The Foundation of Dave Ramsey’s Biblical Finance Is Frightening

An excerpt:

Ramsey is overtly religious, and his for-profit Financial Peace University is billed as “a biblically based curriculum that teaches people how to handle money God’s ways.”

Found this intro:

Please don’t add your religious insights to your investing insights. Ramsey is wise to talk of cutting up your credit cards, but biblical finance is not the wise path.

6 thoughts on “The Foundation of Dave Ramsey’s Biblical Finance Is Frightening

  1. Dave Ramsey is an ironical fellow; more accurately, a walking-living-breathing paradox. Whilst he himself is an entrepreneur in the finest sense of the word — and reaps the respective rewards of his business which can now run itself — his principles merely point to mediocrity and how to get by. In our world — Trend Following — this is akin to the index fund investor. Why do so many people want to be average?

    Has anyone ever made a fortune paying off their mortgage? How about picking up a 2nd job delivering pizzas or stuffing budgeted cash in envelopes? Doing these things and many more are Dave Ramsey’s mantras.

    Hey Dave, why not push entrepreneurship??? Dave Ramsey makes a fortune selling “How to be average,” and even quite possibly “less than average!” Brilliant.


  2. Seykota says if someone’s been unfaithful to their wife he won’t work with them. Beliefs are important internally to one’s psychology

    So if someone has Christian beliefs, why not use those beliefs with your philosophy? Granted, everything has to be consistent, but Christianity isn’t nearly as inconsistent as some inconsistent people claim.

    So I’m confused about your beef. I can’t argue about some of it being mediocre, but I do think for some people they can’t do better. We all have different strengths, most people who trade successfully aren’t mediocre in that, but I have friends who would have a hard time with it.

  3. Since you want to make it spiritual, let me be clear: I’m a God fearing man, a follower of Jesus and a huge advocate of tithing and giving generously. My beliefs, however, have absolutely nothing to do with this discussion nor Dave Ramsey’s paradox and what his business model teaches. I personally have friends who have gone through his Financial Peace University, and by doing so I have observed 1 thing: Ramsey’s program has successfully put the handcuffs on them from climbing the ladder of great success. Sure, they’ll be “mediocre” as you put it. I agree.

    You state: “I can’t argue about some of it being mediocre, but I do think for some people they can’t do better.”

    I’ll agree to disagree here. You can’t argue with results, and I can provide you a myriad of entrepreneur success stories from individuals who were broke, bankrupt, homeless and heavily addicted, who then became multi-million and multi-billionaires. These individuals in their former state are the ones you’re referring to who “they can’t do better.”

    If you’re still confused about why Dave Ramsey annoys me, let me be clear and I can sum it up in 2 specific points: (1). Show me someone who follows exactly what he prescribes, to a “T,” and I’ll show you someone who will never soar to the heights they’re capable of – they will never soar at all! (2) He lauds himself as the model who has accomplished the great feat of going from bankrupt to success, so therefor you can too; however, HOW he got there was becoming an entrepreneur, starting a business that today is so successful it can now run on its own! Yet what does he encourage followers of his program to do in order to reach their own success? Pay off their mortgage. Use a cash-envelope budgeting system. Use a Buy-and-Hold strategy with mutual funds. Pickup a second job delivering pizzas…etc etc ad nausea.

    I’m going to stop here, you get my point.


  4. Then again, the bible said people should only be taxed at 10% so I guess they got something right…

  5. My father went to a few Dave Ramsey classes and to hear him talk about finance is laughable. Dave Ramsey preaches that you have to hand your money off to to some moron to make any money when ironically that is the exact way to not make any real money. If you could put a face on the problem that is the average Americans handling of their finances it would be this guys’. He says nothing of making an effort to get ahead in life. He is the biggest proponent of what is wrong with 90% of this country…people always want things handed to them without having done any real work to get it.

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