Hey, I added timestamps to important parts in the video 😁❤ 0:00 Intro 0:25 Why Dave Ramsey Believes This 0:42 You STILL Need Credit 1:10 Work with a good lender 1:30 Why You Will Get Quoted Higher Interest 2:20 It Makes No Sense 3:45 What If you have no self-control? 4:00 I didn't understand credit either 4:45 What You Should do 6:00 Summary If you would like to reach out to me for any housing advice, call me at (707)-478-0637 !! ⭐🏡
When I was a teenager, many many many many years ago, I realize how important credit was, and I borrowed my own money to establish credit, that was called a passbook loan, and I don’t even think they do that anymore but regardless, I now have an 840 credit score. Ramsey wants everyone to pay cash and in this day and age everyone wants to know how your credit is so I agree with you buy something every month and pay it off when it becomes due. Ramsey is taking baby steps to the bank.
Most people that do these type of self-help programs like Dave become extremely rich selling you their books, retreats, onlin workshops. I'm not saying he doesn't have some good advice, but he's tapped into an issue that has a very easy solution. Only buy what you can actually afford and don't live beyond your means. The best gift you can give your children is to teach them how to use money and credit wisely, not make them fearful of managing their money and credit portfolio.
You are 100% on point Jennifer! Idealistically paying cash for everything & forgoing using credit cards makes a lot of financial sense (no interest), but the reality is you need a good credit score to get the best interest rate - just like you said. The 'Beater-Car' is the perfect example of what can happen if you cannot pay cash for a new car - the repairs can be astronomical & time wasted in the repair shop as well. You would make a great financial coach because your reasoning is sound & practical. I hope they are listening to you out there, you will save them a lot of grief.
do you know what is, not can be, astronomical? the depreciation a new car buyer suffers the minute they drive their new car off the lot. the "beater-car" has never been advice he recommends, permanently, to everyone.
He's been pushing Churchill mortgage for yrs. He's getting paid from them and he only shares what they tell him. He's not tune with all the mortgage options. Jennifer is spot on here. Most lenders have all the same options... It's their margin that varies. Typically... Bigger the lender, higher the costs. Thank u Jennifer
I agree that a lot of his advice on mortgage doesn't make sense. He also has a video on his channel where he mentions saving $50k a year for 5 years to buy a first starter home. A lot of people are not able to save that much a year. Not to mention, most homes are not $250k especially in a state like California.
Exactly! His math ain’t mathing!! I have 4 cards, I never carry a balance, my points absolutely do function as a discount set to auto redeem as a payment back on my account, just like going one county over to reduce my sales tax 2% on every purchase does. That adds up over a long period of time, just like it adds up when I don’t buy Starbucks once a week. As my British Nan used to say… penny wise, pound smart! Some of us DO have consistent long term self control as well as enough intellect to know that Dave doesn’t know everything!! My 820 FICO says hi by the way 😂
Dave Ramsey has good advice for most people. But he definitely doesn’t understand nuance. He talks down on the VA loan and says it’s the worst loan on the market. This is where I disagree with him-the VA loan is absolutely one of the best mortgage loans for veterans. Especially if you have disability and can get the funding fee waived 🤯
Funnily enough, it was a VA video that someone alerted me to that Dave’s team had done that started the whole Dave wee. Basically it was two of the people he’s grooming to take over his business, talking trash about VA and at one point, they said VA has mortgage insurance. Which we all know it doesn’t. It was great to see all the people in the comments correcting them, but it also alerted me to digging deeper into it all.
Thanks so much. I've been a bit spooked by all the differing financial views out there, including Dave Ramsey. Thank you for a reasonable, down-to-earth perspective.
@@thomasrudy6132 no one has said he was born a millionaire. Everyone would probably agree he makes all of his money by selling his followers every single thing he can. I don’t really understand any of your arguments because they don’t pertain to anything I’m saying. It’s great that Dave is a multimillionaire. Kudos to him. It doesn’t mean his mortgage advice is right.
