Ramsey brings message of living without debtBy Glenn Smith (Contact)
The Post and Courier
Sunday, August 24, 2008
Ramsey Diane and Moses Bowman were struggling under the weight of more than $100,000 in debt last year when she happened upon a book by talk-show host and personal finance guru Dave Ramsey. She devoured the self-help manifesto in two days, and soon she and her husband were working the Ramsey program — cutting up their credit cards, eliminating wasteful spending and living within their means. A year later, the Swansea couple has shaved $75,000 off their debt and are on their way to financial independence. "Now, I just talk about it everywhere I go," said Diane Bowman, an accountant by trade. She's doing more than that. On Saturday, she dragged a posse of friends and relatives to the North Charleston Coliseum for a five-hour marathon session with Ramsey titled "Total Money Makeover Live!" The Bowmans were joined by more than 5,000 people eager to learn how they could put their financial houses in order, shake off their creditors and regain ownership of their paychecks. Many are avid listeners to Ramsey's syndicated radio show or have read his best-selling tomes on money matters. For those less familiar with his work, there were plenty of booths on hand hawking his books, DVDs and CDs. Some folks, such as Eric and Lateca McClary of Goose Creek, came to learn how to escape a swamp of student loans, mortgage payments and other encumbrances. Others, such as Bradley and Amy McMurray of Charleston, already had their affairs in order and were looking to build on that start. "We're hoping to get some wise and godly counsel," Amy McMurray said. "We're a young couple, and we just bought our first home. Now, we want to see if we can do some advance planning for the future." Nick Croucher of Charleston, wasn't sure what he hoped to get out of the lengthy lecture. His mother and the rest of his family urged him to go in hopes he might learn how to get a handle on his spending. At 21, the library worker is relatively debt-free, but his paychecks generally evaporate through rapid beer consumption, video games, eating out and other essential activities of the young male, he said. Croucher figured he had nothing to lose by accepting the free tickets, so he went and dragged along a couple of willing friends. "I like money, so I figured, 'Why not?' " said his buddy Mitchell Kern, 22. Ramsey certainly had a lot to say on that subject. He bounded onto the stage at 1 p.m. to roaring cheers and a standing ovation, looking more like a rock star than a financial adviser. Then again, he is no stuffed shirt. He prowled the stage pumping his fist, dispensing nuggets of advice, flinging one-liners and rolling out a host of humorous and humbling anecdotes. Ramsey told the crowd his rags-to-riches-to-rags story and how he went broke in the 1980s when his debt-laden real estate business collapsed. He and his wife vowed never again to borrow money and become slaves to money lenders. No matter how weird they might look to others, the Ramseys stuck to their "cash is king." Ramsey said the strategy is rooted in common sense. He urged to people to start with "baby steps" such as putting aside $1,000 for an emergency fund. They should cut up their credit cards — a "plasectomy" in Ramsey's words — and buy only what they can afford with cash. Among other things, they should drive reliable used cars, avoid leases and sock away as much money as they can. Karen Chambers, 57, of Summerville is a believer. She dumped the plastic in the trash and worked off nearly $50,000 she had amassed on credit cards. She now pays for everything in cash. "It's easier because I don't think about whether I have the money to pay for it," she said. "It's a very freeing experience." Reach Glenn Smith at gsmith@postandcourier.com. |
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Comments
This article has 18 comment(s)
Posted by jammer on August 24, 2008 at 7:32 a.m. (Suggest removal)
who's Craig Ramsey? lol
Dave Ramsey's presentation was excellent yesterday, worth the little bit of money we spent to go... C_M I spend more on a lunch than it took to go listen to his presentation, it was well worth it
although my finances are in pretty good order it was definitely worth hearing his ideas/plans to make them even better, and they will as we reshape things to better align them to be completely debt free... even from a car or house payment
how many people do you know that are completely debt free? many more can be much easier and quicker than they think IMHO
nothing new under the sun, just re-organized and packaged differently so you think about making a few good changes
Posted by Neponset on August 24, 2008 at 8:56 a.m. (Suggest removal)
Looks like a thinner version of Jim Cramer
Posted by tc1 on August 24, 2008 at 8:58 a.m. (Suggest removal)
Debt free? That's unAmerican! Besides if people start really paying attention to their finances the true amount they are paying to all levels of government in taxes will dawn on them. This guy needs to be shut down fast.
