Heated Debate Between Infinite Banker and Dave Ramsey

[@royhoco5748]

Dave keeps offering Jim millions of dollars and Jim keeps turning it down

[@cjsalmagundi9965]

Best comment ever. Right on.

[@michaellawrence3345]

Poor sod

[@chipm2544]

Was going to say the same thing. Sometimes you just have to let people be wrong.

[@chazzkramer7676]

Stupid people are everywhere

[@possibility28able]

That’s 95% of the fb community that rags on Dave. You can lead a horse to water, but you can’t make them drink

[@jaygee8039]

"It's easier to fool a man than to convince a man he's been fooled" - Mark Twain

[@alinatamashevich3354]

We have met the fool. A fool and his money are soon......

[@user-mv9tt4st9k]

😂😂

[@NWO_Media]

The mRNA Covid vaccines were the same case sadly, but many are still doubling down that it’s "safe and effective" 😂

[@shanew7361]

​@NWO_Media I agree total scam and waste of money.

[@JosiahFirenze]

@@NWO_Media Get a job 😂

[@Gajdosh]

There is an ego-protection mechanism in the human psyche and this guy just displayed it like a museum

[@maryk446]

I was reading the comments just so I could see how many comments it would take before someone said this. This guy refuses to admit that he was wrong in his assumptions.

[@kay9056]

Yep!

[@dyates6380]

Perfectly said. It's a good thing to be humble sometimes and take good advice. An open mind is a good thing.

[@annaelisavettavonnedozza9607]

An* ego

[@superman9772]

yep...collecting dust like a museum display...i got rid of my whole life a long long time ago... the guy wants to do right by his family and believes in the goodness of people (a righteous and noble man but insurance salespersons take advantage of that )... see that reaction a lot from victims of fiduciary crimes...

[@alexsteven.m6414]

Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.

[@samuelrandy-k8x]

Let's face it... buying more stocks & index funds during stock market corrections and bear markets is scary. Which makes it really hard to do for most people like me. I have 260k I want to transfer into an s&p but its hard to bite the bullet and do it.

[@brantheeskimo]

You need a Financial Advisor my friend so you don't get ripped off in the market. They provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good.

[@belobelonce35]

I know I've wanted to start investing for a few months, but just haven't had the courage to start because the market has been down for most of this year. Please how can I reckon with such skills and what are his services like?

[@brantheeskimo]

REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.

[@MarcyLoccy]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@wauntyler7509]

“I think you oughta keep it, it’s perfect for you” 😂😂😂

[@calebdoner]

Made me literally laugh out loud!

[@HondoSauce]

Savage

[@miscellaneous037]

Perhaps the best line ever delivered by Dave Ramsey.

[@EasiestSolve]

I admit it. I laughed out loud when Dave said that.

[@Dan51320]

I think Jim is really just more upset that he bought one of these policies than he is at Dave.

[@drn13355]

Yep. If he was sure it was a good deal why would he get pissed off if someone disagrees.

[@gm2407]

Yeah seems about right. Exactly why I thought he was angry, because the messenger told him he was swindled.

[@jameslastname9171]

He REALLY likes the idea that there is a way to borrow against the policy.

[@AmericanWears]

Some people are never wrong even when they’re wrong.

[@aboutwhat1930]

Jim is someone who DIDN'T do the math. But yeah Dave's 100% right. $5700/year at 8% ROI works out to about $122K around age 13. If he added ZERO to it, and it continued growing at about 8%, the son would have $25.6M when he's 80. Now the S&P 500 has historically netted about 10% ROI since its inception in 1928. Inflation has been about 3% during the same term. If we recalculate based on a 7% ROI (assuming you made 7% after inflation, which is historically about what it works out to), his son will have about $115K when he's 13, $375K when he's 30, $1.5M when he's 50, and roughly $12.3M when he's 80. And yes, his son can legally borrow against the stock portfolio if it's in his son's name and his son is foolish enough to do that. About the only risk is SIPC insurance (which insures the investment account against the brokerage's failure) but that's quite minor really, as it's roughly 3 to 4 decades before that's likely an issue.

[@dukutmagangana]

“I think you should keep that policy… it’s perfect for you.” 😂😂😂. What’s the euphemism about arguing with an idiot..? Dave’s restraint was impressive on this call 😂.

[@kay9056]

😂😂😂 perfect for him indeed. He's not getting it so he doesn't understand what he's losing. Let him be content with 25 million from one source and 2 million from the other (whole life) instead of 50 million and kid knowing never to borrow to build wealth.

[@nodsib]

Dave put on a master class in how to win an argument in this call. Starting with the “I’m sorry” comment, which was absolutely hilarious and effectively threw the guy off his game from the get go. From there he ran circles around the caller and kept every one of his arguments shut down

[@michellemorford349]

He should have capped it off with “let the life insurance company invest those premiums and get the investment returns in the mutual funds you aren’t understanding. Investment returns is one of the factors that helps raise the money to pay claims.”

[@officecrazy7]

The quote is “ Don’t argue with an idiot they will beat you with experience.”

[@boomerangfox5027]

It definitely had a “bless your heart” vibe to it. Lol

[@RobGoldy]

Real title should be: Guy who is getting scammed tries to justify getting scammed

[@mattbenz99]

Bernie Madoff's victims continued to invest with him even as people proved mathematically that his returns were impossible. And these weren't all small time investors, some of them were ordinary people (many of whom got fucked after the scam fell apart), but Madoff scammed literal European royalty and multibillionaires with his scheme.

[@blackspiderman1887]

They need to have more debates like this on the show. It was quite entertaining.

[@mariaeuv7694]

I learned better this way too😂

[@TangoFoxtrotWhiskey]

For a proper debate both sides have to understand their own argument. We didn't have that here.

[@halvey8518]

I want to thank this dude for calling, I’m only 25 and haven’t cared to look into life insurance at all. It actually helped me understand how people get tricked into whole life insurance instead of term. 1. Buy the lower cost term life insurance. 2. The money you saved from doing term instead of whole, deposit that into an investment account. You will make more.

[@zachzezulka8659]

But will you

[@maliqmatthew1009]

This argument is mindless. By the same token, you can say that it's better to invest all of your dollars than to ever have a savings account. Accumulation and distribution are two different things. Different financial instruments are useful for respective time horizons and risk circumstances. Whole life insurance IS NOT competing with investments. Dave's magical math (claiming people will get 12% returns on investments) is what he uses to try to make it appear that he knows what he's talking about. He doesn't get financial planning at all.

