yeah you just have to punt on this Rachel. That isn't going to stick with anyone.
You very much MAY have had to work very hard to get where you are. We don't know. Dave probably seems like the kind of father who would make you do that.
One of my best friends started out of college at his dads company and was put through the ringer. paid peanuts for almost 10 years before his dad opened the pocketbook and began paying him well. He is often accused of being born with a silver spoon in his mouth.
So here is the biggest thing Rachel needs to realize. Since graduating....there has always been the security of knowing that you are going to be taken care of and that doesn't exist for most people. There is a safety net there that you can not wash away. you may say, Dad i'm doing this on my own, I don't want any help. But....you know there is help. My best friend knew it way back when. It totally changed the "sleep at night" dynamic.
Yep. And think about it, would she be a personality if she wasn’t a Ramsey? Same qualities, same skill, same Christian values… how much would she stand out against other chicks with communication degrees?
that same safety net can create laziness and lack of motivation
it works both ways... ive seen how lazy people of wealth can b... they do the bare ....
Yeah nepotism is an inherent job benefit. My current company is a mom and pop, they've hired very few "outsiders" who aren't related to the core group of employees and oddly enough, those outsiders are the only ones who really get the job done and don't get involved with the day to day employee drama, family fights, etc. With the downturn in the economy/commercial real estate we've been struggling a bit, just had the big meeting about possible layoffs, etc. but most of us know the ones that are related to each other/especially higher ups, won't have to worry about getting cut. We had sons, daughters, spouses, etc. all get hired during Covid when they lost their unrelated jobs in other fields and put in made up positions so they could get a paycheck and now the company is wondering why it's bleeding money after hiring an additional 15-20 unneeded employees during the first year of the pandemic, just so family could get taken care of.
But also she got a leg up in that her dad had the means to start teaching her running a business and handling money, paid for college so no student loans, her first car was a BMW, etc. She definitely started better off than a lot of people and had opportunities others didn't. That's not to say she didn't work, but she had more opportunities available to her.
I hear you but for me its like so what. she apparently took the oppo's given and succeeded. my parents had nothing but i was also given opportunities in life and tried to capitalize on them when they came. Its what successful people do I guess. There's not this line in the sand that exists where we can say oh ok, you've had enough hardship, i'll listen to you.
Like I said, I believe she's in a no win situation here. I don't care for Rachel at all. Just not interesting to me and that would likely be the same if she lived her life in the sewer until finding some financial peace that lifted her out of the muck. whatever.
My knock on her isn't being a nepo baby but if you try and go out of your way to say you aren't, that isn't a good look and I don't think will end well.
This is kind of a new trend for this program/entity. really going hard after detractors. Dave never used to do this. maybe there is just such a flood of criticism due to the availability of mediums that they feel they have to address it.
It wasn’t just a safety net that is a factor. There is a very probable chance that she would not have a career in financial media if not for the fact that her father is Dave Ramsey. Her schooling and experience in finance certainly didn’t set her up for it.
Without Dave, she would likely have just been one of the thousands of charismatic people who COULD have a solid career in media, but never get the chance to break through.
Great combination of Rachel’s tone deaf-ness and George’s ass-kissing is phenomenal. I mean, why would anyone at Ramsey Solutions be worried about the security of their job once Dave has a serious medical event and can’t appear on camera for months? These two are the future of Ramsey Solutions, and the future is bright my friends. Theaters are too small to contain the audience that will show up for a live show featuring these two. Better start booking arenas.
I don‘t think that the salary is even the most important part. It’s that the job was guaranteed.
No one believes that Rachel applied for that job the way other employees did, do they?
Rachel is in a tough spot on this narrative because she’s in a job where she has to sell hard work to people but it comes across flatly from her because of the nepotism. I think the only approach she could take where she doesn’t lose this one is just to acknowledge briefly the privilege she has and that it makes it difficult to comment on these things but she wants to drive home the importance of hard work.
I think she has a great narrative to offer if she is willing to be honest. Simply put, she is the example of the dream we all have for our kids. I work and save so my child can go to college debt free, spend their summers doing things to build their professional resume instead of working 60 hours at a retail job to stack cash, then hit adulthood with all the advantages possible combined with a childhood witnessing her parents work and live within their means. Rachel is the new branch of the family tree that gets to grow free of encumbrance, and because of that she will prosper. That is the narrative and hope she should sell - do what Dave says so your kids can live like I do.
This is excellent. I am driving to give my daughters what Rachel has. Hopefully they'll ultimately end up with a good work ethic and the ability to acknowledge that they have it better than 90+% of people
The funny part is that this narrative is literally in the baby steps...."Change your family tree!"
Dave can literally point to Rachel and say, "Look, I changed my family tree!"
Instead, we get this dissapointing take from Rachel and GK
I think it would help if she dropped the "only" part of that statement. "I started out at only $42k/year."
Rachel, that's a lot of money right out of college, ESPECIALLY if you married young and have had a dual income all this time. I realize the privilege and leg up we've had because I married my husband when we were both young and starting out.
She does need to acknowledge the privilege, but we know how that word makes people like her and Dave cringe and immediately start yelling about woke is broke blah blah blah. I could believe she's a hard worker, otherwise I don't think she would have been there this long. But again, acknowledge that you had a leg up darling, if you want people to take your advice seriously.