Posted by KidYendor on August 24, 2008 at 10:15 a.m. (Suggest removal)
We should encourage members of the Federal Reserve System and Congress to go see Mr. Ramsey. How many trillions are we in debt because of them? 10 to 14? Congress and the FRS makes debt look acceptable. Remember the liberal Congress and President is there to rescue you when you accept the terms of risky mortgages on inflated real estate. Soon they'll probably move on to car loans.
Posted by STREETLAW on August 24, 2008 at 10:36 a.m. (Suggest removal)
Something just doesn't ring true. The only way anyone can shave $75,000 off a $100,000 debt in one year is to be making over $100,000 a year to begin with after taxes and be willing to lower their standard of living for that period of time.
Cutting up credit cards will not make money appear that wasn't there all along.
Posted by mkris on August 24, 2008 at 10:58 a.m. (Suggest removal)
There is only one way to create wealth. spend 90% of what you bring home and invest the remaining 10%.
-compound interest is the greatest power int eh universe- B. Franklin.
Posted by 512c on August 24, 2008 at 11:34 a.m. (Suggest removal)
Too bad the dollar is worth only 2 quarters.
Goes to show the newspaper can be bought.
How can I get an article about me?
Anyone want to go to lunch, and listen to me ramble?
Posted by Lenny on August 24, 2008 at 7:08 p.m. (Suggest removal)
streetlaw, it's done by sacrifice, selling items that you dont need or cant afford, and work... I know novel Ideas in this day and age
Posted by Lovely_One on August 24, 2008 at 7:27 p.m. (Suggest removal)
The seminar was AWESOME! All of Dave's concepts make sense and my husband and I are on our way to becoming DEBT FREE as we speak! Way to go DAVE!
We are now selling so many things that the kids think they are next. GAZELLE INTENSITY ROCKS!
Posted by Slick50 on August 25, 2008 at 4:48 a.m. (Suggest removal)
When you sell off things you don't need to someone who probably doesn't need them either, aren't you contributing to their debt?
Posted by lookingonthebrightside on August 25, 2008 at 1:35 p.m. (Suggest removal)
Dave Ramsey was awesome on Saturday! The tickets were worth every penny! He is not only a financial advisor but a great motivator.
My fiance and I are going to be starting off our life on the right foot and are so glad to have heard Dave's grounding words.
We are excited about attending Financial Peace University on Dave too!
For those that think he's a joke . . . We (those who take his advice) will be out of debt and saving more money than you.
Posted by gcmadness on August 25, 2008 at 2:52 p.m. (Suggest removal)
What little bit of the presentation I saw was great! Had to leave a little over an hour into it, was feeling ill. I only wish my wife had been there so we could both be on the same page. Words of wisdom, now just need to get wise!
Posted by iceman1978 on August 25, 2008 at 3:35 p.m. (Suggest removal)
I don't understand why people would go to a seminar when this guy is already on the radio. Someone at church was mentioning this and they had paid $30 per ticket to the event. A lot of this is common sense anyway. If you need financial advise on something of a specific nature then you speak to a financial advisor one-on-one.
Posted by disco on August 25, 2008 at 6:13 p.m. (Suggest removal)
Not sure why so many people are putting this guy down. I went to Dave Ramsey's Financial Peace University and it was money well spent. I now have no debts except for my house payment. I wish I could have seen him this past weekend...
Posted by ridgerunner on August 25, 2008 at 7:46 p.m. (Suggest removal)
same people that paid to see this guy will let someone tell them who to vote for
Posted by jammer on August 25, 2008 at 8:52 p.m. (Suggest removal)
serious penis envy here...
Posted by jammer on August 25, 2008 at 9 p.m. (Suggest removal)
I'm always open to listen for better ways to do things and this guy has it with the proof to back it up
he's a multi-millionaire a cpl times over, lost it all and re-earned it a much better way
unless you're a multi-millionaire that's completely debt free then he has something to teach you, as long as you are teachable
what's so negative about listening to what an extremely successful person has to say? that's like saying, don't listen to the elders... they don't know what they are talking about!! only an ignorant arrogant person would be so foolish, they keep it "real" and stay in the hood... lol
Posted by ridgerunner on August 26, 2008 at 11:14 a.m. (Suggest removal)
he made millions off of people who dont know how to make their own budget. he gets his money from you he dont work,
SUCKERS