[@TheSchaef47]

@@maliqmatthew1009 The guy on the phone is talking about a 2 million or 2.6 million payout. If you invest 5000 a year for 13 years, at 8% (not 12) you end up with 107k ish at the end of that. Then you can pay zero dollars and just let it keep earning 8% until he's 80 and that's 18 million dollars. Not 2.6. And he can actually use that moeny while he's still alive. If whole life dealers don't want to compete with investments, then they should stop selling it in terms of getting dividends and borrowing against it.

[@tracy5721]

Said by an insurance seller 😂​@@maliqmatthew1009

[@chrisbradford5893]

​@@maliqmatthew1009 even with that, he could still buy term and not risk losing his money at death. Is the higher premiums up front + the risk down the road worth it?

[@moe4188]

It’s so hard to listen to someone who is not even trying to understand what’s being explained to them. Please only call if you’re trying to learn new information not defend bad opinions

[@nikolaig1]

New info = let me defend my bad opinion

[@dungeonmaster6292]

Naw dude it's ok to hold to your position and just slam the other one

[@darbyohara]

You’re taking about Dave? 😂

[@moe4188]

@@darbyohara no the caller....

[@rustyshackleford6637]

2B Vina RF Drew LF Pujols CF Edmonds 3B Rolen 1B Martinez SS Renteria C Matheny P Williams

[@wahinepaddler4]

Makes me wish Dave never retires.. no one else would handle the call like he does 🙌🏾

[@Sweet_Southern_Pecan]

I know 😣

[@georgewagner7787]

I could do the humor but I don't have financial Knowledge

[@Jumperman12mac]

Hopefully one of them will step up for it. I could see Jade do it

[@dangehn665]

TRUTH. We're lucky to have Ramsey.

[@Ur_clickbait_is_trash]

Dave is a one trick pony. He wrote a book that can be summarized into 7 bullet points.

[@Ayobussa]

Woah 😂😂 Dave is 100% correct. I’ve been in insurance for the past 10 years. Steer clear from whole life and universal life. Buy term and invest the difference.

[@Iamjoeycross]

It all depends on your goals. WL/IUL isn’t for everyone, and if you can’t afford to do it the right way, then definitely stay clear. Term and invest is cool too, but let me ask. What happens when you outlive your term?

[@lucaspm98]

@@Iamjoeycross you should be able to self insure from your investments by the time your 20-30 year term insurance policy is up. You invest the difference and have better returns and complete flexibility. There’s no reason to ever have one of these policies.

[@Ayobussa]

Your investment compounds over time and allows you to self insure. You don’t need life insurance if you have 25 million in funds available.

[@Iamjoeycross]

@@lucaspm98 I agree. That’s one way to play the game. How about I max out ROTH 401k, ROTH IRA, own real estate, but then also front load my WL policy, and use the cash value to invest into more real estate, loans out to others to make even more returns on ALL my money, while picking up a lifetime death benefit and can use the cash value to live off while alive? I get most ppl don’t have enough discretionary income to do all this. But that’s why there’s different game plans for different types of people. Thoughts?

[@sidwhiting665]

@@Iamjoeycross pray you never have to get into a scenario where the Govt requires you to "spend down" your assets to qualify for benefits, because a whole life policy counts as a financial asset. . I know this because my father in law had a whole life policy, and sadly he was diagnosed with early onset Alzheimers at age 55. He had to go into a Medicaid nursing home once my mother in law couldn't care for him any longer at home. They had to spend down his entire policy to qualify for Medicaid, but (sadly?) he died sooner rather than later, so by the time they had spent down 95% of his cash value in the whole life policy, they didn't even end up needing the Medicaid home after all. My mother in law received only about 5% of his benefit: a pittance. By contrast, if he'd had a $1 million term life policy, that would NOT have counted as a financial asset, he would have qualified for the Medicaid help immediately, and when he passed my mother in law could have received $1 million. . So there's that.... don't know if you were aware of this little "gotcha" or not.

[@BobbyDigital_100]

I’m a 17yr advisor/ins agent. I agree with Dave 100%. He’s absolutely right. Listen to exactly what he’s saying ESPECIALLY the mutual fund talk.

[@TheKwakBrothers]

Sadly, What Jim described to Dave is NOT infinite banking. Not even close. The #1 mistake that most infinite banking practitioners make is thinking that insurance is an investment. If you actually study what Nelson Nash has to say about the Infinite Banking concept, it's NOT meant to be a standalone investment product - nor will it ever be. It's meant to be used as a platform TO invest in other investments such as mutual funds, index funds, real estate, etc. Sadly, I would have to say 90% people don't understand it properly OR they were sold incorrectly. It's largely due to misinformation about what CAN be a good tool.

[@paulstutsman]

I've never heard of an IBC Practitioner certified from the Nelson Nash Institute call a whole life policy itself the investment. EVER. What I have heard is, it is the place to build and store capital for investing. Banking is a process not a product.

[@TheKwakBrothers]

@@paulstutsman Exactly!

[@nodsib]

That “I’m sorry” from Dave was an absolutely masterful insert to throw him off and assert dominance while still sounding polite. I knew this would make it to highlights when I heard it live.

[@SpoonHurler]

S Tier southern passive aggression. 😂

[@WhatShallEyeDo4U]

He blessed his little heart. 🤣

[@barexampasser]

he is a boomer. he cannot comprehend not being “alpha” because he thinks his shit doesn’t stink. He’s a loser with rich connections and banker friends that paid for his expensive mistakes

[@chitomrun]

pompous

[@multimeter2859]

He should've called Dave a liar though, especially when Dave tried to say banks don't use this. That's an outright lie.

[@Dmal2301]

Thank you Jim, I've learned more about what not to do in 10 mins that I did in all my high school career

[@marshall2.015]

I'm amazed Dave gave this guy that much time. The guy is arguing with a calculator telling the calculator it's wrong.

[@kay9056]

Precisely. I was funny, initially. But, then just sad that he could not see the error in his way and logic.

[@dyates6380]

LOL. I love it. You're so right.

[@desenagrator]

He gave him time because he knew it would make good content lol

[@bradleyrandmartin]

He knows it's good content

[@Primitive_Code]

Dave's interest rate is wrong before putting into the calculator. No evidence of his 11%, 12%.

