Over a month ago my small group met for our normal weekly meeting only this time we watched a live Financial Peace Seminar in place of our normal discussion. Even though I already had some opinions of Ramsey and his financial philosophy, I decided to approach this seminar with as open of a mind as I could. I have never read any of his books, listened to any of his podcasts, or consumed any of his other outputs. I have simply heard information secondhand so I decided to give it a chance.
Right on time, albeit after an awkward presentation by a “host” out in the lobby of the venue, the talk began. I tried to set aside my negative thoughts and just listen to Ramsey’s presentation. He began by describing, in great detail, the downward spiral of his finances after he got rich quick. Once he reached the narrative and financial bottom, I expected him to describe how he got himself out of the hole using the baby steps of his program. He did not do that. Instead, Ramsey jumped right into his description of the program recommendations after stating that he used common sense to get himself out of this hole. As an English teacher, if one of my students presented that narrative, I would mark off for the glaring plot hole.
His mannerisms throughout his half of the show also rubbed me the wrong way. He did not hold back when it came to tabeling people with the mistakes they make or expressing his opinion even if it veers into chauvinistic tropes. I held off labeling him with these labels, not something I can say for him. His first bits of advice made sense. I also could already check them off since I have no debt and a really full emergency fund.
Then Ramsey reached the topic I knew from the outset that I disagreed with, credit cards and credit card debt. Of course, I agree that no one should carry credit card debt. (I keep writing “death” instead of “debt,” Freudian slip?) I do, however, disagree with his assertion that anyone who uses credit cards is a stupid and foolish person. I write this with enough time between when I heard his words and the current moment to have forgotten his exact words. He ridiculed anyone who uses cards for the points or miles, no exception. He would include me in that description if he knew about me but he doesn’t need to know me. He simply paints me with the same brush even though I have never carried any personal credit card debt.
After listening to this section, I gained clarity on the source of my irritation with Ramsey. He paints the world in black and white without any room for exceptions. Real life has exceptions exist such as myself, a person who uses their credit card like a debit card, never spending more than I have in my account or will have when the next paycheck rolls in. He also does not acknowledge the stark reality that bills never hit on the same schedule as paychecks and sometimes you pay a bill with a credit card to tide you over until the paycheck comes in. Also, sometimes a person uses their credit card to purchase fundraiser materials which the fundraisers will cover until the, for example, chocolates have all been sold and the purchase cost plus profits.
This black and white mindset leaves little room for empathy. Do people sometimes need tough love to come their way and snap them out of their stupor of poor decisions? Most definitely. Does everyone? No. Without empathy, one has little chance of seeing the merit of ideas not one’s own. Ramsey, in this presentation at least, does not appear to open himself to the input of differing opinions. This, honestly, is what really rubs me the wrong way. Does he have a lot of good points. Yes. Has he and his product helped thousands of people get out of debt? Most definitely. Would I voluntarily sit through another presentation of his, consume any more of his materials or recommend his program to anyone else? No.
The one other thing that bothers me concerns Ramsey’s self-proclaimed status as a Christian financial advisor. I do not presume to judge his eternal status; only God does that. Rather, I have a difficult time reconciling the purported fruits a Christian should bear and his demeanor on stage. The lack of empathy also plays into this.
In the end, I walked away from the presentation with an unchanged negative taste in my mouth. If I need financial advice, I would rather look to someone free from hypocrisy, someone with principles and empathy, a rare but achievable combination. So, take Dave Ramsey’s advice if you want to but avoid falling into the cult-like trappings.