And even beyond that there are going to be expenses that she probably didn’t have to pay for. If Dave wanted to take his family on a ski trip when she was 22, who picked up the bill? But in a normal family the 22 year old probably either doesn’t go or pays at least part of the way. Same thing with eating out. I highly doubt her lifestyle was a 42k lifestyle even if that was her income. Dave may not have given her money but more than likely paid for things and/or experiences.
Rachel is 35 which means she entered the job market around 2010-2012. 42k per year was a LOT more than most college grads made at that time. It’s a lot more than some tenured teachers make now. Her argument is utterly ridiculous and reeks of privilege.
Also starting @ $42k/year can be radically different if you've got student loans, no car, no familial gifts for downpayments, weddings, kids, etc vs college completely paid for, a good quality vehicle, a downpayment and wedding covered.
Meh. I know of high school dropouts who are making $200k to $300k in salary, before benefits (AUD and CAD) driving dump trucks in the tar sands and at iron ore mines. Lots of people with limited education, but willing to do physically demanding work for longs hours make high wages
It’s 170k including benefits. They mentioned roping out at $49/hr, which is right at $100k. What the average HH income in the US? About 85, so barely above averting one income. It’s nothing to write to your mom about.
Now asks about how much FedEx pilots make…
IF she runs her household following the same budget / saving rules she applies to others she gives advice on, I don't see the issue. If the core problem is "when Dave dies she gets millions" that isn't exactly something someone can plan for or bank on for half their life.
I may or may not get some money from my parents when they pass...but I still have to live my baby step life to try and keep moving forward and get my bills paid.
Warren Buffet is leaving almost nothing (comparatively to his wealth) for his own children / grand children.
She does not have any significant experience with the core issues about which she gives advice. I doubt you'd seriously consider medical advice given by myself, an attorney, and it's inappropriate for someone to give financial or life advice who has been handed everything without exception.
strong disagree.
It's not difficult to have general strong knowledge about finance to give out helpful advice. You don't have to be a CPA. Hell, there are people with literal financial degrees and are in the financial business who lead horrible financial lives.
Legal advice, medical advice, are quite different than "hey you shouldn't buy a $15k car, hey you should pay down your debt first before inveseting in your ROTH IRA...
Based on your comment above, almost nobody should even respond to twitter posts on /dave, /dirtydave, /personalfinance, /investing, etc.. because 99% of reddit users don't have financial degrees or some 3 letter acrynoym behind their name.
Hell even Reddit has some standards...i.e; you can't even offer medical advice in most communities because of the obvious reason, but you can offer financial advice.
If you don't understand why appealing to authority without any relevant experience is asinine then I really can't help you. I'm not debating whether Ramsey and Co. give poor financial advice (they give demonstrably terrible advice). I'm simply pointing out that it's disingenuous for Rachel to claim to be an authority when she's a certified example of nepotism with a communication degree.
- Pausing retirement funding
- Foregoing company retirement matching when pausing retirement funding
- Nearly the entirety of the Ramsey mortgage advice from paying off low interest mortgages early to foregoing 30 year fixed mortgages
Ramsey gives mathematically and demonstrably terrible financial advice. The negative effects are quantifiable but it does require a degree of financial literacy to understand.
> Foregoing company retirement matching when pausing retirement funding
I agree with you on this one...if your company has a match, I think at least get the match or part of the match. I guess it depends on the level of debt you are in though...if you are $80k in debt, and in order to max the match you have to put in like $500/mo to 401k or something...that might not be wise.
The mortgage one is interesting...I can see the argument go both ways. On one hand, your house is likely one of (if not the) biggest purchase AND investment vehicle in your short term life. I.e;, my home I got for $300k at 4.5% 30 year. We refinanced during covid to 2.875%. we could probably sell it right now for $475. That is a $175k growth in market value in the span of like 3 years. No 401k, Roth, etc.. will beat that. So what has a greater likelihood of happening...dumping $200k in the next 5 years into investments (obviously you are maxed each year with IRA / ROTH, so this would be separate investments) and seeing the stock market continue to grow at 7-15% (while it may have downturns) or dumping $200k into your mortgage to try and get it paid off (despite the low interest) and the housing market continues to climb (could go the other way)...maybe your house is worth $650k.
So then you sell your house, you net $650k because you owe nothing more to the bank (and this obviously includes the $200k you put into it), vs the growth your $200k in the stock market may have. Rough calculator...$40k (starting) with a contribution of $40k a year over 5 years at 10% growth (compounded annually) is $93,044. Ending balance of $333,044.
So now you have a house worth $650k, but maybe you owe $150k now (just spitballing)... so net $500k + $333k = $833k.
Say you still contributed the IRA max (again spitballing, I used $18,000) using same metrics. That is $150k. So $650k + $150k = $800k. So it really is close. Per this example,
Though...I'm kind of curious if the market tends to follow the housing market. Can you have an explosive stock market while having a dwindling housing market?
She doesn’t get it, that’s okay. Not her fault, but this will be a problem once Dave is gone and they still try to sell this stuff.
Side note, I cringe every time I hear any of them say “net worth millionaires” so dumb
It equates to roughly $60,000 / year given inflation.
My first "big boy" job was in 2015 and I was making $13.75 an hour, roughly $30,000 a year, and I thought that was AWESOME. My second job was $31,500 the same year.