[@Randy71203]

I ran the numbers, at 15 years of age with 70K invested and no additional money added, at 11% return and at age 80, the value would be over 52 million.

[@paulstutsman]

"Invested" means there's risk of loss. There's no way of knowing if that number is correct.

[@Randy71203]

@@paulstutsman invest in-ˈvest VERB invested; investing; invests to commit (money) in order to earn a financial return to make use of for future benefits or advantages to involve or engage especially emotionally to make an investment Here is the definition of invest. No mention of risk of loss. Regardless of the definition of "invest" my numbers are correct. The assumption is 11% return each and every year. I'm not saying that will happen, I'm saying if it did, this is how much you would have at 80 years old.

[@DaBears-ym2bc]

@@paulstutsman says the poor man.

[@jc10132]

Dave always preaches simple steps which I think leads some people to believe he isn't an expert in finance. These clips really show how incredibly knowledgeable he is on all these topics. Great video.

[@maliqmatthew1009]

He isn't an expert in finance. There is no belief involved. He has no expertise in insurance, nor in investment. He is nowhere near qualified to discuss the topic.

[@aaronlarsen8412]

​@@maliqmatthew1009he basically is an expert

[@johnhannibalsmith1607]

That guy's ego was hurt so much that he's just aggressively resisting the opportunity to learn something.

[@vickieclark5931]

I agree. He is trying so hard to debate Dave and is failing miserably.

[@nodsib]

@@vickieclark5931 to be fair, even if Jim was right (which he absolutely wasn’t), winning a heated debate against Dave Ramsey is a pretty freaking tall order. Dude’s show is a 30 year master class in winning financial arguments.

[@jamesjazzy8040]

Yes, but he didn't learn there's a higher risk of mutual funds which were down 21 %last year... And I know over the course of ex amount of years The stock markets up 12% etc or at least the the piece of paper your broker gave you said it was.

[@nevinkuser9892]

​@@jamesjazzy8040Better to use your money to make a business that gets 100x returns every year.

[@user-mv9tt4st9k]

The simple solution is to dump the policy and set up a custodial investment account. My husband's grandmother did that for the grandchildren: At eighteen, the kids had a choice to accept a payout or establish an account.

[@drn13355]

He said he is "pissed off" because he feels insecure and feels deep down he was scammed. If he truly thought it was a good thing he wouldn't be pissed off. Why would he care if he knows he is making great money?

[@letsbefreeletsbefree7183]

Yeah i think buffet said something similar about investing that if you get angry/emotionall about your investment then you dont see the whole picture.

[@peacehappyb237]

It is really a scam though even though a person will get less with a whole life-death benefit? If someone isn't healthy, they won't qualify for a term policy since depending on the policy you have to renew 1, 5 or 10 years. Some people want to feel more secure than making the most money.

[@nodsib]

He’s pissed because he probably sells whole life (along with bought for his kid) and NEEDS Dave to be wrong to validate the lies he’s told himself in order to clear his conscience about selling the product to others.

[@user-mv9tt4st9k]

​@@nodsib I had friends who sold whole life policies back in the day. I questioned the terms and noped out.

[@peacehappyb237]

@@nodsib Possible... but term may not be the best option for everyone especially if someone isn't healthy. Dave and Suze Orman both despise whole insurance which is understandable.

[@3videomaster]

He's too emotionally invested to hear Dave out, already putting 70k in. Understandle since no one want to feel like the made a multi-million dollar mistake.

[@onicamary123]

And he doesn’t sound too bright. Wondering where he got the 70K from, probably his grandad’s oil well lol.

[@daleyfamily2179]

I rarely agree with Dave, but in this case, Dave is correct. $5k a year for 960 months at age 80 at 8.5% is $55 million. This guy on the phone is totally lost in the sauce.

[@seangeary7100]

The question that needs to be answered is: can you borrow against your stocks in a mutual fund? I'm pretty sure you can. And if that's the case, this whole life insurance is useless.

[@seangeary7100]

Also, I think he was saying if he paid 5k for 13 years (65k), at retirement, the son would have at least 10 million.

[@SportsStopIN]

@@seangeary7100 most wealth management companies will allow you to set up a line of credit against your securities.

[@VinnyLogz]

So can you list some of the things you disagree with Dave on? I know one thing I do when he always tells people to put money in an index or mutual fund for the long term, 20 years plus, I think everybody should be picking single stocks, a handful of them to diversify slightly, but I hate when he always says to always pick mutual or index funds, so many people end up picking the same ones And create a massive amount of redundancy, cutting their prophets off at the knees, actually cutting their profits off at the neck lol

[@kinleyiscute]

Talk about the risk.... the kid could lose all of his investment with mutual funds

[@wastelanddan7388]

Mad respect to Dave for being ready have this debate without prep. Granted he knows a lot about this stuff cause he does it all day everyday day. But very cool to be ready to jump right in.

[@maliqmatthew1009]

He knows next to nothing about this stuff. He just sounds smart to people who also don't know about it.

[@mattbenz99]

@@maliqmatthew1009 He knows that insurance isn't an investment. This should be common sense. The purpose of insurance is risk mitigation, if an insurance agent is trying to sell you an insurance contract using any other justification, they are trying to fuck you over.

[@Uchihawallstreet]

I’m surprised Dave lasted this long debating a caller. 😂

[@mannyjeanpierre4062]

yeah he was surprisingly patient this time lol. Its great entertainment

[@Uchihawallstreet]

@@mannyjeanpierre4062 right? We need more of that lol.

[@AA-mk4pu]

Yeah Ramsey is a complete idiot, detatched from reality

[@tomy5868]

gold is worthless.

[@JamesWilson-sb9iq]

He was into it lol

[@victorpinedo215]

This what makes Dave boss. I rarely see callers like this and Dave came up swinging knowledge. Good job Uncle Dave.

[@chetanjilhewar1669]

Yup.

[@tvfish]

😂😂😂😂

[@maliqmatthew1009]

What knowledge? Dave is ignorant about life insurance and not much better about investing.

