by Jerry Robinson | FTMDaily Editor-in-Chief
Prepared to be astounded by the amazing financial “wisdom” of personal financial guru, Dave Ramsey!
(Just make sure you are sitting down… and remove all sharp objects from your reach.)
Here’s a flashback from one of our FTMWeekly Financial podcasts from June 2010.
In this audio clip, Jerry Robinson shares a snippet from the popular Christian financial radio program, the Dave Ramsey Show.
In this clip, Dave completely trashes gold as an investment as well as popular economist, investment advisor, and best-selling author, Peter Schiff. (Peter has been a guest on our weekly podcast. You can listen that interview here.)
Then, Dave Ramsey shows just how out of touch he really is by expressing amazement that Glenn Beck would be warning people about an impending economic and currency crisis. (Remember, this is back in 2008.)
After this total nonsense, the concerned caller brings up the former head of the Government Accountability Office, David Walker. Mr. Walker is the former chief accountant of the United States Government and has been warning for years that America is in deep fiscal trouble due to its reckless path of overspending.
Hmmm… Can you think of anyone who might know the state of our nation’s economy better than the chief accountant of the country’s finances?
If you guessed personal financial guru, Dave Ramsey, you get the prize! (Well, there really isn’t a prize. But good guess!)
Friends, Dave Ramsey is completely 100% clueless on the U.S. economy.
For those of you who are not familiar with Peter Schiff, his investment mantra for at least the last decade has been:
- Buy precious metals
- The U.S. dollar is in a downward trend
- Avoid Mutual Funds
- The Federal Reserve is a fraud
In sharp contrast, Dave Ramsey has been tirelessly dispensing the same advice that the mainstream media has been selling to you for years:
- Gold and silver are dumb investments
- Max out your 100% government-controlled 401k and IRA
- Pay off all your debt and only use cash for everything
- Buy term life insurance and invest the difference in “good growth mutual funds.”
Final Comment: If you want to pay off debt, there are few better motivators than Dave Ramsey in my opinion. But when it comes to the economy and real financial planning, it is usually best to ignore Mr. Ramsey. His track record is dismal, at best. After all, his claim to fame is bankruptcy. Steer clear.
Instead of going any further, I will just let Dave Ramsey’s words speak for themselves. If you haven’t listened to the audio clip above, check it out.
(Your thoughts and comments are welcome… See comment section below.)