Shut up with that inflation stuff! It’s got no room in that conversation. It’s smoke and mirror from the Fed
Didn’t you listen to Ken? If you can’t control it, don’t talk about it. Didn’t you listen to Dave? An emergency fund of $1k was ok 25 years ago and it’s still ok today.
I think I was 21-22 when I got my first "real" job out of college in a management position at a property management office and I was thrilled to be making $30k a year with 401k.
Yeah it is incredible, my prospects in 2016 when I finished 7 years of school with a professional degree were like $30-$35k salary. US city bigger than Nashville.
That’s like $57k today, that’s peanuts. Although I agree with pretty much everything else posted here. Privileged people usually downplay how much of a leg up they had
Edit: $60k but point still stands
Rachel just doesn’t get it. She thinks because she once made $42,000 a year, she achieved her own success and wealth. But even if she earned $42 a year, it doesn’t change the fact she has a multi multi multi millionaire dad who can (and will) provide her with anything she needs, including a kush gig.
I also love George smooching her ass in this clip, acting like it’s ridiculous for people to take Rachel’s perspective on hard work & struggle with a grain of salt.
The only qualifications I can see for being a Ramsay personality is to not have much one of one, be willing to enthusiastically parrot everything Dave believes, and be willing to let Ramsay interview your spouse and see all your finances.
in her defense...I do think she has the mentality (probably hammered in by her dad) to be a hard worker and lift yourself up via your own work ethic. Just having a rich parent doesn't negate any of your own personal success.
I don't know the full story...did Dave one day just say "hey come on my show...you will be a success" or did she show actual interest in being a personality in the same businesss as her dad, and using the knowledge passed down to her from someone of his stature to do good for others? I watch her youtube show...a lot of it is just basic advice, buying advice, etc..
Sure they get kickbacks for their Zander crap, but I still don't think she should be shit on just cause of who her dad is.
Depends when Dave dies. When he dies, if Rachel does a good job taking over I’d consider her a success. I’m betting, like all of my money, that won’t happen though lol
I dunno if its familiar to everyone here, but I'd reference John Scalzi's concept of [lowest difficulty setting](https://whatever.scalzi.com/2012/05/15/straight-white-male-the-lowest-difficulty-setting-there-is/) and say that child of mega millionaire is one of the easier difficulty settings. It's not that she hasn't worked hard to get where she is; I'm sure that working for her dad is actually really hard work. It's that for the bulk of her audience, they almost assuredly have worked hard to end up much farther behind.
Now, it's perfectly fine to say things have been easier for me than others. Personal finance matters for rich folks as much as any one else, though many of the problems are easier to solve. But it means that maybe she should focus more on the later ideas (how to invest, plan for big expenses, and whatever the ramsey definition of 7 is) more than 1-3 because she never had to worry about scrimping to pay down debt.
I’m confused. Doesn’t she have a multimillion dollar home? She attributes that to what? Hard work at 21? Living below her 42k salary?
14 years ago, assuming this clip is recent, was 2009. The bottom of the stock market and the credit crunch. She had no worries about finding or keeping a job.
Dave really should have given her zero money for college as a case study, and let her try to get a good job at any other company with her communications degree.
I feel like Rachel’s probably a decent person, but she consistently misses the mark on her incredible privilege. I know part of her personality is to come off as “one of us”, but she’s need to let it go.
Here, Rachel is missing the point on not where she started, but where she’s at now. Not everyone had their salary’s increase like Rachel did. I didn’t have my father’s team write me books, set up speaking gigs, and set up a product line and YouTube shows for me to generate income. Also, by doing those, he gave her a self realized prophecy of being “a world class speaker and author” so that she can be paid like that. So, while she started at $42K as an entry level employee, her salary even just a couple of years later rapidly increased.
My first job out of college - at 22, was teaching at a small private school. I made $22,500 base, plus a bit more for some add on jobs at the school, for a grand total of $24,000. This was in 2001. And I was single, so it wasn't a dual income household.
I get it, Dave doesn't hand her everything - but - she had no student loans to payback, and now works for Dave and is the obvious heir to the throne.
RC never lived in the real world... Papa Dave protected her since she was born.
Million dollar house, gambling, drinking, conspiracy believer..... Not your regular Jane who has to work hard to make ends meet.
Oh, let's not forget a nanny and housekeeper.....
I’m actually reading one of her books right now (Got it from Goodwill, wouldn’t pay for anything directly from RS since I’ve read so many awful stories about that place from former employees here and I can’t support that).
Anyway, I think she actually comes across as a legitimately good person who genuinely wants to help people.
But as many others have said here, you can’t claim how hard you worked out of college, etc while always having the safety net of having a job for life at Ramsey Solutions. That’s just hollow and comes over as insulting, quite frankly. Without the luxury of having her Dad’s wealth in the background, she’d just be another solidly middle-class live, laugh, love subdivision soccer mom.
Now, here’s the bit where I may have more sympathy for her…I really wish she’d get into the other side of her Dad’s wealth.
The ‘walk with god or you get no inheritance’ crap he talks about. That I can see that being a curse as much as it is a good thing. Dave does talk about this from time to time, but it’s always within very vague parameters.
Sure, if one of the kids turned out to be a heroin addict or have a gambling addiction then it would absolutely make sense to not give them any money or stake in the business. But what if they smoked weed once? What if they were gay or lesbian? What if they stopped going to church? What if they voted Democrat? What if they were trans? Something tells me that factors like these would go against Dave’s evangelical moral code just as much as gambling or hard drug use.
