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☆ It might be your fault you can't afford a house, says finance guru Dave Ramsey
▼ + stars: | 2024-06-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Read previewBuying a house has become especially hard, but some people can't afford one because they're mismanaging their money, personal finance guru Dave Ramsey says. "It is mathematically tough right now, it is economically tough. Overspenders can't complainDespite those challenges, the talk show host and author called out people who make bad financial decisions and then complain they can't afford a house. "Well I just told you why you can't afford a house: Your stinking overspending." "When you are broke and in debt, don't have an emergency fund, and sign up for a mortgage payment you can't afford, that is not smart real estate.

Persons: —, they're, Dave Ramsey, Overspenders, Ramsey, Warren Buffett Organizations: Service, Business, Federal Reserve, Disney

Young workers are pushing back against Dave Ramsey's financial advice on TikTok. You’ll spend $22,995 over the course of 30 years,” Ramsey’s financial advice company, Ramsey Solutions, writes in a post on its website. But younger workers say buying a home in cash isn’t feasible when home prices are skyrocketing nationwide. AdvertisementYounger generations began questioning Ramsey’s advice on homebuying even before the anti-Ramsay rhetoric began trending on TikTok. Sarah Martinez Shaw, who grew up on Ramsey’s advice, told BI his tips left her in a tough spot .

Persons: Dave, —, Dave Ramsey, Gen Z, “, “ You’ll, You’ll, ”, ” Jarrod Benson, Ravin, Mercer, Gen, Ramsey, ” Josh Benson, Ramsay, Sarah Martinez Shaw, Ramsey “ Organizations: Service, Wall Street, Ramsey Solutions, Orlando, Business, America Locations: TikTok, ”, West, United States, Dallas

☆ Not having children 'breaks' traditional financial planning, says CFP—8 money rules for childfree people
▼ + stars: | 2023-12-05 | by ( Ryan Ermey | ) www.cnbc.com time to read: +8 min

If you don't have children — and don't plan on having any — the normal rules of personal finance don't necessarily apply to you. Unless you have major financial obligations your spouse couldn't bear if you died, "it's very rare that childfree people will need life insurance," says Zigmont. Another major consideration: long-term care insurance. "[Considering long-term care insurance] something I want people to be doing by about their mid-forties. And the reason for that is that's when long-term care insurance is the most reasonable.

Persons: Jay Zigmont, Dave Ramsey, Zigmont, childfree, —, It's, Dad You've, You'll Organizations: Genworth, Medicaid

Ramsey asked Travis why he hadn't gotten on a "tight, tight, tight, tight budget" to get his debts down. Ramsey said Travis should meet his basic obligations then throw everything else at his "stupid credit card debt until it's gone." "But you're not going out to eat, and you're not going on vacation," Ramsey said. Ramsey said Travis had to look at his finances like "every dollar has a mission:" necessities or his debt. "You will go, 'Where is all this freaking money going?'"

Persons: Dave Ramsey's, Travis, Ramsey, Benjamin Franklin, hadn't, it's, I've, Ramsey's cohost, John Delony, You've, Delony Locations: Michigan, Grand Rapids , Michigan, American

A man on Dave Ramsey's show seven years ago said half his income was going towards his car loan. He is now debt free after following Ramsey's advice, and helps others with their own finances. A man who appeared on Dave Ramsey's show seven years ago said the harsh advice he got helped turn his finances around — and that he's now debt free. Ramsey is an American radio host and evangelical Christian who is known for his financial advice. But Amirfarzaneh, who does not have any part in the lawsuit, said he appreciated Ramsey's advice because it was simple.

Persons: Dave Ramsey's, Faraz Amirfarzaneh, Ramsey, Amirfarzaneh, It's, he's, he'd Organizations: BMW, Toyota Avalon, Avalon, Toyota Locations: —, Los Angeles, American, Texas

A man in $63,000 of debt, who wasn't paying his taxes and couldn't remember half his purchases, appeared on YouTuber Caleb Hammer's budgeting podcast to get help. Michael, 33 from Richmond, Virginia, told Hammer he was having trouble with discipline and was living outside his means. He'd racked up credit-card debt, had student loans, and owed money to his friend, his parents, and the IRS. Hammer went through all of Michael's statements to work out what he owed in total. When Hammer went through his statements, he had trouble remembering what every purchase was.

Persons: Caleb Hammer, YouTuber Caleb, Hammer, He'd, Michael, I'm, Michael didn't, Dave Ramsey Organizations: IRS, Verizon Locations: Richmond , Virginia

☆ Christian radio host Dave Ramsey faces $150 million lawsuit from listeners who say they were defrauded by a timeshare exit company he promoted
▼ + stars: | 2023-06-03 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Dave Ramsey faces a $150 million lawsuit from listeners over his promotion of a timeshare exit group. Lawyers say Ramsey was paid $30 million to promote Reed Hein over a period of six years. Christian radio host Dave Ramsey is facing a $150 million lawsuit from 17 listeners who claim he played a role in defrauding them by promoting a timeshare exit company. The suit said Ramsey was paid millions to advertise Timeshare Exit Team, operated by Kirkland, Washington-based Reed Hein & Associates. Ramsey promoted Reed Hein between 2015 and 2021, and only ceased when the company stopped paying him, according to the suit.

