How well do you know Dave Ramsey's financial advice?

The Ramsey Show: Retirement, Debt, and Overcoming Fear of Spending

The Ramsey Show is a podcast that helps people build wealth, find fulfilling work, and create strong relationships.
The hosts, Dave and Jade, have been traveling and holding events across the US, but are now back in the studio to answer listener questions.
Lisa, a 60-year-old retiree, asks if she should take a one-time partial withdrawal of $148,000 from her pension to pay off her mortgage, reducing her monthly benefits by $1,000. Dave advises her to do so, but warns that she won't see a cash flow benefit until the mortgage is fully paid off.
Lisa plans to keep her two part-time jobs, but Dave suggests she consider working as an online professor to pay off her mortgage faster.
Ann from Atlanta asks if she and her husband should sell their house to pay off $84,000 in debt. Dave advises against it, as long as they can increase their income by 8% to close the gap.
Dave emphasizes the need to turn around and stop making the same mistakes that led to debt in the first place. He encourages Ann and her husband to sell things they don't need and cut expenses to pay off their debt.
Chris from Atlanta, who is 42 and debt-free with a net worth of $2.2 million, confesses to feeling guilty every time he spends money. Dave attributes this to fear and explains that his body is remembering being broke and is telling him that spending is a threat.
Dave advises Chris to recognize this fear and use facts to counter it. He also suggests identifying the source of the fear and speaking directly to it.
Dave shares how his wife Sharon's fear of spending is triggered by memories of going bankrupt and losing everything. He emphasizes the need to build the muscle of talking to oneself and recognizing false evidence appearing real (FEAR).
Dave recommends a specific process for spending, such as not spending or giving more than $1,000 without talking to each other and waiting overnight for purchases over that amount.
The Ramsey Show is sponsored by Churchill Mortgage, which offers mortgages that align with the Ramsey way of building wealth and getting out of debt faster.
The show ends with a reminder to listeners that buying a home is one of the biggest decisions of their lives and they need a partner like Churchill Mortgage to help them make the right financial choices.Ramsey Show discusses labor crisis, student loan payments, and financial planning for a 60-year-old
Dave Ramsey and his team discuss the emotional and behavioral aspects of money management, even when there is enough money to cover expenses.
Ramsey Solutions has been in business for over 30 years and uses NetSuite by Oracle to manage its finances.
Small business owners are struggling with a labor crisis due to a lack of skilled workers and the "great resignation."
Political Economist Nicholas Eberstadt found that seven million able-bodied males have left the workforce and are living with family or not working.
The Department of Education has issued guidance to student loan companies to begin collecting payments in September, indicating that President Biden may not forgive student loans.
Ramsey and his team speculate that the student loan payments will resume due to the Supreme Court's expected ruling against Biden's student loan forgiveness plan.
A caller asks for advice on whether to invest in a professionally managed account or real estate after selling a development lot in a golf course community.
The caller is 60 years old, divorced, and caring for her mother with dementia.
The caller has a net worth of four million dollars, with 600k in a professionally managed retirement account, two rental properties worth a total of 1.2 million dollars, and a home worth one million dollars.
Ramsey advises the caller to continue investing in real estate since she has done well in that area and understands it.
Ramsey compliments the caller on her financial planning and net worth, suggesting that she should be teaching financial classes.
Ramsey encourages new listeners to visit ramsaysolutions.com to learn about financial planning and take advantage of the free resources available.Dave Ramsey advises caller on managing their finances and investing in real estate
Dave Ramsey advises a caller on managing their finances and investments.
The caller has saved up a significant amount of money from commission checks earned in their job in enterprise sales.
The caller has a 3-6 month emergency fund and $60,000 in savings, with an expected $150,000 commission check in July.
Dave advises the caller to pay off their $38,000 student loan debt immediately using their savings.
Dave suggests that the caller buy a house within the next year or so, as they are currently renting.
Dave advises the caller to save up a large down payment and buy a home that is easy to resell, in case they get married and need to move.
Dave emphasizes the importance of not buying a "specialty home" that may not be easy to resell.
Dave warns against buying real estate when you are broke, as it can turn a blessing into a burden.
Dave says that buying real estate with a long-term view when you are not broke is a good plan.
Dave advises against the idea that everyone should immediately go out and buy real estate, regardless of their financial situation.
Dave stresses the importance of being steady on the job and having a smooth rhythm to achieve financial stability.
Dave encourages listeners to spread the word about the show and leave five-star reviews if they can.The Dave Ramsey Show: Paying off $420K in Debt and Financial Peace University
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Financial Peace University is a proven system that helps people get out of debt in 18 to 24 months, with a community of people holding them accountable.
Ramsey personalities, including Jade Warshaw, are leading FPU classes.
The Avon credit card allows users to use their home equity for low rates, but it is not recommended as it can lead to losing one's home.
Dave Ramsey has not used a credit card since 1988 and recommends using debit cards instead.
Mitchell Mullet is a new nickname for the Avon credit card, referencing the "business up front, party in the back" hairstyle.
Christian Healthcare Ministries offers a budget-friendly, biblically based health cost-sharing program.
Dennis and Cameron paid off $420K in debt in five and a half years while earning between $150K and $300K.
They paid off their house worth $650K and have a nest egg of $550K.
They got married five and a half years ago, and Dennis had already been on the journey to financial freedom.
They upgraded their house to accommodate their three boys and focused on paying it off while their income was high.
They received questions about why they weren't upgrading their cars or going on trips, but they remained focused on their goal of debt freedom.