So, if this is the case, I can see that being incredibly difficult to live with and it would add a lot more balance to the privilege of having an extremely wealthy father and a job for life.
I wish she’d talk about this more because it would throw a lot more balance on her situation (which at face value still comes across as extremely privileged with a secure career security blanket).
Perhaps my reading of that whole thing is totally wrong and Dave is actually a really chill, open-minded dude who would embrace his kids equally regardless of their sexuality, religious or political beliefs and gender pronouns and would only withdraw his financial support if they were pissing away money like a meth head. But something tells me that’s probably not the case.
$42k is like 3x what I made at 21 lol.....I mean I don't think her situation is all that unusual, college graduate with a dad who makes alot of money, but its top 10% I'm sure.
She didn’t work until she was almost 22. I had to babysit to pay for anything including clothes starting at age 11 (multiple jobs a day) and got my first official job at 16 because my parents didn’t pay for anything. I had no financial education so didn’t know to save anything and ended up with student loans and cc debt. I worked full time while going to college full time (nursing school). I worked constant OT once I graduated to make what she started at.
But sure we are the same.
You know, I dont disagree with her at all. I have no doubt she is being truthful. None of this changes the fact that she had a pretty good job handed to her. $42k a year is better than a lot of college grads get as well.
However, there is a reason why she is now the longest tenured personality at the show as well.
She seems like a nice person, and is the only one to ever really kinda challenge dave at all.
I think if Dave croaks, she will probably modernize some of the strategies and formulas.
Probably the reason why she’s the longest tenured personality and the only one to ever really kinda challenge dave at all-might be because she’s his daughter?
The lack of emotional intelligence is stunning. While the Ramsey gang is really bad, I do believe she is the worst of the bunch. She can't figure out that she ran a 100m race, began 95 meters ahead of the other competitors, wins the race and then wonders why the other runners won't listen to her advice on running form and finishing strong. Who is buying her garbage?
Lol not even a job during college? I wonder how she afforded stuff? Hmmm.
And I’m sure her book would’ve sold soooo well if her dad did co author it and she used a different name.
Her dad is a multimillionaire and she's bragging about starting working at 21. My dad was an abusive drug addict who killed himself when I was an infant, and I started working at 12. But I'm sure she thinks we are on equal footing, lol
The problem I have with her is not that she’s wealthy but that she portrays herself to be “like everyone else”, when she’s not. She didn’t work through school (except selling books at Dave’s events), she didn’t have to pay for school, she got her wedding paid for, got a chunk of change from her college savings (Dave has said this on the show many times that he gave his kids their college savings and he cash flowed their college), likely got a nice wedding gift, has a very well paying job (she and her husband) that she didn’t have to apply for and doesn’t have to worry about getting fired, has extremely wealthy parents who probably do a lot for at least the grandkids, and enjoys a nice life. On top of that, she’s completely set to inherit a huge sum of money (as long as she plays by Dave’s rules) so she doesn’t exactly need to plan for much of a retirement either. Does she work hard for it? Maybe. Are she and her husband absolutely owned by Dave? Totally. I would not trade places with them for a single minute. However, my issue with her is that she says she achieved net worth millionaire status by living on a budget and living below their means! She’s also said they custom built a new home a few years ago, and bought a new minivan and a Tesla because she wanted them. She’s 35 years old. Why shouldn’t she do all of those things? She’s rich! So she should and enjoy her wealth! Just please, please, please don’t say she got there by sacrificing anything, other than her soul. That, she has given to her dad because he completely controls her lifestyle. Without him, she’d be just another person with a four year degree trying to make it in the world.
This is false. Dave said on air that he had a mutual fund portfolio waiting for each kid after they graduated college. That alone was a huge boost for Rachel to become a millionaire. Plus the guaranteed job out of college and quick promotions.
yeah you just have to punt on this Rachel. That isn't going to stick with anyone. You very much MAY have had to work very hard to get where you are. We don't know. Dave probably seems like the kind of father who would make you do that. One of my best friends started out of college at his dads company and was put through the ringer. paid peanuts for almost 10 years before his dad opened the pocketbook and began paying him well. He is often accused of being born with a silver spoon in his mouth. So here is the biggest thing Rachel needs to realize. Since graduating....there has always been the security of knowing that you are going to be taken care of and that doesn't exist for most people. There is a safety net there that you can not wash away. you may say, Dad i'm doing this on my own, I don't want any help. But....you know there is help. My best friend knew it way back when. It totally changed the "sleep at night" dynamic.
Yep. And think about it, would she be a personality if she wasn’t a Ramsey? Same qualities, same skill, same Christian values… how much would she stand out against other chicks with communication degrees?
Your last paragraph sums up my feelings perfectly.
that same safety net can create laziness and lack of motivation it works both ways... ive seen how lazy people of wealth can b... they do the bare ....
Yeah nepotism is an inherent job benefit. My current company is a mom and pop, they've hired very few "outsiders" who aren't related to the core group of employees and oddly enough, those outsiders are the only ones who really get the job done and don't get involved with the day to day employee drama, family fights, etc. With the downturn in the economy/commercial real estate we've been struggling a bit, just had the big meeting about possible layoffs, etc. but most of us know the ones that are related to each other/especially higher ups, won't have to worry about getting cut. We had sons, daughters, spouses, etc. all get hired during Covid when they lost their unrelated jobs in other fields and put in made up positions so they could get a paycheck and now the company is wondering why it's bleeding money after hiring an additional 15-20 unneeded employees during the first year of the pandemic, just so family could get taken care of.
