The Money Strategies That Are NOT Dave Ramsey Approved!
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What does it mean to be Ramsey-ish?
Today, we are setting the record straight on what it means to be Ramsey-ish.
I can't get on board with the debt snowball. Highest interest rate first all the way.
Oh, what's so bad about having a credit card if I pay it off every month? I follow all the other rules.
Hey guys, I'm Rachel Cruz.
I'm George Campbell.
And this is Smart Money Happy Hour. Well, this is a show where two friends who happen to be money experts talk about what you're talking about. So everything from pop culture, current events, and money.
We are setting the record straight on what it means to be Ramsey-ish. And I have feelings, Rachel.
All right, George, before we dive into that and judge everyone, what are we sipping on?
We are sipping on a cranberry fizz mocktail that is, it's really dolled up. Yeah. I think if you like a mocktail, this one's going to impress. So stick around until the end. We're going to give you our rating and reveal the cost per glass at the end of the episode.
So great. Okay, so George, when I say this line, what do you think of? Oh, yeah. I follow Ramsey and I am debt free.
Why is the debt snowball method preferred?
Love it.
But I do have a car loan.
Okay, very confusing. And I've heard that just too often as we take calls on The Ramsey Show. Yeah. And they go, okay, so I'm out of debt. And I'm like, okay, well, I have a car loan. I'm like, well, did you not think the word loan is in it? Maybe it's debt.
Yes.
So there's a lot of Ramsey-ish behavior. How do you sum up what it means to be Ramsey-ish? Or if you're old school, Dave-ish.
Yeah, it's kind of like, oh, yeah, I'm going to follow the Ramsey principles and do money the way Ramsey teaches and talks about. but I'm gonna have like on the side my own caveats so like I'm gonna do it all but I'm still gonna you know keep a credit card or I'm gonna do it all but I'm still gonna like get some crazy mortgage to make it work for me to be able to get in a house right like I mean like you kind of do it all but they think of it like a buffet it's like I'm gonna take what I want yeah that's a good way of putting it yeah but a couple of things here and there it's like yeah we're just gonna kind of change it up if you will And I would say Ramsey-ish would be big things, not small things. I don't know. Like, I feel like there's like small things you can do that wouldn't necessarily quote unquote be Ramsey, but it is what it is. But then there's kind of the big stuff, like debt would be one of those big ones, like that kind of thing.
We'll get into it. I'm curious to see how many of our viewers and listeners would consider themselves Ramsey-ish after listening to this episode. So tune along at home and see, oh my gosh, that's me.
Well, there's other areas of life that we do this, right? You think about someone that like does CrossFit, but then they smoke and drink or something. And you're like, wait, what?
Does it cross each other out?
Yeah, what is that?
How does that work? Or maybe if you're a big, quote, reader, but you only listen to podcasts and go on Reddit, but then you still say, hey, I was reading this article the other day. Just say you saw a Reddit thread.
Totally. Or saw an Instagram reel in 30 seconds. Yeah, so there's a lot of these areas of our life, George, that people kind of like, yeah, they like claim something, but then they kind of like... to their own devices, do their own thing.
Yeah, which is very human. Yeah, totally. You know, nobody can be 100% all the time, but when we say, are you doing the Ramsey plan? There is an order to do it in. There's a way to do it that we know will cause success.
That's right. Okay, so all of this has been drilled into me since birth. Since I was in the womb, if you will, George.
Since your mutual fund parties you had as a young child.
That's right. But for you, you kind of got on board as an adult. So what were areas of your life that you were kind of Ramsey-ish that you had to change?
So I started at Ramsey in 2013 as an intern. I was just a knucklehead 20-something-year-old with a bunch of student loan debt, some credit card debt. My most Ramsey-ish thing was that I... bought a house before it was time in the steps.
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Chapters
8 chapters
1
What does it mean to be Ramsey-ish?
0:05–1:19
2
Why is the debt snowball method preferred?
1:19–4:02
3
Is it okay to use credit cards responsibly?
4:02–7:06
4
How to manage your emergency fund while in debt?
7:06–10:58
5
What should I do about student loans for medical school?
10:58–12:24
6
How can I balance investing with debt repayment?
12:24–14:42
7
Is it permissible to buy nice things after paying off debt?
14:42–15:56
8
How do I protect my personal data online?
15:56–39:41
Speakers
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