Today’s Smart Money Question:
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Here Are Just A Handful Of Things You’ll Learn:
Recently, a family member asked where I get my financial knowledge from and they talked about some of the financial gurus out there, such as Dave Ramsey or Suze Orman. I’ve had clients ask me about this over the years, so I wanted to talk about it.
So many times, the gurus that are out there, they’re there for entertaining or to sell their book. A lot of times, that information is very general or pie in the sky.
For example, Dave Ramsey says you shouldn’t have any credit cards, you don’t need a credit score, and you should pay cash for everything. But banks pull your credit report and score.
I agree with a lot of things Dave Ramsey says, especially helping people who are deeply in debt. But the reality is there’s good debt and there’s bad debt, and we need to recognize that.
Dave Ramsey is also against financing vehicles. But if you can get a really low interest rate, that could be good debt. You can use good debt to your advantage.
The idea of just following the blanket advice of a Suze Orman or Dave Ramsey or a Jim Cramer can create situations of missing a lot of opportunities. You want to make sure you understand what they’re talking about. But you need to ask yourself if their advice will work for you and your financial goals.
Listen to the full episode or use the timestamps below to jump to a specific section.
4:11 – No credit cards
7:19 – Car financing
12:47 – Good debt
15:43 – Guru talk and preaching
18:53 – Will the advice work for you?
“So many times, the gurus that are out there, they’re there for entertaining or to sell their book. A lot of times, that information is very general or pie in the sky.”
-Matt Hausman
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