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A few weeks ago I finished up a series called, The Money Maze: Discovering God’s Path to Financial Peace. As a part of that series I had a chance to fly back to Nashville, Tennessee and do a 30 minute interview with Dave Ramsey. Check out the first part of the interview below. I’ll post the second part a little later.
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Why should anyone care what Dave Ramsey thinks about on the economy, what does he know, did he see the current crisis coming, no. Does he know how ways to get out of it, i'd definitely say no.
He advocates using managed/mutual funds to invest, and yet mutual funds either through index or active management are massive destroyers of wealth. This is simply due to the fact they most have a mandated investment structure, these mandated investment structures are crazy and do nothing for clients but continuously buy over priced assets time and time again, which will only serve to destroy peoples wealth.
Also discover what’s happening with the economy, how we got here, and where we’re going"
This is from a guy who recommended investing in stock market in 2007 and early 2008 promising it would provide 12% average return. Oh, and by the way, who doesn't even seem to understand a difference between average return and compound annual return since he used this 12% in his calculations as if it were compound annual return.
I dont agree at all with his opinion on the economy! He may be doing a lot of good and helping some math-challenged debt-ridden people, but he is hardly an expert on the economy. Having made money on book sales and selling his snake oil to churches that ask big bucks for taking his teachings, albeit so they can use it to make people feel guilty if they dont tithe, by saying the first fruits are tithe, which is no way true, having some advice on how to get out of debt hardly makes one an expert on the economy. I'd rather listen to people who have foreseen this crisis.
Mr Ramsey needs to stay with helping thoes chargeaholics out and leave the theology to the ones who are trained to do so.
Posted by: Grace2u | June 14, 2009 at 05:37 PM