@@JenniferBeeston would it be safe for me to assume your thinking and advise has amassed a $600 million dollar, paid for, real estate portfolio? i question your advise more than ever when you say "he makes ALL of his money by selling his followers every single thing he can." really? you don't honestly think he makes no money from his real estate, do you? i'm not everyone and i don't know what he sells, he hasn't made a dime selling me a thing. if his track record in real estate investing isn't reason to trust and pay for his advise, what is? tell me how a 15 year mortgage with 20% down is bad advise i have never heard him say cash only or don't do it. you probably think i am enjoying beating you up or whatever you want to call this. i assure you, i'm not, but has your name been in the title of his last three videos? oops, not three, it's now four. cheers, continued sucess
Caller: "I have so much debt, should I file bankruptcy to clear it so I can start building wealth instead of paying off this pile of debt?" Dave Ramsay: "Don't file bankruptcy, it'll ruin your credit!" Also Dave Ramsay: "A credit score just shows you're a slave to debt, you don't need one!" Caller: "Why pay down my 3% mortgate when I could be making 7% in the stock market, wouldn't that build wealth faster?" Dave Ramsay: "You'll never build wealth if you have debt , pay off the mortgage so you're not a slave to a lender!" Also Dave Ramsay: "You'll never build wealth by saving money, you have to invest in the market cuz you'll get 10 to 13%!" His is a faith based system (as in don't think or question, just do what I preach) which needs to operate on absolutes. And honestly, some people need that, as that is all that will work for them. For the rest of us, we really appreciate your videos!
Yeah Ramsey wasn’t making sense to me especially as someone who wants to start a business. 0 credit score is the best credit score the math wasn’t mathing.
Are lenders wary of potential customers with only one type of credit? I only have credit cards (4, I clear the balances weekly so only a small amount gets reported). Sometimes I wonder that since I don’t have personal, auto, or student loans would it give mortgage lenders pause.
Great point!😂 There are some good advice from Dave that makes sense, but don't listen and practice everything he preaches. Heck, he most likely doesn't even practice everything he preaches.
Let me tell you the my method.... Option A, work like a dog..be frugal..wait 2 have children till your financially able 2 provide for them..stress free.. Your kids should want for nothing.. Save your money, buy a house cash outright..... Put it in a trust... Option B, build up your credit.. Save some money..buy a house.. No one teaches this stuff in school. I learned how 2 throw a football. What path the settlers travel on the Oregon trail.. Etc don't get me wring I love this country. But the BULLSHIT I LEARNED IN SCHOOL HELPED ME IN NO WAY IN LIFE.. None. I was 40 before I taught myself how 2 budget my life..financially... This was a short video. But a dam good one.
I used Dave Ramsey’s advice to pay down my student loans to zero. But I can’t take his advice for housing. Otherwise I’ll be a renter forever. Just can’t do a 15 year mortgage in San Francisco unless you’re a millionaire.
He knows it just goes against his whole business model!!! Would probably destroy his business if he suggested this!! His plan is for people totally out of control!!
A lender wants people to be debt slaves go figure. Dave’s Advise is for people to be free. Pay for everything with cash your cars your home etc. you can actually do it don’t listen to this advise
The average income in America for 2023 is approximately $67,000 per year which is approximately $5583 gross (pre tax) per month. The average rent in America is $2043 per month. Walk me through how everyone is supposed to save to buy a house with cash and all their cars with cash. Unless they have a trust fund or are in the top 1% this is not a realistic goal in America today.