[@johnathanbolin5539]

@@maliqmatthew1009 Cool, will you please call in and teach him how to not have hundreds of millions of dollars? I'd like to hear what a better alternative is from someone like you who obviously has blown him out of the water! Thanks in advance

[@maliqmatthew1009]

@@johnathanbolin5539 Why would an advisor waste time calling an entertainer who doesn't care to learn what he's talking about? If you think being wealthy is a substitute for understanding, go ahead and invest 100% equities and withdraw 8% per year. Enjoy taking advice from someone who has never managed anyone's retirement, even his own, since you think expertise doesn't matter.

[@doctorbeanis]

Dave's "I'm sorry" legit caused iced coffee to come out my freaking nose!

[@wendyinegbenedo1307]

😂😂😂😂😂

[@SwampNiggaVideos]

It was uncalled for

[@nodsib]

That was a beautiful example of throwing off your opponent and asserting dominance while disguising it with politeness.

[@user-mv9tt4st9k]

It was sincere. I felt for the guy who invested in a whole life insurance scheme.

[@melu4673]

😂😂😂😂

[@AidenLiamf7q]

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024

[@AlexanderOwenb9l]

Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.

[@NatalieHannahq3g]

Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

[@MasonJacobo2w]

I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?

[@NatalieHannahq3g]

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..

[@MasonJacobo2w]

I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you

[@yassine073t]

They guy just doesnt want to admit that he has done something wrong this is human psychology

[@vangtk10]

Legend has it Jim is still debating even when the call cut off already.

[@We_Move_Forward]

😂

[@1notgilty]

After this call Jim rushed out and bought shares in a buggy whip business before he mailed in his ballot for a second term of Joe Biden.

[@sergiopires1786]

😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😊😅😅😅😅😅

[@Ty.611]

damn,but well said @jclaiborneii

[@mattbenz99]

I honestly don't think he understands what he bought. He probably has a golf buddy that sells insurance and that friend talked him into it without explaining it in detail. Happens a lot with insurance and investments.

[@WhatShallEyeDo4U]

It went from "I'm pissed off at you" to "I'm pissed off that you're making me doubt myself..." 🤣🤣🤣

[@bruceellenburg429]

Imagine that

[@PaldinAleihe]

This is actually really sad for two reasons. 1. You can tell this guy wants the best for his son. 2. He's unable to accept that he made a bad financial decision.

[@nodsib]

I think it’s worse than that. He probably sells whole life, and bought it for his kid, and needs it to be a good investment not just for his kid later but his income now

[@multimeter2859]

Lol what? You have to see how his policy is structured before you know if it was a bad decision or not.

[@BikeHelmetMk2]

@@multimeter2859 Whole life? Often a 5.5% MER. Oh sure, they reduce it to 1% on bad years, but come on. In a 0.1% MER ETF it's going to grow a lot faster.

[@moisesarmando3156]

​@@multimeter2859it was a bad decision

[@PaldinAleihe]

@@multimeter2859 No, you don't have to see how it's structured. If he has an Option 2 Death Benefit (where they get the cash value), they are grossly overpaying for insurance. If they have Option 1, they don't get the cash value as part of the Death Benefit.

[@loganandmel]

Just did the Math Dave Suggested. Invest $5600 a year for 13 years at 11%. Then take the sum and invest that sum for another 67 years until the kid is 80 years old at same 11% annual return = $225,000,000. 100X was right Dave!

[@eddielo5414]

I was looking for someone who really willing to do the Math as I feel like it have to be more than 100 Millions because of the magic of compound interest. Even Dave have missed by 10x 😅, which is rare. This guy think he made a better choice if his son lives to 88 years to increase the insignificant half million policy value to 2.5 millions but in reality that made his choice even more stupid. The only chance that it is a smart choice is that his son die right now, that is why Dave said “I am sorry!” 0:42

[@Jim-k8g]

Where are you getting an 11% return in real life?? Dave is famous for his "magic" math numbers that he pulls out of thin air.

[@rhalleballe]

@@Jim-k8g Exacty. Dave is fixed on the last 10 years. But if you look into the long run, i.e. 50 years of Dow Jones, the average return p.a. was 8.1% and not 11%. I did the calculation with 8.1%, if you put in 5600 a year for 13 years at 8.1%, you have $168,532. Putting this again 67 years for 8.1%, (= 1.081 ^ 67 = 184.64) results in $168,532 x 184,64 = $31,117,355. Still huge, but way less than 225,000,000. Last not least, you have to divide that number by the inflation rate, the average inflation rate was 2.3% p.a. for the last 20 years, that results in a factor of 6.17 for 80 years by which you have to divide the outcome in order to compare to the current value, which gives approx. 5 Million Dollars real buying value.

[@drboyce]

As a finance professor, I generally approve this message. However, what I like about infinite banking is that for most people, it’s better than what they would be doing otherwise. However, going directly into mutual funds leads to a stronger economic outcome.

[@jimgold2550]

Surely the people who’ll be proactive enough to find an unusual scheme like infinite banking would have otherwise known about index funds? What do you think they would have been doing otherwise?

[@__RD14533]

There are SO MANY of these scam artists on TikTok.

[@AnthonyMcNeil]

TikTok is the site of all bad information.

[@colin1818]

This caller isn't the scam artist. He's the guy that got scammed and is trying (hoping) to justify his bad purchase.

[@willtacoma2ndgen661]

Not just on tictoc sometimes under Dave Ramsey comments scammers come try bride people

[@georgewagner7787]

Talking about dying with a mutual fund, make sure you sign ALL your beneficiary forms. Mom missed one and I had to hire a lawyer, do tons of forms, get an EIN, and we still don't have the money almost a year later.

[@toddaustin2198]

LMAO Dave schooled him so bad that the caller has no idea he even got schooled!

[@sidwhiting665]

Oh he knows he got schooled, he just doesn't want to admit it. Too much emotional investment in the deal. Give it time.

[@maliqmatthew1009]

No he didn't. Dave is clueless about insurance and keeps trying to speak with authority he doesn't have.

[@BrianEpstein-u8q]

So you find that funny? That a young man was trying to something "kind" for his son, and used a vehicle to help him? Really "schooled". Sure there's better options but the Dad's intent, is what I took away from it, and give him grace.

[@frankvonfrauner]

​@@maliqmatthew1009as you reinvest the dividends, you're buying more insurance. What don't you understand about that?

[@maliqmatthew1009]

@@frankvonfrauner There is nothing I don't understand about it. I do this for a living. The fact that the death benefit grows is why the cash value grows as it does and why telling people they only get the face amount when they die is ridiculous. Said face amount is going to be several times the original amount if they live a long life!

