How Dave Ramsey's Advice Keeps You in the Middle Class
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- Опубликовано: 15 сен 2024
- Over the last several years of running Airbnbs successfully, I've come across some really good advice and some horrible advice. In this video, Dave Ramsey gives advice to someone who wants to break free from their 9-5, but gives terrible advice on how to do that.
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Dave has said on multiple occasions that you can be successful doing real estate and leveraging debt but what he also said is the the leverage debt people never mention the part about when it goes wrong. The leverage debt ppl only ever come out the woodwork when good is happening. He wants to help ppl build wealth without having so much risk. Not everyone needs to be a real estate flipper. Most people just want to live comfortable lives and be able to retire and enjoy their later years stress free
Not saying all Daves advice is good or bad. My main point is Daves advice without context is not good advice. But appreciate your comment and for watching!
Wow 4 whole years of experience?
You must know everything.
Definitely don't know everything. Learning constantly :) but I know enough to never have to work a job again before the age of 30. Dave's plan keeps you working a job til you are 70
Bro, Dave has helped millions of people get out of debt, stay out of debt, and crawl out of middle class...
He doesn't blindly hate the idea of rental properties, he just knows when the right time to do it is. Most people call him up because they are broke and in debt which is exactly NOT the time to take on investment properties.
I'm glad that people can make property investment work for themselves, but by and large this is a minority of people - it gets much more people in trouble than it helps.
Don't hate on Mr. Ramsey just because you were successful in your endeavors. You are the exception to the rule.
Is he the exception to the rule though? There are tons of people out there that run successful short term rentals. Also tons of bozos that get into it that don't do the research and have no clue how to operate them...Michael advocates and teaches how to do it right
@@tonytilleskjor4132
Yes, he is the exception to the rule. (or, minority, more like it)
It doesn't matter how many "tons of people" do it successfully; there are way more who don't. The reason is irrelevant.
The entire point of my post is to explain that Dave doesn't blindly hate the idea of rental properties and/or investment properties; he simply advocates for doing it in a proper manner.
For the vast majority of Dave's followers it is not a good idea at the moment. (his main goal is helping people out of debt and to quit being poor)
His advice isn't "dumb" or "old school" like Michael puts it - it's just practical for the situation at hand.
@@jasonbower7763I believe this was a great "anti-ramsey" rule. How is Dave speaking on a subject that he has never tried? Has Dave ever owned any air bnbs? I bet there are way more successful air bnb investors than you think. They're still in business
@@TzUuup The amount of successful airbnbers out there is irrelevant to my point.
The fact is that it does get a lot of people into hot water when they aren't prepared properly. Dave simply advocates that people need to have their own situation completely figured out before becoming a landlord.
I'm not sure if Dave has ever owned any airbnbs but I do know that he owns millions of dollars of investment properties and teaches how to do it right. Again - He does not hate the idea of rental properties in general - he teaches practical advice for people to get out of debt and use their paycheck properly first before stepping out into the real estate rental business.
I feel like this video was a bit harsh and unfair.
I see both yours and Dave’s points. However, Dave is giving salient advice for the caller. From my understanding, the caller is not looking to take a huge risk with the goal of getting rich quick, but rather a long term asset that will provide passive income. Not everyone wants to be a real estate mogul.
Dave provided advice without context IMO isn't fair for the caller. Also you don't have to be a real estate mogul to just want to leverage an existing property for Airbnb - perhaps if the market data supports the property as an Airbnb, it would produce ample cash flow to help him not rely on the church faster than saving up to buy property cash for a rental which he may never be able to do
i dont follow Dave 100% but stay out of consumer debt. i have investment property (not airbnb because our market is extremely saturated) and a personal home with mortgages and im not trying to pay them off early. i realized recently that most people don't understand that Daves message is about having PEACE in your life. its not about mathematically winning in every investment scenario. when you invest you risk losing and when its with debt its even more dangerous not just financially but emotionally. if you stick to his plan 100% and work hard you'll find it hard to be a failure at the end of your life. but remember he wants people to have peace more than anything. why does he call his program "financial peace"?
I believe peace isn't dodging the hard things in life, but is mastering those things and know how to handle them when they arise.
Thanks for the comment
This is one of my favorite videos you have done!
No one makes videos about all of Dave's bad advice! Please do more react videos
Apparently millionaires are middle class... cope harder.
I agree with you but remember he has a hardcore following that thinks he’s a god
I have to give you credit for this video. Of all the dave bashing youtubers ive watched, youve made the most sense. I still believe that his message speaks to atleast 90% of people
Thanks for watching and the comment
My brother owns a Airbnb here in Indiana. He lives in California. Me and my sister manage the house and property just fine and it’s good side income for us. I mow and do the yard upkeep and keep everything up and running and my sister is the cleaner that cleans bed every booking. So family can take care of it for you it just depends how your family is I guess
That is very true. You sound like a good supportive family. Unfortunately, I wouldn’t be able to trust my family with $1,000, let alone a home.
