan! I pretty much agree with everything you said, except: I believe it's best (agree with Dave) from a risk management perspective to pay off ~4%ish student loans, or any non-mortgage debt ahead of non matched mutual fund investing. The reason: YES, the S&P has AVERAGED ~10ish% over LONG periods of time, however that is not the case for every span of time (2000-2009 was negative).

[@enricosanchez3289]

Good point, I partially agree but also believe this should depend more on goals than what purely makes the most mathematical sense. The reason I say partially is because student loans often cover over 10 years and if you look at 20 period times it gets a lot closer to the historical return. The reason I think it should depend more on goals is because some people want to be debt free as soon as possible. I lean more towards this side and is why I got a 2.4% 15-year mortgage versus a 2.9% 30-year mortgage. I could technically have more money over 30-years if I invest the difference of payments, however my wife and I rather be debt free sooner.

[@justincburns]

I think the biggest factor you failed to mentioned about Dave’s approach is the “financial peace” part and not “best math” part. As someone who had 100k in student loans and a rental property of 300k mortgage, and credit card debt, not having any debts brings so much peace of mind. Yes it’s not the fastest way but I think it is a safer peace of mind route that still brings millionaire wealth entering retirement for anyone who follows the plan. Love your channel bud!

[@InstructorWest]

Caleb- What is your credit card advice for college students? Do you think that a safe card like the Chime Credit Builder is a good starting point? Or would a secured card be better?

[@rubyruby1847]

Dave got me started on my journey and encouraged me to learn more. Best advice..... Start today, spend less than you earn, drop debt that steals your future and save/invest to make your life better tomorrow.