Investor · Baltimore, MD · Member since 2015 · 123 posts · 38 votes
I Have been Listening and following Dave Ramsey plan for a while now. I happen to stumble upon grant cardone and have been listening to his materials. It's a total different approach from what Dave Ramsey teaches. Grant Cardone States " Don't Buy a House". It's not an asset. Which sounds like Robert kiyosaki. Also states don't save money in the stock market/retirement savings plan. But go for assets that only pay's you. Dave ramsey has been my guy and still is. But I like the 10x rule and Grant Cardone view on Money. Just asking my bigger pockets family. What do you think? Which route would you take?
My suggestion would be to use the Dave Ramsey plan to get debt free and build your financial discipline by learning how to budget. After you're debt free and have developed financial discipline, then use leverage to your advantage for investing. If you try to use leverage without developing your financial discipline first, you're destined to be one of Dave Ramsey's bankrupt callers one day.
Dave got in way over his head and went through a humiliating bankruptcy and now has an eternal grudge against lenders i. e. credit card companies. He wants you do avoid credit or else he gets his feelings hurt. Dave’s plan is definitely targeted towards not so sophisticated low income earners who he can talk down to.
You are saying taking on debt makes someone sophisticated? I know plenty of high wage earners that are drowning in mortgage debt and car payments. Dave helps people of all economic levels. You may take it as "talking down" because you don't like the message.
Dave thinks that all lenders are predatory and it is hard to argue with him. Look at how many hundreds of pages of regulations have been placed on the credit card and mortgage industries. It is a direct result of their predatory practices. Mortgage lenders nearly destroyed our entire economy in 2008 with reckless lending practices.