@@JenniferBeeston started my career making around 50k I worked hard didn’t acquire debt and over 25 years grew my net worth to around 10 million didn’t realize I was following Dave until I found home a decade ago. It’s slower not as much instant gratification but I’m debt free (black man) in America from a single mother home and poverty. If I can do it literally ANYONE can. I don’t feel bad for people who make excuses and try to use short cuts spending money they don’t have for gratification today. I bought my current house in cash in LA county I’ve never had a car not starting with a 590 dollar car to my current 120k cash bought vehicle. It takes a life time but it’s worth it. Like Dave says live like no one else so you can later live like no one else. I’ve never had a mortgage own 5 rentals in La and my own home. Maybe I’m lucky I dunno but I think honestly smart choices creates successful outcomes In case anyone cares I started in car sales then started my own used car lot sold it after 20 years and for the past few years my job has been managing my investments and portfolio. Anyway I mean no offense but I don’t trust lenders not at all.
Dave Ramsey isn't a loan originator or loan officer. So why isn't his advice, 'Go to a professional, licensed loan officer,'?? Dave Ramsey's bread and butter is talking to people who have very limited financial education and access to information. He gets his claim to fame by making people feel stupid, and maybe it works for folks who think they're 'stupid'. If you have any sense of nuance or access to information from licensed loan officers/originators/underwriters, his information on mortgages specifically sounds superficial and inaccurate.
I think his mortgage advice is really unfortunate because when you really start digging into it, it makes homeownership completely out of reach for many people when it should not be. It seems as though some of his advice is creating artificial barriers or making the cost of buying higher, as we see with the no credit score philosophy.
Hey, I added timestamps to important parts in the video 😁❤
0:00 Intro
0:25 Why Dave Ramsey Believes This
0:42 You STILL Need Credit
1:10 Work with a good lender
1:30 Why You Will Get Quoted Higher Interest
2:20 It Makes No Sense
3:45 What If you have no self-control?
4:00 I didn't understand credit either
4:45 What You Should do
6:00 Summary
If you would like to reach out to me for any housing advice, call me at (707)-478-0637 !! ⭐🏡
When I was a teenager, many many many many years ago, I realize how important credit was, and I borrowed my own money to establish credit, that was called a passbook loan, and I don’t even think they do that anymore but regardless, I now have an 840 credit score. Ramsey wants everyone to pay cash and in this day and age everyone wants to know how your credit is so I agree with you buy something every month and pay it off when it becomes due. Ramsey is taking baby steps to the bank.
Baby steps, and all that real estate agent referral money straight to the bank. Oh boy.
Most people that do these type of self-help programs like Dave become extremely rich selling you their books, retreats, onlin workshops. I'm not saying he doesn't have some good advice, but he's tapped into an issue that has a very easy solution. Only buy what you can actually afford and don't live beyond your means. The best gift you can give your children is to teach them how to use money and credit wisely, not make them fearful of managing their money and credit portfolio.
You are 100% on point Jennifer! Idealistically paying cash for everything & forgoing using credit cards makes a lot of financial sense (no interest), but the reality is you need a good credit score to get the best interest rate - just like you said. The 'Beater-Car' is the perfect example of what can happen if you cannot pay cash for a new car - the repairs can be astronomical & time wasted in the repair shop as well. You would make a great financial coach because your reasoning is sound & practical. I hope they are listening to you out there, you will save them a lot of grief.
Appreciate you!
do you know what is, not can be, astronomical? the depreciation a new car buyer suffers the minute they drive their new car off the lot. the "beater-car" has never been advice he recommends, permanently, to everyone.
He's been pushing Churchill mortgage for yrs. He's getting paid from them and he only shares what they tell him. He's not tune with all the mortgage options. Jennifer is spot on here. Most lenders have all the same options... It's their margin that varies. Typically... Bigger the lender, higher the costs. Thank u Jennifer
I agree that a lot of his advice on mortgage doesn't make sense. He also has a video on his channel where he mentions saving $50k a year for 5 years to buy a first starter home. A lot of people are not able to save that much a year. Not to mention, most homes are not $250k especially in a state like California.
