Why I Dislike Dave Ramsey's Advice | Millionaire's Opinion

This video is going to be very controversial because I know many people love Dave Ramsey. He has changed many lives and helped many people get out of debt. While his advice is good for some, I think it is terrible for others. Watch this video to find out why.

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I first heard about Dave Ramsey in church. They were promoting his course “Financial Peace University” which teaches people how to get out of debt, budget, and build wealth. The course itself has many great lessons. Let me start by talking about the things I like about his teachings:

Get out of bad debt. I totally agree with this. Bad debt would be credit cards, car payments, and anything that doesn’t make you money. That debt is bad and you should get out of it.
Start Saving. You need to learn to live below your means and build wealth. Very practical but powerful advice.

Start and emergency fund. When you start saving, you also should be putting money away in an emergency fund. This will help prepare you for any unknowns that will happen.
Give to God. As a Christian, I believe in tithing. I know some that don’t and that is their opinion. But I agree with Dave here.

That pretty much sums up what I agree with him on. All great things. Now lets talk about what I don’t like.

No credit cards. Credit cards are amazing tools for many reasons. You can get cash back for spending, they help build your credit up, and they give you flexibility to buy something now that you may not have the cash for right this minute. As long as you pay them off quickly, they’re great tools. I would not have been able to build my business without credit cards.

All Debt is Evil. I think there is good debt and bad debt. Bad debt we described as credit cards and car payments. But good debt would be anything that makes you money. My rental properties have debt, but they make me money. That’s a good debt in my opinion.

Rental Properties must be bought in cash. The best part about real estate investing is using the power of leverage. To buy everything cash eliminates the best benefit. So I don’t believe in this.

There are other things I agree and disagree with, but these are the ones that stood out to me the most. I think his advice is good for some people but it could be detrimental to others. If you want to live a safe life and grow wealth very slowly, his advice will work. If you want to accelerate it, then you will need to take on debt. - bsocially