Money Ripples Podcast Why Millennials Think Dave Ramsey is Wrong I Here's The REAL Way To Pay Off Debt
Mar 12, 2025
Millennials are questioning traditional financial advice, expressing concern that it doesn’t address their unique challenges. The host shares insights from personal experiences with debt and bankruptcy, advocating for strategic debt use rather than avoidance. Discussions also cover the significance of credit scores and debunk common myths around home buying and wealth-building. By examining various debt repayment strategies, the episode encourages listeners to rethink their approach to finances and focus on cash flow instead of outdated rules.
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Ramsey's Bankruptcy
- Dave Ramsey went bankrupt in 1988 due to high-risk real estate investing as a young adult.
- He learned to avoid debt and paying interest to banks, but he still invests in real estate, now passively.
Risk vs. Return
- High risk does not create high returns, it creates more loss, contrary to what some financial advisors claim.
- Wise money management involves mitigating risk as much as possible to ensure consistent returns, sometimes leveraging bank money.
Miles's Near Bankruptcy
- Chris Miles nearly went bankrupt due to accumulating debt, an effect of larger financial issues, not the sole cause.
- He bootstrapped, became debt-free, then strategically used debt again to grow wealth through properties.