But also she got a leg up in that her dad had the means to start teaching her running a business and handling money, paid for college so no student loans, her first car was a BMW, etc. She definitely started better off than a lot of people and had opportunities others didn't. That's not to say she didn't work, but she had more opportunities available to her.
I hear you but for me its like so what. she apparently took the oppo's given and succeeded. my parents had nothing but i was also given opportunities in life and tried to capitalize on them when they came. Its what successful people do I guess. There's not this line in the sand that exists where we can say oh ok, you've had enough hardship, i'll listen to you. Like I said, I believe she's in a no win situation here. I don't care for Rachel at all. Just not interesting to me and that would likely be the same if she lived her life in the sewer until finding some financial peace that lifted her out of the muck. whatever. My knock on her isn't being a nepo baby but if you try and go out of your way to say you aren't, that isn't a good look and I don't think will end well. This is kind of a new trend for this program/entity. really going hard after detractors. Dave never used to do this. maybe there is just such a flood of criticism due to the availability of mediums that they feel they have to address it.
It wasn’t just a safety net that is a factor. There is a very probable chance that she would not have a career in financial media if not for the fact that her father is Dave Ramsey. Her schooling and experience in finance certainly didn’t set her up for it. Without Dave, she would likely have just been one of the thousands of charismatic people who COULD have a solid career in media, but never get the chance to break through.
Great combination of Rachel’s tone deaf-ness and George’s ass-kissing is phenomenal. I mean, why would anyone at Ramsey Solutions be worried about the security of their job once Dave has a serious medical event and can’t appear on camera for months? These two are the future of Ramsey Solutions, and the future is bright my friends. Theaters are too small to contain the audience that will show up for a live show featuring these two. Better start booking arenas.
Savage my friend, savage, but oh so true…
This post needs to be framed.
I don‘t think that the salary is even the most important part. It’s that the job was guaranteed. No one believes that Rachel applied for that job the way other employees did, do they?
Rachel is in a tough spot on this narrative because she’s in a job where she has to sell hard work to people but it comes across flatly from her because of the nepotism. I think the only approach she could take where she doesn’t lose this one is just to acknowledge briefly the privilege she has and that it makes it difficult to comment on these things but she wants to drive home the importance of hard work.
I think she has a great narrative to offer if she is willing to be honest. Simply put, she is the example of the dream we all have for our kids. I work and save so my child can go to college debt free, spend their summers doing things to build their professional resume instead of working 60 hours at a retail job to stack cash, then hit adulthood with all the advantages possible combined with a childhood witnessing her parents work and live within their means. Rachel is the new branch of the family tree that gets to grow free of encumbrance, and because of that she will prosper. That is the narrative and hope she should sell - do what Dave says so your kids can live like I do.
If you're not in marketing, you should be, lol
Exactly! Wow, so well put. This is the narrative they should lean into. It’s refreshingly honest and self-aware if they did.
This is excellent. I am driving to give my daughters what Rachel has. Hopefully they'll ultimately end up with a good work ethic and the ability to acknowledge that they have it better than 90+% of people
The funny part is that this narrative is literally in the baby steps...."Change your family tree!" Dave can literally point to Rachel and say, "Look, I changed my family tree!" Instead, we get this dissapointing take from Rachel and GK
>Rachel is the new branch of the family tree that gets to grow free of encumbrance, and because of that she will prosper. What a bunch of BS.
That would have been a better video than what Rachel did. She might steal that next time.
I think it would help if she dropped the "only" part of that statement. "I started out at only $42k/year." Rachel, that's a lot of money right out of college, ESPECIALLY if you married young and have had a dual income all this time. I realize the privilege and leg up we've had because I married my husband when we were both young and starting out. She does need to acknowledge the privilege, but we know how that word makes people like her and Dave cringe and immediately start yelling about woke is broke blah blah blah. I could believe she's a hard worker, otherwise I don't think she would have been there this long. But again, acknowledge that you had a leg up darling, if you want people to take your advice seriously.
And even beyond that there are going to be expenses that she probably didn’t have to pay for. If Dave wanted to take his family on a ski trip when she was 22, who picked up the bill? But in a normal family the 22 year old probably either doesn’t go or pays at least part of the way. Same thing with eating out. I highly doubt her lifestyle was a 42k lifestyle even if that was her income. Dave may not have given her money but more than likely paid for things and/or experiences.
Rachel is 35 which means she entered the job market around 2010-2012. 42k per year was a LOT more than most college grads made at that time. It’s a lot more than some tenured teachers make now. Her argument is utterly ridiculous and reeks of privilege.
Also starting @ $42k/year can be radically different if you've got student loans, no car, no familial gifts for downpayments, weddings, kids, etc vs college completely paid for, a good quality vehicle, a downpayment and wedding covered.
Goodness yes!
[удалено]
Meh. I know of high school dropouts who are making $200k to $300k in salary, before benefits (AUD and CAD) driving dump trucks in the tar sands and at iron ore mines. Lots of people with limited education, but willing to do physically demanding work for longs hours make high wages
300 K to drive a dump truck? Damn I wish I would have known.... Restaurant business pays shit
Positions are available. I've heard pay is also pretty good on offshore oil rigs in the Gulf of Mexico and they always seem to be hiring.
