Love him or hate him, Dave Ramsey may be one of the more famous financial gurus on social media. And while many people say that his debt-busting methods were the only way they could get on a financial track, there are others who are critical of his hardline approach, especially when it comes to spending.
In fact, TikToker Brian Luebben was very critical of Ramsey in a new post that quickly went viral, explaining how Ramsey's methods can keep you poor. Honestly, he's definitely onto something with this theory, even if some of the people in the comments weren't happy with what he had to say.
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@brian_luebbenDave ramsey is best in the world at fixing debt, not building wealth
♬ original sound - brianluebbenAt the start of the month, Luebben shared a post about Ramsey, accusing him of keeping people poor. The TikToker started his video by saying that, while he thinks the financial guru is the "best person in the world" at getting people from "broke to neutral." However, that's pretty much where his praise stopped.
That's because Luebben says that once people are out of debt, Ramsey's advice keeps them from building wealth, since Ramsey says that you shouldn't purchase anything unless you can pay cash for it. The TikToker used the purchase of a home as an example, saying he would not be able to pay cash for the entire deal and would instead put down only 20 percent, financing the remaining 80 percent with a mortgage.
Related: Wisconsin Woman Says Dave Ramsey’s Baby Steps ‘Changed Everything’ for Her Family
He made the same complaint about buying a business as well, saying if he were to want to invest in a plumbing company, he would only be able to put so much money down. Luebben says that it's unrealistic to expand your wealth without leveraging your money in this way. "The focus on debt payoff, while essential, might leave some viewers looking for more nuanced guidance on investing, passive income generation, and long-term wealth diversification," he wrote in part of his caption of the video.
People Had Mixed Thoughts About the Post
quickly went viral, and people started sharing their own takes on Luebben's criticism, including one person who shared how they built wealth while following Ramsey's advice. "Me doing Dave Ramsey at 27 now worth 2.5 million with three paid for houses, no debt, and now investing half of every paycheck at 44," they wrote before adding that they planned to be able to retire by 55 as a result.
Related: Dave Ramsey Wants Tennessee Couple to Sell Their Newly Built $660k Dream Multigenerational Home
"He kills me with his 'no credit cards no exceptions,'" another person wrote. "My business buys all of our materials and pays our raw material vendors with a Chase card, and we had $22,000 in rewards last year."
"I don’t think you guys have actually bothered to listen to Dave Ramsey," yet another person chimed in.
While it's clear that Ramsey's debt snowball plan is beloved by those it helps, some people remain critical of the finance expert's advice in many cases.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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