@@Clarkweber1815hey to each their own. Completely understand. I can have first and 2nd cousins that I can trust
Would love more Dave Ramsey commentary videos. From what I gather, his advice is good for people that have absolutely zero clue on how to manage their personal finances and are in tons of consumer debt. But he is not knowledgeable at all on how to build wealth quickly. His show and books are what has netted him millions per year, not his "all cash on real estate" advice.
He doesn't preach about building wealth quickly, he teaches how to do it over time
@@connorblakely9226 Most of his methods do indeed preach about doing it over time...a looooong time, he often talks about being a "millionaire" by the time you are 65 or older...to Michael's point, most people want to find ways to do it sooner, and leveraging debt in a smart manner can help with that. Buying everything "all cash" will surely leave you in the middle class, unless your income is extremely high like Dave's is due to his syndicated show and books. But most people aren't making anywhere near his income with their salary.
He teaches the right way. I followed the baby steps for the last 20 years. Me and my wife made good money since college. In 2000 we both graduated I got a job in IT and my wife got a job in Aeronautical engineering. We made about 160k, but had 180k in student loans and we bought a house with a 30 year mortgage for $700,000. I started following Dave Ramsey lived by his principals and paid off my student loans in 2 years and my house 4 years later we made about 400k that year because me and my wife were working 2 jobs. 15 years later we have accumulated 3 paid for homes and main home that is currently worth 1.8m a beach house worth 3m, and a ski cabin worth 1.2m that were all paid for with cash. Currently we make about 800k without investments im a IT Director and my wife is a lead aeronautical engineer now. They aren’t incredibly high paying jobs, but we have saved over $30 million by 50 which I would consider building true wealth. I make more in interest on my investments because I don’t spend stupid money instead invested most of my money. I have 22m sitting in mutual funds.
That is my dave Ramsey story and I believe there is no better way I have so many friends that make more than me and have 150 rentals and have a negative 30 million net worth while im positive $31,700,000. I thank Dave for that success. I plan on retiring with over 100 million to pass on. Also, I came from poverty my wife came from a middle class household and I had a 3.1 gpa she had a 3.8 we worked hard in our jobs and worked our way to the top.
It’s not about how much you make but it’s about how much you save.
Lol you are literally seeking get Rich quick schemes?
@@harrisonwintergreen1147 not talking "get rich" but what Dave advocates for is a looooonnnnggggg time to building wealth. There are better ways to do it, as Elefante is highlighting in this video.
I really hate we can't see dislikes anymore.
Can you provide us your equity position on your properties?
your own opinion
paid capris rack and pinion
school old dominion
Do you never use any of your properties for enjoyment?
Also, I like STR's!
I have before but only a few times. It's hard to block dates for my own use when I know how much they'd make of rented. But that is a great benefit of STRs is you can set them up in locations you love to visit and use them whenever you'd like!
true, I'd like to get into the STR world. I know my wife and I could do well with them. 20-25% down payments for what we want though is 100's of thousands of dollars lol.. So we will keep saving up. Dave Ramsey is fine imo, not great for aspiring multi millionaire goals / financial freedom early.
@@melefante6
Some people want to get to middle class. Believe it or not, not everyone wants to be rich. Some people want peace and fulfillment.
It seems we fell into your youtube trap.
And there is nothing wrong with that. Everyone is different. This video simply points out that you won't be rich going Dave's way
Average is perfectly fine man.
Says the person living an average life. Why not strive to be more than average and live a more than average life?
@@melefante6 I’m easily in the top 10th percentile of earners my age group, adjusted for location. It’s a ton of work. I know folks who are average, and they have a better quality of life for themselves. Not everyone is willing to make the necessary sacrifices to become “rich”. Some people just want to live a regular life and be able to retire comfortably. And that’s perfectly reasonable. Not for me, but sometimes I wish it was.
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31 likes.. hmm I do not agree with Dave on everything but I also don't want to deal with all the BS. No debt with a good job you can do whatever you want in life. Being to rich brings lots of problems and things I just don't want to deal with.
No debt with a good job keeps you working a job your entire life. Don't need to be super rich. But financial freedom is priceless and debt free doesn't = financially free
No debt with a good job keeps you working a job your entire life. Don't need to be super rich. But financial freedom is priceless and debt free doesn't = financially free
I am fortunate enough to have a pension after 25 years. Retired at 47. But I also invested in Mutual funds.
I agree with your perspective here
Completely agree with your points. Systems are everything
To each their own , we are all governed by our own experience. Btw tile is the cure to rugs lol