Best Financial Advice: Dave Ramsey or Ramit Sethi?
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- Опубліковано 5 лют 2025
- When it comes to seeking financial advice on UA-cam, the vast sea of information can be overwhelming. If you're embarking on a journey to improve your finances, you might be wondering, "Who should I listen to?" Drawing from my experience as an economics professor with years dedicated to financial literacy education, I've distilled the diverse landscape of financial education into two distinct approaches. On one end, there's Dave Ramsey, and on the other, Ramit Sethi.
Today, we'll look into these two unique perspectives, helping you decide which path to follow. If financial freedom is your goal, you're in for a critical discussion that you won't want to miss.
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Discovered Ramit about 2 months ago and I like him because he is all about balance and creating a fulfilling life for yourself, whatever that happens to look like. Dave's advice is good but can definitely reinforce a scarcity mindset which can be quite unhealthy over the long term. I would take Dave's advice to get out of debt and Ramit's to build wealth and happiness ontop of that solid foundation. Both good and not an either-or choice depending which phase of the wealth journey you are on.
This is one of my favorite videos. Trying to improve editing style. This is also a question that I get a lot, so now you know my thoughts.
This was a great video for me because I watch a lot of Dave Ramsey content. It was good to see what his pros and cons are vs Ramit Sethi. Looks like I’ll be watching more of both now!
Yes, both are helpful. Look forward to chatting more about what you learn. I could talk about this stuff all day.
Ramit all the way !!!! Dave advice is to bust your ass and enjoy money when you're old af. Ramit is learning how talk about money and do things that help you life a rich life NOW!!!! Especially in this economy buying a house is tough for anyone let alone paying off debt first. 🤔🔄
Yeah, hard to trade off today for tomorrow’s wealth… all the time.
I like the style and captions!
Thanks, Mrs.A
Dave Ramsey's advice is utterly unworkable in a high cost of living area. Even someone with a very high income level would barely be able to afford a 2 bed flat with his guidelines, not much use if you have a family!
I agree
I agree financial planning is not one-size-fits-all, and flexibility is key. Tailoring strategies to your client's specific circumstances, goals, and challenges will increase the likelihood of success. Regular reviews and adjustments to the financial plan are important as circumstances change over time.
@Dmeadows315 thanks for your input.
Great video! I didn’t know anything about Ramit. This is a great beeakdown ofbtheir two philosophies
I really like Ramit.
I was unfamiliar with Ramit Sethi. I will have to read his book. I don't agree with Ramsey's rigid linear baby steps. I wouldn't hold off in investing in your retirement especially if you have an employer match. For young adults investing small amounts while you're young will earn you more in the long run than waiting 10 or 15 years and investing larger amounts. A $100 a month at 5% will grow to $152,000 in 40 years. If you wait and only have 20 years to save, you have to save $350 a month to end up with the same amount.
I think you will enjoy Ramit’s advice then. Thanks for sharing your thoughts.
You made great points.
Thank you!
Ramit Camp here. Ramsey is ok and each teacher (including yourself), will reach the ears of those who can hear the message the best.
So the average house in the US now is about $400,000 (about) and if you put down 20% your mortgage for 15 yr term is about $2500/mth. Add property taxes and other “things” and you’re easily upwards to $4000/mth (depends on State, etc). If that should be less than 25% of your income you have to be making about $16,000/mth or over $190,000 “net” per year. The medium salary in the US is about $60,000 per year gross. So basically no one buys a house! Unfortunately, this is not 1960 or even 1970 and many things look different including house buying. Is stuck in the past. (All numbers are rough assumptions from data digging). Also, once Ramsey said you can/should withdraw 8% each year he lost all credibility. We all need to start learning ourselves (even the basics will help) and not throw our hands up and let others outline specifics of what to do.
If that’s the average am screwed. I make less than 36000 a yeah. That’s with over time
Dave Ramsey is good when you're getting out of a financial rut like your training wheels and Sethi is good once you're out of debts and financially established
So in debt is Dave, debt free is Remit?
Dave Ramsey has mentored millions of people to debt freedom and millionaire net worth. And his net worth reflects that value. Ramit is a good for when you get to Ramsey’s step 7. Ramsey is foundational.
It’s Ram-Meet. Say-tee.
Thank you.
I tried to follow Ramit Sethi's advice but my boss stole his methods and my ideas from me and he put me under the bus. Now, I am struggling to recover from it and I was setup to fail by the work environment by them gaslighting me. Also, Ramit Sethi does not recommend getting a financial advisor.
Sorry to hear. Are you looking for another job?
@@EconWithDrA Yes, I am but I feel stuck in a dead end job earning minimum wage call centre job which is not going to be get me anywhere. I pissed off a lot of people with money and using Ramit Sethi's advice is not working for me for the moment (Not saying its his fault) I am also struggling to find purpose.
@@JoshFoster-l7t Sorry to hear this Ive been there. What change me was my mind set like positive thinking and a proactive approach. It seems silly but your mind controls your body. Then I started to network maybe its best to network outside of your toxic environment that you are. I then pick up side gigs like anything really to get cash flow, there are bunch of youtube, udemy, courses etc. What I did I actually helped out this one boat mechanic without pay just to network and help around. I learned from him different types of engines etc. It took a while I mean nothing is easy. Then he offered me some gigs here and there that pay pretty well. As soon as I had enough to even get away from my previous job I did took the risk and ask for more assignments for doing boat mechanic work. I had enough money to pay off my debt. I also took care of my self doing self care like wellness, writing things down like goals so you can see it on paper instead of our head. I never give up on learn new things I start to find new skills, still networking etc. You can do it you have it in you just don't listen to nay slayers and find people who are in your tribe.
Ramit is for middle class and above . He is a hypocrite. He advises everyone to invest in a vanguard date fund but he himself buys stocks. He thinks he is better than most people.
He invest in stocks because his income is so high that he doesn’t qualify for an IRA. So he needs a return higher than the S&P 500 so his growth isn’t tax free.
Ramsay puts churches in his budget and insists on tithing, which makes no sense whatsoever when trying to climb out of a financial hole. His ultra conservative politics are off putting, as well as his personal antics abusing his staff. Also, his insistence on a 10 percent retirement withdrawal in insanity stupid. Sticking yourself with a house is always a risky bet.
But what's his net worth compared to yours? I'll wait.
@@toddhamilton6472 found a simp
Ramsey is the AA for the debt addicted. Sethi teaches you how swim buck naked. But when the tie goes out everybody will see you naked.
Haha. Good analogy.
Im sorry but... i think alot of you guys need to rewatch the video because after watching this its quite clear that Dave Ramsey is the way more sound and effective teacher... Sethi doesnt actuslly help you with anything... use your brain people!
What's your favorite Dave Ramsey advice?
Why don’t you check Ramit out before using one video to come to a conclusion? He definitely helps you learn how to spend your money consciously. He addresses debt, he addresses when buying a house makes sense and he ensure that you are both saving and investing while understanding how to also enjoy your money today.