[@SL-fu7sh]

I was stupid and took 10kout of fidelity mixed mutual funds diversified per Dave’s suggestion and placed it in a fixed annuity for 2 years. The growth capped out at 5% when the market surged for those two years! I also realized the annuity was a life insurance policy with a conservative low rate that is capped. I finally got a revelation and moved my funds back to Fidelity and diversified back into mutual funds. Lesson learned!

[@sn4rl277]

When the only folks excited about Infinite banking are the folks selling it, you have to wonder. Anytime a Insurance sales person talks about investments, just turn and run.

[@Lon1001]

This is the best call Dave has done for a long time, glad he was willing to go toe to toe and clearly explained how the caller was mislead on each bullet point he was coached to try to sell this crap.

[@maliqmatthew1009]

Except that he didn't. The caller didn't have the language for pointing out the ignorance that Ramsey was espousing.

[@Nater9-9]

@@maliqmatthew1009you got a few whole life policies?

[@admiralmurat2777]

Lol says the salesman

[@maliqmatthew1009]

@admiralmurat2777 I'm a financial advisor, not a salesman. That you're ignorant of the difference is embarrassing for you.

[@maliqmatthew1009]

@Joe-ir5yy I do math both basic and complex. I also understand the difference between accumulation and distribution, which you apparently do not. I also understand the various risks that retirees must navigate -- again, apparently, you do not. Investment recommendations are about risks we suggest our clients should assume. Insurance recommendations are about risks we suggest that our clients should transfer. It is that very ability to transfer risk that enables clients to assume others more aggressively. If Ramsey actually did understand investment or retirement planning, he'd educate his followers on asset allocation in a sensible way rather than insisting foolishly that 100% equities is the way to go. Once educated that 100% equities is senselessly risky and they would need safe dollars to buffer against down markets when they are liquidating assets rather than accumulating, they would then get the concept of alternative ways of growing safe dollars and understand why accumulated value from a policy is one such path. No one sounds knowledgeable when they say "But if you put that money over there instead, your returns would be higher!" They sound like they have no understanding of time horizons, risk mitigation, or how, as Dr. Wade Pfau often says, descending the mountain is a much different challenge than climbing it in the first place. Imagine, for example, saying that people should never have emergency accounts because the dollars in there would grow far better over time if invested. You get why it makes sense to accept the tradeoff of less long-term gain in order to have assuredness for your short-term needs, right? So why do you not get the value of having an asset that also isn't market-correlated and guaranteed to grow over time no matter what as a complement to market assets that can rise or fall and would otherwise need to be drawn on regardless of what the market is doing? Learn real financial planning, guy. You can't just pretend that stocks will always be up and expect nonsensical claims such as 12% annual returns and safe 8% withdrawal rates to ring true. They don't. That's why we grow safe dollars -- because we live in reality.

[@RhinoXpress]

This guy is soo hard headed he's one of these people that can't admit to when they are wrong, even when they know they are wrong.

[@user-mv9tt4st9k]

He probably fell for the hard sell and does not want to lose the "benefits of the policy."

[@nicholasshook7513]

Who Dave?

[@bman6502]

This is what it’s like talking to a Christian about religion..

[@colin1818]

I love infinite banking. It's one of my favorite topics. People actually buy into this nonsense and then try and convince others to do it too. It blows my mind that people actually do this kind of silliness.

[@kevinmoore6609]

The craziest part about people who believe in infinite banking is that they pay interest to a company to borrow their own money. They say, "I aM mY oWn BaNk" even though they are paying interest to a company to borrow their own money.

[@colin1818]

@@kevinmoore6609 - Exactly. I guess they argue, "well I can never get denied a loan." Yea...but if you just had the money then you wouldn't need a loan to begin with...

[@mamirojo07]

There's a sucker born every day 😂

[@vangustia]

@@kevinmoore6609 You would rather pay interest to banks and creditors?

[@kevinmoore6609]

@vangustia yes, because it wouldn't require me to pay years worth of points and fee while being locked into a large monthly premium like people who git scammed into buying whole life type insurances.

[@royhoco5748]

this conversation got downright comical

[@Iamjason34]

Telling him to keep it it’s perfect for you at the end is the most savage reply ever 😂😂😂😂

[@YankeeStacking]

“It’s Easier to Fool People Than It Is to Convince Them That They Have Been Fooled.” - Mark Twain

[@FaustoDavid114]

Money is not meant to control people, rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place„.

[@Warikoo_helpline..]

Access to good Information is what people need to progress financially in life, Here's one and I'm grateful.

[@rockklimber24]

💩💩💩💩💩💩💩💩💩💩

[@mikeavila6921]

Caller: "Man, I'm getting cooked"

[@csmay]

😂😂

[@Flockko342]

“I think you ought to keep it its perfect for you” Ouch 😅 Dave- 1.5m callers - 0

[@mattbenz99]

For context, 70k earning 10% a year for 60 years with 0 additional money added is 27 million dollars. I used 60 years because the child is 1 years old and I'm assuming he retires at 60.

[@alex2143]

His son is going to be so happy with his dad when he hears that his dad's stupid financial decision cost him about 22.5 million dollars.

[@user-mv9tt4st9k]

Actually, it kind of sucks to discover that one's parents have invested money into a vehicle that offers little to no return or, worse, cost double the face or payout value to inherit. 😩

[@ColinLamberton-u6i]

Dave didn't do the calculation. It is actually over a hundred million that it would be worth if invested for that long.

[@jeffreyblanton9877]

The insurance company made a mint of this dude and many others like him.

[@mattbenz99]

@@ColinLamberton-u6i Dave also assumed 88 years and 11% interest. If we assume retirement at 60 and 10% interest, it will be 27 million by the time the kid is 60.

[@dawnyoung9898]

He will probably never find out. Most dads would spend the 5k a year on motorcycles or something. He'll be grateful, hopefully.

[@TK-431]

This is the guy who has a small circle of people, and he's used to being the smartest/ most read/ most researched person in the group. Butting heads with someone more researched and infinitely more experienced in this topic was a shock to his system- he was short-circuiting.

