Hey guys, I have studied Dave Ramsey financial peace course and I would like to know the difference between Dave and Suze Orman. I noticed she have multiple books/dvds. If I wanted to take the dvd course, which one should I take. Thanks.
Dave Ramsey advocates a debt-free, no credit card, cash-only lifestyle, and long-term safe but informed investing (he want's you to learn about your investments instead of blindly going with whatever your investment company suggests). Dave is all about eliminating risks in life, which includes eliminating things like car payments, mortgages, student loans ect which many people call "good debt". Suze Orman advocates the use of credit cards and so-called "good debt" while Dave says no debt is good because if causes strain on your life and finances. Other than that, I believe they're fairly similar.
FPU is only like $125 one-time fee for a 6-week class (books, DVD's and workbooks included) and you can retake the class at any time, over and over for years at no extra costs. I took the class, and I'd say the average American cannot afford to NOT take the class.
Why spend money on the books and DVDs? There are plenty of free e-books and blogs that are dedicated to financial planning, and asset building. I'd do your research via the free route before tossing money at either of these people. They give good advice, but it's nothing Earth-shattering.
I follow the Dave Ramsey system, it really works well and I don't miss using debt at all (check cards work the same as credit cards). I'm down to just paying off my house (which a fixed rate 15 year mortgage that does not exceed 25% of your income is the only debt Dave Ramsey does not mind a person having).
Yes, i can afford the courses. My wife and I make good moeny and only debt we have is mortgage at 15 yr and 2 cars locked in 1% interest. I would like to learn more about Suze Orman system to gain a different prospective. I am still having a hard time trying to get my wife to stick to a budget. It 's like talking to a wall. Thanks guys.
So what are the other good debt Suze discusses? Which book/dvd do you recommend? I would like a course like FPU where it goes over everything from debt to build wealth to paying off mortgage. I agree about 90% of Dave Ramsey FPU system. However, since I trade equities a lot, I am probably not going to stand pat when a see a correction coming. However, I do use his 15% retirement allocation.
First of all, I want to say I'm glad there are people like these two and that they are helping people who need it. However, to me it seems like the David Ramsey people are very, very vocal about being David Ramsey people. I wouldn't say cultish but god damn they'll tell everyone about it over and over. But in the end, I'm glad these people have found a system that works for them. I think the all-cash thing is stupid but if you can't handle a credit card then it's definitely better than being $10k in debt with a 20% APR. Like someone else said, you can probably find some good free blogs and learn just as much. But then again, if you don't have the willpower to just handle your bidness, would you have the willpower to track down all the proper blogs and learn? Easiest way would be a course such as this, I guess.
This. I recommend this book for people who are starting at square one: Making the Most of Your Money Now by Jane Bryant Quinn
We worked Ramsey's debt snowball and became debt-free (except the house) a few years ago. It was really nice not to have any payments except the mortgage. Then we had a couple of kids.....
I can relate to the "can't get my wife to budget," "talking to a wall" statements. I felt like we were on a treadmill because she would use overdraft like a credit card at the end of every month (at $25 per transaction) and not consider it problematic at all. I didn't buy any of the DR materials, but did go to what I understand is his "envelope system" and it has virtually eliminated bank charges, credit card interest, and has helped us to stay within our means. Currently snowballing the small amount of debt we do have (excepting the mortgage), which dramatically reduces our monthly discretionary income, but I can see the light at the end of the tunnel and that will be a heck of a raise (which I hope to dedicate nearly entirely to investments).
That might be too extreme for his wife. Let them have control of their finances yet before you throw them off the cliff. With that said, I usually watch the Suze Orman show in CNBC. I like what she preach and use it as my financial foundation. Remember, not everyone's finances are the same. Learn their building blocks and move your finances base on your financial goals I've heard great things about Dave Ramsey, but I haven't read any of his books so I can't comment on his system. So I suggest you watch Suze's show and see if you like it or not. After an episode or so, you should have an understanding of her system.
DR program focuses on getting the couple on the same page at the beginning, since ultimately it will be something both ppl will need to do together. Thats a big emphasis of FPU. Good luck. Your chances of success arent much if she wont do this with you.
You should check out the FPU system, which is much better and detailed version of the Money Makeover. I went directly to one of his advisors in Sugar Land as my credit card and student loan debt was a ridiculous amount back in 2009. I am now on baby step 4-6, which is 15% retirement, college fund, and paying off mortgage. Even though my wife has a had tough sticking to the budget, she is ALOOOOOT better than 2009 (high maintenance girl). However, we just had a baby in January and daycare, formula, diapers, clothes, and another kid in extended day have cut the cash flow down quite a bit. Daycare is $230 per week. Definitely hurts the budget.
part of controlling your finances is changing your thinking about consumerism. i think that's why mr. moustache is effective. trying to limit the budget of someone who can't control their spending is throwing them off a cliff.