Persons: Dave Ramsey, Reed Hein, Ramsey, Bob Ferguson, it's, Reed Hein's, didn't Organizations: Morning, Ramsey, Hour Media, Washington Western, Court, Religion News Service, Reed Hein & Associates, Lawyers, Washington State, Happy Hour Media Group, Happy Hour Locations: Washington, Kirkland , Washington, Washington State

In it Feraz, 27, said he was spending $600 a month — half his income — servicing a loan for his BMW. TikTok viewers were shocked by a resurrected clip of a man calling in to Dave Ramsey's radio show to ask for help with his car loan, which was eating half of his income. Feraz, 27 from Los Angeles, said he was using up half his $1,200 monthly income in car payments — $600 per month for his BMW. In the clip, Feraz said he was also in $15,000 of debt from his last BMW. Two out of 13 people are making monthly car payments of $1,000 or more, according to Bloomberg.

Persons: Dave Ramsey, Ramsey, Feraz, Dave Ramsey's, We've, Ramsey didn't, I'm, Feraz's, You'll, you've, Caleb Hammer Organizations: BMW, Bloomberg, Financial Locations: Los Angeles, American, TikTok

Ramsey's listeners call in and, after describing how they paid off their debt by following Ramsey's advice, scream, "WE'RE DEBT-FREE." With a non-existent credit score, I couldn't even get approved for a normal credit card. One family member mentioned that Ramsey's advice is to save longer and pay for a house in cash. Meanwhile, he stigmatizes legitimate paths forward, such as having a credit score built on years of responsible credit use. In my own journey to buy a home, I saw clearly that Ramsey's advice is not given with my circumstances — or my success — in mind.

At the age of 18, I got my first credit card, a Chase Freedom credit card. For the last 22 years, I've heeded his advice — except when using credit cards with an introductory 0% interest rate. 3 ways I've used 0% APR credit cardsI've used 0% APR credit cards to my advantage in three ways. If a 0% APR credit card didn't need the maximum amount paid, we could shift some of those payments to another credit card. Since we don't carry balances, traditionally, this meant opening a credit card, moving our total balance over, and then slowly paying down the 0% APR credit card.

☆ Mark Cuban: Don't use credit cards—if you do, 'you don't want to be rich'
▼ + stars: | 2022-11-04 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Billionaire entrepreneur Mark Cuban suggests you pay off all your credit cards — and then burn them. "If you use credit cards, you don't want to be rich," Cuban said during an interview with personal finance radio personality Dave Ramsey on "The Ramsey Show." Cuban's biggest issue with credit cards: high interest rates, he told Ramsey. What Cuban suggests instead of credit cardsTake out a personal loan as an alternative to using a credit card, Cuban proposes. Similar to credit cards, your credit score could take a hit if you miss a payment.

☆ A Yale economist says a risky type of mortgage that contributed to the 2008 crash could save you money in the long run — if you can stomach uncertainty
▼ + stars: | 2022-11-02 | by ( Jacob Zinkula | Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Most Americans have a fixed rate mortgage, meaning their interest rate stays steady over time. A Yale economist says adjustable rate mortgages can help borrowers save money on interest in the long run. They're less predictable than fixed-mortgages, but are attractive due to their potential to take advantage of times when interest rates are low. "For most people, the adjustable rate mortgage is preferable unless the fixed rate mortgage rate is at a historic low or if you're really stretching your budget to buy your home," Choi said. Ultimately, even if the long-term odds are in the borrower's favor, an adjustable rate mortgage carries its risks.

☆ Dave Ramsey's money advice served my family well, but I finally had to ignore it to take control of my finances
▼ + stars: | 2022-10-04 | by ( Kara Detwiller | Stephanie Hallett | ) www.businessinsider.com time to read: +5 min

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Growing up, Dave Ramsey's financial advice helped my parents get out of debt. He especially warns people about the evils of auto loans and credit card debt. I also felt I was losing out on potential credit card perks like rewards points, airline miles, and cash back. I'm using my credit card responsibly and racking up rewardsI have been using my credit card for several months now, and I'm very happy with it.

Persons: Dave, —, Dave Ramsey's, Ramsey, I'm Organizations: Business Insider, U.S, Service, Dave Ramsey's Financial Peace, US Bank, Financial Peace University Locations: USA, Canada

☆ How a teacher and a salesman in Arizona paid off $52,000 in debt in 18 months
▼ + stars: | 2021-12-23 | by ( Gili Malinsky | ) www.cnbc.com time to read: +5 min

In 2008, Deacon Hayes and his wife, Kim, "were newly married" and "living paycheck to paycheck" in Phoenix, Arizona, he says. She was a teacher and he was selling wood floors, and, "between credit card debt, student loans, and car loans, we had about $52,000 in consumer debt," he says. But by tackling each debt a little differently and paying off between $500 and $6,800 per month, the couple achieved their goal. Here's how Deacon and Kim Hayes, now 38 and 40, respectively, and living in Scottsdale, Arizona, paid off their debt. Deacon ended up getting a job at Long Wong's, a local Arizona eatery, and working there for six months.

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