[@user-mv9tt4st9k]

He may have had a best friend or family member talk him into that policy. 😮

[@rossmacintosh5652]

The products are marketed as something for the wisest of people to break out of the status quo and be exceptionally shrewd. The sales pitch takes advantage of people who are flattered easily, and want to feel like they've done something smarter than all the dumb schmucks out there. The underlying products have been around for years with lots of sales people trying (mostly unsuccessfully) to explain & sell. Eventually they patched together the 'Infinite Banking' & 'Be Your Own Bank' sales pitch as one way to sell the flawed complex products.

[@Jersey1971]

That guy is so gullible now every scammer on earth will be calling him 😂

[@esanford]

"Speak not in the ears of a fool: for he will despise the wisdom of thy words"... Proverbs 23

[@jeffrey_hannah]

Dave, you lied about Bank Owned Life Insurance. The girl asks "what bank?" JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, and hundreds of other banks. According to the FDIC as of 2011, First Tennessee National Bank (your home state) has $562,000,000 of its $3,000,000,000 Tier One Capital inside of high cash value life insurance. Banks own the life insurance products that have guarantees to fund their executive compensation plans. Disagreeing is one thing, blatantly lying is another thing.

[@sleepyjoe1685]

"I think you should keep it. It's perfect for you." 😂😂😂

[@synelpt2927]

I know nothing about this topic, but the way Dave explained was so clear that I got it right away, I can't understand why this guy didn't get it.

[@jimmymcgill6778]

He did not explain anything.

[@sampson7941]

He didnt want to listen. Hes already invested

[@High5748]

He is in denial because he has invested so much into this and Dave basically crushed his logic

[@Venezuela305]

The guy got it, he just didn't want to admit it. If you listen to the call, there is a point where the guy pauses, longer than the rest of argument. That's when he got it. Even in my mind I was expecting him to say "Ok Dave, you have a point". But he was already commited and didn't want to admit Dave was right. He then immediately goes into denial and trying to cut Dave off. His vibe changed mid way into the video. The guy was cool enough to say "Respectfully I disagree", but lacks to honesty to admit Dave has a point. Not even once he gives him credit, even when indirectly admitting to Dave's explanation of Face Value.

[@jonsmith9728]

Its called ego/pride/confidence, all the BS dumba**es use

[@janelleg597]

This was a different call. Definitely enjoyed the switch up

[@IsabellaLisa-vz3jz]

Recently bought some recommended stocks and now they are just penny stocks. There seems to be more negative portfolios in the last 3rd half of 2023 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?

[@KcZyro]

Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder

[@KbcFoundation-un3re]

The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market

[@OkehAgathaOluchi]

nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?

[@KbcFoundation-un3re]

WHITNEY KAY STACY is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@OkehAgathaOluchi]

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@1notgilty]

Jim is a perfect example of this famous quote from Mark Twain: "It's easier to fool people than to convince them that they have been fooled." - Mark Twain

[@dazzles8805]

Well done Dave. You showed great patience with this guy. Dave 1 Caller 0

[@Smallvillefreak]

Sorry, I gave up on anything the caller had to say the moment he said, “one YEARS old”.

[@mattschmitt9924]

Same. And then he said it again!

[@maryokeefe2144]

I love it when Dave kicks butt with his extensive financial knowledge! 👏❤

[@Paul-jp8zz]

Too bad he was plainly wrong about cash value and death benefit. The insurance company doesn't keep a dime. Dave is ignorant of how it actually works, and he demonstrates as much every time this topic comes up.

[@floresnashvilledrummer]

If you listen to his entre-leadership podcast, he goes even deeper with his knowledge. He's just amazing.

[@maryokeefe2144]

@@floresnashvilledrummer We're so lucky he chose to help others, right? Good man.

[@pebutts]

@@Paul-jp8zz Really? What do you think happens to the cash value? Every whole life policy I've ever seen pays the face value of the policy at death unless you specifically purchase a policy with an increasing death benefit that increases with the cash value of the policy. Those policies are more expensive than standard. Life insurance salespeople often make it sound like you'll get both, but if you read the actual contract your heirs get the death benefit and the cash value goes to the insurance company. I'd be willing to be shown a policy that pays both as a matter of routine, but I don't think it exists.

[@alinatamashevich3354]

@@Paul-jp8zz Wrong. You do not get the cash benefit AND the death benefit. You (your heir) gets the face value only, the rest they keep. Show me a policy that allows both. Does not exist.

[@CoachCommerce]

"I think you ought to keep it, it's perfect for you." lol

[@JacobPaul-n6p]

About the current bank situation, I'm really concerned. I am worried about a lot more if a bank the size of SVB may fail. I have a friend who manages a fast-growing startup and was severely impacted by the bank run. I have taken more than $840k out of my bank. Since the FDIC only provides coverage up to $250K, an implosion could have negative consequences. presently want to invest in the stock market. Does anyone have any ideas on how I might proceed?

[@Theodorebarba]

We fail to realize that banks are commercial enterprises that are driven by greed as well. The over-leveraging of assets by banks starting in 2020 was one of the factors that led to SVB's collapse. I've never felt secure keeping a large sum of money in a bank. In other words, I invest through my financial advisor, reap the benefits, and then spend the money.

[@Helen_white1]

We were traveling in the same direction, my wife and I. I withdrew my money over the past two years and invested with her wealth manager. I won't be able to match her earnings over time, but at least I make more. Haha.

[@Lewistonwilliams-f5i]

Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.

[@Helen_white1]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Jessica Lee Horst” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@Steven-u2u]

Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.

[@3crusade]

Imagine having The Ramsey Show part of a public school curriculum... We would have a well of generation. I wish, I knew about Dave while I was in high school because my finances would in a better place.

[@bl2528]

Agreed. Personal Finance 101 should be a required HS course for everyone.

[@michellebreedlove2711]

@@bl2528 It is a course available. We took it for the finance requirement for graduation. His program was great.

[@dominickgalinis3210]

It’s actually in a lot of schools

[@markstoltzfus5276]

Our school has it. My daughter took his course in 9th grade. Schools in the south are catching on to your point.

[@waynegoin5534]

Schools can't do something that helpful, they are too invested in brainwashing children into Woke perverted lifestyles and BS Climate change nonsense.

[@DarthBalsamic]

The first sign of trouble for the caller was when he moved the goal post after Dave busted out his dividend point at the beginning. Come on man. The caller can't even play that game with normal thinking people so why does he think he can try it on Dave. This is really simple, this guy called because his ego was hurt. If he felt it isn't a scam then why call? He shouldn't be offended then and should continue on his way.