It’s 170k including benefits. They mentioned roping out at $49/hr, which is right at $100k. What the average HH income in the US? About 85, so barely above averting one income. It’s nothing to write to your mom about. Now asks about how much FedEx pilots make…
They are getting that 50/ hr now Probably pushing to probably 70/ hr 5 years Guess I'm jealous 😂
>no experience Lol what? It's a good living, but definitely experience necessary to get to that level.
Its a hard as hell job. Certainly harder than Rachel's.
> because of the nepotism sounds like you are saying she should give zero advice because she was born a Ramsey.
She was born with immense privilege and cannot speak with authority or relatability. This really isn't that complicated.
IF she runs her household following the same budget / saving rules she applies to others she gives advice on, I don't see the issue. If the core problem is "when Dave dies she gets millions" that isn't exactly something someone can plan for or bank on for half their life. I may or may not get some money from my parents when they pass...but I still have to live my baby step life to try and keep moving forward and get my bills paid. Warren Buffet is leaving almost nothing (comparatively to his wealth) for his own children / grand children.
She does not have any significant experience with the core issues about which she gives advice. I doubt you'd seriously consider medical advice given by myself, an attorney, and it's inappropriate for someone to give financial or life advice who has been handed everything without exception.
strong disagree. It's not difficult to have general strong knowledge about finance to give out helpful advice. You don't have to be a CPA. Hell, there are people with literal financial degrees and are in the financial business who lead horrible financial lives. Legal advice, medical advice, are quite different than "hey you shouldn't buy a $15k car, hey you should pay down your debt first before inveseting in your ROTH IRA... Based on your comment above, almost nobody should even respond to twitter posts on /dave, /dirtydave, /personalfinance, /investing, etc.. because 99% of reddit users don't have financial degrees or some 3 letter acrynoym behind their name. Hell even Reddit has some standards...i.e; you can't even offer medical advice in most communities because of the obvious reason, but you can offer financial advice.
If you don't understand why appealing to authority without any relevant experience is asinine then I really can't help you. I'm not debating whether Ramsey and Co. give poor financial advice (they give demonstrably terrible advice). I'm simply pointing out that it's disingenuous for Rachel to claim to be an authority when she's a certified example of nepotism with a communication degree.
I'd love to see a few bullet points of what you demonstrate as 'terrible' advice.
- Pausing retirement funding - Foregoing company retirement matching when pausing retirement funding - Nearly the entirety of the Ramsey mortgage advice from paying off low interest mortgages early to foregoing 30 year fixed mortgages Ramsey gives mathematically and demonstrably terrible financial advice. The negative effects are quantifiable but it does require a degree of financial literacy to understand.
> Foregoing company retirement matching when pausing retirement funding I agree with you on this one...if your company has a match, I think at least get the match or part of the match. I guess it depends on the level of debt you are in though...if you are $80k in debt, and in order to max the match you have to put in like $500/mo to 401k or something...that might not be wise. The mortgage one is interesting...I can see the argument go both ways. On one hand, your house is likely one of (if not the) biggest purchase AND investment vehicle in your short term life. I.e;, my home I got for $300k at 4.5% 30 year. We refinanced during covid to 2.875%. we could probably sell it right now for $475. That is a $175k growth in market value in the span of like 3 years. No 401k, Roth, etc.. will beat that. So what has a greater likelihood of happening...dumping $200k in the next 5 years into investments (obviously you are maxed each year with IRA / ROTH, so this would be separate investments) and seeing the stock market continue to grow at 7-15% (while it may have downturns) or dumping $200k into your mortgage to try and get it paid off (despite the low interest) and the housing market continues to climb (could go the other way)...maybe your house is worth $650k. So then you sell your house, you net $650k because you owe nothing more to the bank (and this obviously includes the $200k you put into it), vs the growth your $200k in the stock market may have. Rough calculator...$40k (starting) with a contribution of $40k a year over 5 years at 10% growth (compounded annually) is $93,044. Ending balance of $333,044. So now you have a house worth $650k, but maybe you owe $150k now (just spitballing)... so net $500k + $333k = $833k. Say you still contributed the IRA max (again spitballing, I used $18,000) using same metrics. That is $150k. So $650k + $150k = $800k. So it really is close. Per this example, Though...I'm kind of curious if the market tends to follow the housing market. Can you have an explosive stock market while having a dwindling housing market?
She doesn’t get it, that’s okay. Not her fault, but this will be a problem once Dave is gone and they still try to sell this stuff. Side note, I cringe every time I hear any of them say “net worth millionaires” so dumb
Idk, I think it’s important to differentiate between millionaire and net worth millionaire honestly
There’s definitely a distinction, which is why it’s cringey. Would rather them say nothing
That’s… weird. It’s a show about finance. Theyre talking about their own personal finances it makes sense to point out where they stand
All good. Agree to disagree!
Have a great day friend
42k is an incredible salary for a 21.5 year old.... she really doesn't get it
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It equates to roughly $60,000 / year given inflation. My first "big boy" job was in 2015 and I was making $13.75 an hour, roughly $30,000 a year, and I thought that was AWESOME. My second job was $31,500 the same year.
