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Anonymous wrote:Ramsey's insistence on paying off mortgage is also smart. Most people spend extra money so instead making additional payments on mortgage can shave off several years.

Ramsey's advice is for people who can't make good decisions for themselves, so they need someone to tell them to do suboptimal things that are easier to comply with because they require less self-control to avoid temptation.

Unsurprisingly, Ramsey and his target audience are religious people.

Well, considering most Americans have student loans, mortgages, car leases and credit card debt, 80% of the nation is his target audience, religious or not.

Homebuyers with student loans, car lease and mortgage with PMI, go out to buy shopping for new furniture and decor as soon as they sign the title. Why won't one wait and save?

Good question.

But with the persistently high rates of bankruptcy, it’s clear young people are making terrible financial decisions. Someone is clearly getting very rich off these kids’ misery.

Why wouldn’t you want them to get sound advice from someone like Ramsey? Those here criticizing him probably work for the banks or those shady “credit repair” schemes.

No, we don’t. Please grow up.

Ramsey’s shtick is targeted to the simple-minded and easily led. Since you’re defending him so vociferously, that must be you. Sad.

Ramsey's "shtick" is for people with impulse control issues who need to stop taking on consumer debt.

There is plenty of money to be made off of common sense advice. Even the large financial advisory firms make billions of dollars off of "managing" their clients' portfolios (and company 401(k) plans, 403(b) plans, etc...), even though they often don't produce results sufficient to justify the 1% management fee they charge.

Anonymous wrote:Dave Ramsey's book.

Lol noooo not this clown.

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Anonymous wrote:I would have a one-time conversation with them that includes an offer to connect them with (pay for) financial advisor who can help them create a budget. If they reject the offer I'd drop it.

This is the best advice.

Has DD always been bad with money or is this new?

This is the result of a childhood filled of instagram and being brainwashed into "having" to live a certain lifestyle right away! It's particularly a problem in this area, bc many are so wealthy and come from family money. There will come a time for it (or maybe not) at all, but there is nothing wrong with gently emphasizing patience and good spending habits. Or it may be entirely possible, as others said, that his family is helping them financially.

yes, this is awful. you must tell them that they're stupid idiots

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Anonymous wrote:Are you sure you know what they earn? I have no idea why, but my parents are convinced I make like 40-50k and I make 150k.

Yes I know. She has told me.

Are you sure she told the truth? My spouse earned more than my father with decades less experience in the same industry. We downplayed our salaries so that we didn't embarrass him.

Why does DCUM always insist people have secret income!!!

Because most people do.

Most people absolutely DO NOT have secret income!

Disagree.

At a minimum, people receive inheritances from grandparents, then parents, plus uncles/aunts etc.

You just never know.