[@rossmacintosh5652]

To be fair the products are so complex and sold in a dumbed down manner, that those who fall for the sales pitch can't really be expected to have a full grasp of what they signed up for.

[@andrewwilliford8165]

Dave said it’s a scam and then said “I think you outta keep it man it’s perfect for ya.” 😂😂😂😂😂

[@lunganikhubone2595]

Which means he understood his position that he won't admit. So for him he us going to die trying. He knew there was no way he could make him understand Dave is smart he is just making crazy content and enjoys what he does every single day.

[@J89Mike]

True story: I was listening to this show and call live on the radio on my drive home and stayed in my car listening to it even after I got home. Just too good to wait for the upload on KZbin. Best extra 7 minutes waiting in a car I’ve ever experienced. Can’t believe Dave gave him all this attention.

[@elmago1298]

Infinite banking is such as niche concept. I wouldn't call it a scam necessarily, but it's not a concept most of Dave's listeners should even think about using. And Dave's right, investing in something else (almost anything else) makes waaay more sense.

[@Renee1207]

Wow, Dave masterfully articulated the truth with so much composure and intellect.

[@michaelgerhardt7130]

I’m no expert on life insurance but let’s put this another way. A bank takes in your money and gives you 4%, what do they do with the actual cash? They loan it out at a higher rate, if they didn’t a bank would not exist cause they wouldn’t make money. Life insurance is the same way, as they collect your 75k and give you 4% what do you think they do with the money? Build a room and dive into a pile of gold like Scrooge Mcduck? No they invest it into something that gives a higher rate, as Dave would say that is why they own a 59 story building downtown San Fran and you don’t.

[@ronaldsneller1989]

Don't be ignorant. Dave tells you to invest in retirement plans & stock market, banks & investment firms have buildings even bigger.

[@michaelgerhardt7130]

@@ronaldsneller1989 Ronald, how many millionaires have you created?

[@lepoj]

​@@michaelgerhardt7130What does making others millionaires have to do with anything? You can have a basic understanding of how finances work without making other people wealthy.

[@RETlREDAVIATOR]

What brick & mortar bank is giving 4%? 😂😂😂😂l

[@user-mv9tt4st9k]

The simple fact is that an insurance policy pays out the face value, whether term or whole life. The difference is that term has an end date and most insureds do not pay out more than the face value. Whole life is endless and unless and insured does not die before the face value is paid, they will be paying excess for the privilege of getting the payout. Any funds paid in excess of the face value go right to the insurer, with no interest paid to the insured.

[@daniels8105]

I wouldn’t call this a heated debate. I would call it an educational phone call.

[@TheSchaef47]

For the rest of us, at least

[@user-mv9tt4st9k]

Agreed!

[@maliqmatthew1009]

Miseducational. Anyone talking about "losing" the cash value speaks idiocy.

[@pfajai237]

"In event of death Face amount paid to beneficiary." Usually on cover of policy or page one. It doesn't say face amount & cash value. The best time to die after taking out a trash value policy is after policy is accepted & delivered. As time goes on the risk is less for the insurance company and greater for policy owner. Dividends in life insurance are an overpayment of premium not profit like a true investment. Easiest way to confirm how policy works is call the insurance company and ask them (Not the agent who sold you the policy who by the way is usually a friend, family member or church associate) if I the insured die does my beneficiary receive both the cash value and death benefit? Or read the policy!

[@damondenis9406]

An extremely RICH Co-Worker of mine offered his CLOSEST "on the job friend" FREE ADVICE on purchasing a Building in Brooklyn NY that would have "Set this guy up FOR LIFE" and he decided to not take his advice because he thought it would be to difficult and he "didn't see it" blah blah blah. The rich co-worker said a profound statement that hung over and stuck with his friend for years,... "SOME PEOPLE ARE DESTINED TO BE POOR."

[@zacktullier1360]

Dave talked this guy off a ledge 😂

[@therichbuddha3277]

Talked over him yes.

[@sampson7941]

The dude didnt listen

[@dukutmagangana]

Nah.. the guy already jumped. He just wanted Dave to validate that his swan dive was the right decision.

[@colin1818]

@@therichbuddha3277 - Did you actually follow the conversation? The caller doesn't understand the product he bought. Don't blame Dave for having to repeatedly correct his lack of basic finance knowledge.

[@dyates6380]

Um, no. The sad part is, in spite of Dave's best effort, the guy is still there and the pigeons are pecking at his ankles. You could put the proverbial WHITE BOARD up for this guy, spend a half hour explaining everything to him with the big bold sharpie, and he'd still argue. Some people - you just have to let go. LOL.

[@StevenBuchanan]

I went to the financial calculator and Dave was right just doing the math in his head. That guys kid would have like 25 million if he invested it vs that insurance policy.

[@roadrunner40]

11-12% is guaranteed for life? Investments contain risk and you could lose money. With life insurance even if you get a smaller roi it's guaranteed. Not even Dave knows what will happen in the stock market the next10 - 20 - 30 years. Not advocating for either. Just making an observation.

[@DJHesterman]

there's a reason they can guarantee that. because they know the stock market is going to do much better than what they are providing. especially over 80 years!

[@Zombiebeast1995]

Yup. And if it goes belly up they go bankrupt and you lose out anyways. Will never do whole life or anything similar. Keep insurance and investments separate!

[@bboyflashny]

​@@roadrunner40stop it the facts are offending him

[@mugentuner]

Jades smirk throughout this segment said it all. This was like watching a plumber trying to tell a roofer the best way to frame a roof. 😂

[@user-mv9tt4st9k]

I LOVED watching Jade's expressions during that call. 😂😂

[@brianm1603]

She has no idea what they are talking about.

[@Witness3721]

Roofers don’t frame roofs, framers do

[@Sid00077]

​@@brianm1603pretty sure she does

[@JimmysJourney1]

@@Witness3721hahahaha!!

[@funkybunch5701]

I don’t get how people cannot do simple math when everyone is walking with a computer in his/her hand! Assuming a monthly contribution of $417 for 13 years, followed by no contributions until age 83, and considering the following linear rates of return on investment, here are the balances at age 83: 6% -> $6.48M 7% -> $13.98M 8% -> $30.2M 9% -> $65.3M

[@SDdronesandtech]

I wish this video would have happened 6 months ago. I had some family that would not take my advice of steering clear of this life insurance. Seems like it’s making its rounds. Nice work Dave!