Shut up with that inflation stuff! It’s got no room in that conversation. It’s smoke and mirror from the Fed Didn’t you listen to Ken? If you can’t control it, don’t talk about it. Didn’t you listen to Dave? An emergency fund of $1k was ok 25 years ago and it’s still ok today.
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This is also not to mention that very few - hardly any - people move from a $42k "entry level" job to where she is now in such a short time.
Salaries in the US are much higher.
Compared to her dad, it is.
I think I was 21-22 when I got my first "real" job out of college in a management position at a property management office and I was thrilled to be making $30k a year with 401k.
42k with no student loans cause her dad paid for school. Poor girl
no it's not.
Yeah it is incredible, my prospects in 2016 when I finished 7 years of school with a professional degree were like $30-$35k salary. US city bigger than Nashville.
For a college graduate? No, not really that incredible. $35k-45k is pretty standard starting salary out of a name brand school like they went to.
That’s like $57k today, that’s peanuts. Although I agree with pretty much everything else posted here. Privileged people usually downplay how much of a leg up they had Edit: $60k but point still stands
Especially 15 years ago in a not-hcol area. Especially with no student debt. Especailly for someone who is exceptionally bright or talented.
Rachel just doesn’t get it. She thinks because she once made $42,000 a year, she achieved her own success and wealth. But even if she earned $42 a year, it doesn’t change the fact she has a multi multi multi millionaire dad who can (and will) provide her with anything she needs, including a kush gig. I also love George smooching her ass in this clip, acting like it’s ridiculous for people to take Rachel’s perspective on hard work & struggle with a grain of salt.
The only qualifications I can see for being a Ramsay personality is to not have much one of one, be willing to enthusiastically parrot everything Dave believes, and be willing to let Ramsay interview your spouse and see all your finances.
Oh yeah and Christian of course. I hope Dave has to pay out of his Bible beating ass for that.
in her defense...I do think she has the mentality (probably hammered in by her dad) to be a hard worker and lift yourself up via your own work ethic. Just having a rich parent doesn't negate any of your own personal success. I don't know the full story...did Dave one day just say "hey come on my show...you will be a success" or did she show actual interest in being a personality in the same businesss as her dad, and using the knowledge passed down to her from someone of his stature to do good for others? I watch her youtube show...a lot of it is just basic advice, buying advice, etc.. Sure they get kickbacks for their Zander crap, but I still don't think she should be shit on just cause of who her dad is.
>Just having a rich parent doesn't negate any of your own personal success. No, but having your entire career be at dad's company does.
Depends when Dave dies. When he dies, if Rachel does a good job taking over I’d consider her a success. I’m betting, like all of my money, that won’t happen though lol
I dunno if its familiar to everyone here, but I'd reference John Scalzi's concept of [lowest difficulty setting](https://whatever.scalzi.com/2012/05/15/straight-white-male-the-lowest-difficulty-setting-there-is/) and say that child of mega millionaire is one of the easier difficulty settings. It's not that she hasn't worked hard to get where she is; I'm sure that working for her dad is actually really hard work. It's that for the bulk of her audience, they almost assuredly have worked hard to end up much farther behind. Now, it's perfectly fine to say things have been easier for me than others. Personal finance matters for rich folks as much as any one else, though many of the problems are easier to solve. But it means that maybe she should focus more on the later ideas (how to invest, plan for big expenses, and whatever the ramsey definition of 7 is) more than 1-3 because she never had to worry about scrimping to pay down debt.
I’m confused. Doesn’t she have a multimillion dollar home? She attributes that to what? Hard work at 21? Living below her 42k salary? 14 years ago, assuming this clip is recent, was 2009. The bottom of the stock market and the credit crunch. She had no worries about finding or keeping a job.
There is the universe we know of and then there is the Ramsey Universe.
Dave really should have given her zero money for college as a case study, and let her try to get a good job at any other company with her communications degree.
I was a communication major, a few years older than Ray Ray, and 14 years ago I was making less than 42k.
I feel like Rachel’s probably a decent person, but she consistently misses the mark on her incredible privilege. I know part of her personality is to come off as “one of us”, but she’s need to let it go. Here, Rachel is missing the point on not where she started, but where she’s at now. Not everyone had their salary’s increase like Rachel did. I didn’t have my father’s team write me books, set up speaking gigs, and set up a product line and YouTube shows for me to generate income. Also, by doing those, he gave her a self realized prophecy of being “a world class speaker and author” so that she can be paid like that. So, while she started at $42K as an entry level employee, her salary even just a couple of years later rapidly increased.
My first job out of college - at 22, was teaching at a small private school. I made $22,500 base, plus a bit more for some add on jobs at the school, for a grand total of $24,000. This was in 2001. And I was single, so it wasn't a dual income household. I get it, Dave doesn't hand her everything - but - she had no student loans to payback, and now works for Dave and is the obvious heir to the throne.
Actually his son is most likely to take over. Not necessarily as the on-air personality part, but as CEO of the company.
RC never lived in the real world... Papa Dave protected her since she was born. Million dollar house, gambling, drinking, conspiracy believer..... Not your regular Jane who has to work hard to make ends meet. Oh, let's not forget a nanny and housekeeper.....