Exactly! His math ain’t mathing!! I have 4 cards, I never carry a balance, my points absolutely do function as a discount set to auto redeem as a payment back on my account, just like going one county over to reduce my sales tax 2% on every purchase does. That adds up over a long period of time, just like it adds up when I don’t buy Starbucks once a week. As my British Nan used to say… penny wise, pound smart! Some of us DO have consistent long term self control as well as enough intellect to know that Dave doesn’t know everything!! My 820 FICO says hi by the way 😂
Dave Ramsey has good advice for most people. But he definitely doesn’t understand nuance. He talks down on the VA loan and says it’s the worst loan on the market. This is where I disagree with him-the VA loan is absolutely one of the best mortgage loans for veterans. Especially if you have disability and can get the funding fee waived 🤯
Funnily enough, it was a VA video that someone alerted me to that Dave’s team had done that started the whole Dave wee. Basically it was two of the people he’s grooming to take over his business, talking trash about VA and at one point, they said VA has mortgage insurance. Which we all know it doesn’t. It was great to see all the people in the comments correcting them, but it also alerted me to digging deeper into it all.
ROUND 1: Jen 1 Dave O
Thanks so much. I've been a bit spooked by all the differing financial views out there, including Dave Ramsey. Thank you for a reasonable, down-to-earth perspective.
Happy to help. Make sure to check out todays video as I do the math behind his most popular advice.
Its easy to go "CASH ONLY" when you're a multi millionaire. Ramsey got rich not off his baby steps but from marketing.
#facts
@@JenniferBeeston dave was born a millionaire, right?
@@thomasrudy6132 no one has said he was born a millionaire. Everyone would probably agree he makes all of his money by selling his followers every single thing he can. I don’t really understand any of your arguments because they don’t pertain to anything I’m saying. It’s great that Dave is a multimillionaire. Kudos to him. It doesn’t mean his mortgage advice is right.
@@JenniferBeeston would it be safe for me to assume your thinking and advise has amassed a $600 million dollar, paid for, real estate portfolio? i question your advise more than ever when you say "he makes ALL of his money by selling his followers every single thing he can." really? you don't honestly think he makes no money from his real estate, do you? i'm not everyone and i don't know what he sells, he hasn't made a dime selling me a thing. if his track record in real estate investing isn't reason to trust and pay for his advise, what is? tell me how a 15 year mortgage with 20% down is bad advise i have never heard him say cash only or don't do it. you probably think i am enjoying beating you up or whatever you want to call this. i assure you, i'm not, but has your name been in the title of his last three videos? oops, not three, it's now four. cheers, continued sucess
❤ you got it sister! 💯 life lessons are the best teachers... you're awesome and I love your videos 😊
Thank you:)
If you're a rich Texan that can pay cash then go with Dave Ramsey. Most people are in the other category.
I see, the rate is a reflection of the risk. 🧐
Tell em Jen!!
Caller: "I have so much debt, should I file bankruptcy to clear it so I can start building wealth instead of paying off this pile of debt?"
Dave Ramsay: "Don't file bankruptcy, it'll ruin your credit!"
Also Dave Ramsay: "A credit score just shows you're a slave to debt, you don't need one!"
Caller: "Why pay down my 3% mortgate when I could be making 7% in the stock market, wouldn't that build wealth faster?"
Dave Ramsay: "You'll never build wealth if you have debt , pay off the mortgage so you're not a slave to a lender!"
Also Dave Ramsay: "You'll never build wealth by saving money, you have to invest in the market cuz you'll get 10 to 13%!"
His is a faith based system (as in don't think or question, just do what I preach) which needs to operate on absolutes. And honestly, some people need that, as that is all that will work for them. For the rest of us, we really appreciate your videos!
Yeah Ramsey wasn’t making sense to me especially as someone who wants to start a business. 0 credit score is the best credit score the math wasn’t mathing.