[@charlesyoung9980]

This caller saying "one years old" is screwing with my head.

[@ARKenMan]

first clue he's cuckoo when he's repeating 1 years old, lol.

[@lindamiller8767]

Lol

[@MilenaSimpson]

Lol same

[@user-mv9tt4st9k]

"Language defines the man." 😂😂

[@JohnsonCityTennesseeRealestate]

How about the best part of the video is at the very end “You should keep this policy it’s perfect for you.” 😂😂

[@michealclayton1728]

Agreed😂😂😂

[@Cravz69]

Buyers remorse, but let’s try to self justify it instead.

[@jasondespain1]

Dave’s wrong about one thing. Every bank uses whole life. BOLI and COLI. bank owned life insurance and corporate owned life insurance.

[@clarksgarageofbadhabits6803]

The “I think you oughta keep it, it’s perfect for you” was DIABOLICAL MAN 😂😂😂😂😂

[@jasonk446]

I don’t know anything about this stuff. But I do know I wouldn’t wanna leave 22mil on the table.

[@maliqmatthew1009]

He's not. Dave doesn't know what he's talking about.

[@electrowayne2918]

@maliqmatthew are you a millionaire? If not … I think I’m going with Dave on this.. lol to many “ infinite banker “ gurus on KZbin. Which it sounds like that’s where Jim got this idea from. If you are by some small chance a millionaire.. share your investment process in insurance with the class . It would be helpful. Thanks

[@matthewkeens6149]

i wish there were more calls like this cause it’s good entertainment. dave is an experienced pro, lives and breaths investing. it’s like a high school kid arguing with warren buffet on how to evaluate businesses to invest in, bro let it go and get out of what you’re in.

[@maliqmatthew1009]

Dave has no understanding of investing whatsoever. The kinds of portfolios he recommends are literally violations of fiduciary standard because of over-exposure to risk -- we cannot recommend such an allocation to clients. He also doesn't understand returns, which is why he has listeners thinking they'll get 12% returns on their investments per year and can draw 8% per year.

[@isaacl6402]

“I think you outta keep it it’s perfect for ya” 😂😂😂

[@NWO_Media]

Why would you want that when the dollar has lost 98% of its value. The dollar will end by 2030, or sooner and be replaced with a digital currency. We’re all fucked unless your hoarding gold, and silver as your bank account, want to be your own bank ? Buy metals

[@Grigsy]

I have yet to meet 1 single person who could prove with documentation they bought one of these "infinite banking" policies and actually made large purchases with it or used it to get out of debt. Please show me proof if you exist out there. I'm open to the concept. I get free term with my job, but I'm skeptical.

[@CameronHall1]

I got suckered into this thinking at one point. Dave and the caller didn't get to what happens when you stop making your monthly payments and the policy gets surrendered. That's no fun...

[@TheRisky9]

I was wondering about that.

[@darrelljerome7268]

On surrender, the gain, if any, is taxable. You make money, you pay taxes. Pretty straightforward.

[@maliqmatthew1009]

The whole point is that you get a policy and maintain it. When it is paid up, there is nothing that happens other than that the policy continues to grow every year without additional dollars going into it. If you choose to terminate the policy early, then not getting the benefit of funding the policy is a function of your decision, not a flaw in the policy.

[@Jen_George]

What whole life company do you recommend?

[@Sawta]

I really hope Jim is able to reflect on this and realize he made a bad decision in getting that policy. We all make mistakes sometimes, it's about how we deal with things after we realize we've made a mistake that makes the difference. Do we yell at the calculator? Or do we bite the bullet, show some humility, and get ourselves out of the mess we put ourselves in? I've made some bad investments before, and had to "lock in the loss" on them. It's painful. The point is stemming that flow before things get even worse. The point is admitting the failure and correcting the error.

[@nodsib]

Yeah, unfortunately there’s a good amount of people that have a hard time admitting a mistake, and especially when it’s an embarrassing one that has bad financial consequences. I suspect he might also be selling whole life not just a customer, and he’s financially dependent on being in the right, which explains why he would be so entrenched in that opinion

[@user-mv9tt4st9k]

I had a relative who invested in strange money making schemes. When I was in my early 20s, I read over the terms of one of them; and then patiently questioned until the realization was made that it was a scam that would make the "investment" company money and my relative little to none. 🙄

[@EricRamsey89]

I think you ought to keep it , it's perfect for you, but thanks for the call lol

[@georgewagner7787]

Love it

[@Candisa]

Never buy something you don't understand. Insurance companies pay the payouts with what everybody pays them. Home insurance works because very few insured homes actually burn down. Car insurance works because few insured cars cause very expensive accidents. The thing is, EVERYBODY dies but few people die young, so death insurance is basically betting against a long wealthy happy life! Who buys such a thing for their kids unless they have no clue what it actually is?

[@astroman30]

Term insurance is cheap and a good RISK MANAGEMENT purchase.

[@Bdrussell4]

This dude acknowledged that Dave Ramsey was correct and agreed... then continued to make his bs claims. This is QUALITY gold!

[@royalleatherworks]

Just regurgitating what he was told by his agent 😅

[@eplugplay8409]

The caller tried to justify his dumb decision with 0 facts.

[@alinatamashevich3354]

With emotions, what got him into this mess.

[@floresnashvilledrummer]

"I think you should keep that policy. It's perfect for you." Dave is such a fucking gangster. 😂😂

[@kleindropper]

I ran my own numbers; if he invested $5,384 a year for the first 13 years of his son's life, at 11% return, by the time the son is 88 years old he would have $392.8 MILLION dollars

[@JasRog1026]

If he eats junk food and starts drinking at 21, will be lucky if he reaches 40 years old without serious health issues 😂

[@AirunDevon]

​@@JasRog1026What's your point?

[@kleindropper]

@@JasRog1026 Ironically 40 years old is about the break even point to get to the $2.6M originally discussed

[@alinatamashevich3354]

@@JasRog1026 He will have enough money to hire a sexy nurse!

[@Nunya-fe8sc]

Banks do too invest in whole life insurance. Dave is just talking louder

[@ryanskinner8789]

99% of term life policies never pay out, because they terminate before death. Term is short for temporary. Investing is for the market, insurance is for risk management and estate planning to pay taxes with the death benefit.