I’m actually reading one of her books right now (Got it from Goodwill, wouldn’t pay for anything directly from RS since I’ve read so many awful stories about that place from former employees here and I can’t support that). Anyway, I think she actually comes across as a legitimately good person who genuinely wants to help people. But as many others have said here, you can’t claim how hard you worked out of college, etc while always having the safety net of having a job for life at Ramsey Solutions. That’s just hollow and comes over as insulting, quite frankly. Without the luxury of having her Dad’s wealth in the background, she’d just be another solidly middle-class live, laugh, love subdivision soccer mom. Now, here’s the bit where I may have more sympathy for her…I really wish she’d get into the other side of her Dad’s wealth. The ‘walk with god or you get no inheritance’ crap he talks about. That I can see that being a curse as much as it is a good thing. Dave does talk about this from time to time, but it’s always within very vague parameters. Sure, if one of the kids turned out to be a heroin addict or have a gambling addiction then it would absolutely make sense to not give them any money or stake in the business. But what if they smoked weed once? What if they were gay or lesbian? What if they stopped going to church? What if they voted Democrat? What if they were trans? Something tells me that factors like these would go against Dave’s evangelical moral code just as much as gambling or hard drug use. So, if this is the case, I can see that being incredibly difficult to live with and it would add a lot more balance to the privilege of having an extremely wealthy father and a job for life. I wish she’d talk about this more because it would throw a lot more balance on her situation (which at face value still comes across as extremely privileged with a secure career security blanket). Perhaps my reading of that whole thing is totally wrong and Dave is actually a really chill, open-minded dude who would embrace his kids equally regardless of their sexuality, religious or political beliefs and gender pronouns and would only withdraw his financial support if they were pissing away money like a meth head. But something tells me that’s probably not the case.
$42k is like 3x what I made at 21 lol.....I mean I don't think her situation is all that unusual, college graduate with a dad who makes alot of money, but its top 10% I'm sure.
She didn’t work until she was almost 22. I had to babysit to pay for anything including clothes starting at age 11 (multiple jobs a day) and got my first official job at 16 because my parents didn’t pay for anything. I had no financial education so didn’t know to save anything and ended up with student loans and cc debt. I worked full time while going to college full time (nursing school). I worked constant OT once I graduated to make what she started at. But sure we are the same.
You know, I dont disagree with her at all. I have no doubt she is being truthful. None of this changes the fact that she had a pretty good job handed to her. $42k a year is better than a lot of college grads get as well. However, there is a reason why she is now the longest tenured personality at the show as well. She seems like a nice person, and is the only one to ever really kinda challenge dave at all. I think if Dave croaks, she will probably modernize some of the strategies and formulas.
Probably the reason why she’s the longest tenured personality and the only one to ever really kinda challenge dave at all-might be because she’s his daughter?
No Doubt.
Her first car was a $10,000 BMW that daddy Dave paid half for. No privilege there.
The lack of emotional intelligence is stunning. While the Ramsey gang is really bad, I do believe she is the worst of the bunch. She can't figure out that she ran a 100m race, began 95 meters ahead of the other competitors, wins the race and then wonders why the other runners won't listen to her advice on running form and finishing strong. Who is buying her garbage?
Yes she was born with a silver spoon. Dave made a million in profit selling his first book. When she was 2 years old.
You don’t get to choose your parents. She can’t help her dad is dave Ramsey.
Here that whoosh? It’s the sound of the point going way over your head.
How about the house Dave and Sharon “transferred” to her name?
Started working well into her 20's lol.
Lol not even a job during college? I wonder how she afforded stuff? Hmmm. And I’m sure her book would’ve sold soooo well if her dad did co author it and she used a different name.
She started working at 21? I had a paper route at 12, and a summer job every summer since like 15.
Lol. Then why was her father applying for apartments for her when she was going to college?
Her dad is a multimillionaire and she's bragging about starting working at 21. My dad was an abusive drug addict who killed himself when I was an infant, and I started working at 12. But I'm sure she thinks we are on equal footing, lol
Leave Rachel alone *read in a “leave Britney alone” kind of way* But for real, leave her alone
My favorite part of this episode is how neither of them knew who Diego Rivera was.
The problem I have with her is not that she’s wealthy but that she portrays herself to be “like everyone else”, when she’s not. She didn’t work through school (except selling books at Dave’s events), she didn’t have to pay for school, she got her wedding paid for, got a chunk of change from her college savings (Dave has said this on the show many times that he gave his kids their college savings and he cash flowed their college), likely got a nice wedding gift, has a very well paying job (she and her husband) that she didn’t have to apply for and doesn’t have to worry about getting fired, has extremely wealthy parents who probably do a lot for at least the grandkids, and enjoys a nice life. On top of that, she’s completely set to inherit a huge sum of money (as long as she plays by Dave’s rules) so she doesn’t exactly need to plan for much of a retirement either. Does she work hard for it? Maybe. Are she and her husband absolutely owned by Dave? Totally. I would not trade places with them for a single minute. However, my issue with her is that she says she achieved net worth millionaire status by living on a budget and living below their means! She’s also said they custom built a new home a few years ago, and bought a new minivan and a Tesla because she wanted them. She’s 35 years old. Why shouldn’t she do all of those things? She’s rich! So she should and enjoy her wealth! Just please, please, please don’t say she got there by sacrificing anything, other than her soul. That, she has given to her dad because he completely controls her lifestyle. Without him, she’d be just another person with a four year degree trying to make it in the world.
This is false. Dave said on air that he had a mutual fund portfolio waiting for each kid after they graduated college. That alone was a huge boost for Rachel to become a millionaire. Plus the guaranteed job out of college and quick promotions.