100%
Screw Dave Ramsey. I follow Rich Dad Poor Dad
You’re so correct ❤
Thank you for tuning in. :-)
Preach! 👏
Are lenders wary of potential customers with only one type of credit? I only have credit cards (4, I clear the balances weekly so only a small amount gets reported). Sometimes I wonder that since I don’t have personal, auto, or student loans would it give mortgage lenders pause.
Credit cards only are totally fine. Don't get a car or student loan please
Great point!😂 There are some good advice from Dave that makes sense, but don't listen and practice everything he preaches. Heck, he most likely doesn't even practice everything he preaches.
That is a very good point. :-)
Let me tell you the my method.... Option A, work like a dog..be frugal..wait 2 have children till your financially able 2 provide for them..stress free.. Your kids should want for nothing.. Save your money, buy a house cash outright..... Put it in a trust...
Option B, build up your credit.. Save some money..buy a house.. No one teaches this stuff in school. I learned how 2 throw a football. What path the settlers travel on the Oregon trail.. Etc don't get me wring I love this country. But the BULLSHIT I LEARNED IN SCHOOL HELPED ME IN NO WAY IN LIFE.. None. I was 40 before I taught myself how 2 budget my life..financially... This was a short video. But a dam good one.
You are amazing.
I used Dave Ramsey’s advice to pay down my student loans to zero. But I can’t take his advice for housing. Otherwise I’ll be a renter forever. Just can’t do a 15 year mortgage in San Francisco unless you’re a millionaire.
#facts
He knows it just goes against his whole business model!!! Would probably destroy his business if he suggested this!! His plan is for people totally out of control!!
I don't disagree. The more I dig the worse it gets. I may need to do a 2nd week on this
@@JenniferBeestonPlease do!
A lender wants people to be debt slaves go figure. Dave’s Advise is for people to be free. Pay for everything with cash your cars your home etc. you can actually do it don’t listen to this advise
The average income in America for 2023 is approximately $67,000 per year which is approximately $5583 gross (pre tax) per month. The average rent in America is $2043 per month. Walk me through how everyone is supposed to save to buy a house with cash and all their cars with cash. Unless they have a trust
fund or are in the top 1% this is not a realistic goal in America today.
@@JenniferBeeston started my career making around 50k I worked hard didn’t acquire debt and over 25 years grew my net worth to around 10 million didn’t realize I was following Dave until I found home a decade ago. It’s slower not as much instant gratification but I’m debt free (black man) in America from a single mother home and poverty. If I can do it literally ANYONE can. I don’t feel bad for people who make excuses and try to use short cuts spending money they don’t have for gratification today. I bought my current house in cash in LA county I’ve never had a car not starting with a 590 dollar car to my current 120k cash bought vehicle. It takes a life time but it’s worth it. Like Dave says live like no one else so you can later live like no one else.
I’ve never had a mortgage own 5 rentals in La and my own home. Maybe I’m lucky I dunno but I think honestly smart choices creates successful outcomes
In case anyone cares I started in car sales then started my own used car lot sold it after 20 years and for the past few years my job has been managing my investments and portfolio. Anyway I mean no offense but I don’t trust lenders not at all.
Why not be debt free AND have a high credit score? Discipline is all that’s required.
@@PhoenixEMichelle I prefer to not borrow any money from anyone. But I guess you can do what you want.
Dave Ramsey isn't a loan originator or loan officer. So why isn't his advice, 'Go to a professional, licensed loan officer,'?? Dave Ramsey's bread and butter is talking to people who have very limited financial education and access to information. He gets his claim to fame by making people feel stupid, and maybe it works for folks who think they're 'stupid'. If you have any sense of nuance or access to information from licensed loan officers/originators/underwriters, his information on mortgages specifically sounds superficial and inaccurate.
I think his mortgage advice is really unfortunate because when you really start digging into it, it makes homeownership completely out of reach for many people when it should not be. It seems as though some of his advice is creating artificial barriers or making the cost of buying higher, as we see with the no credit score philosophy.
one question, do you have $600 million in paid for real estate? dave does, he must have done something right.