Dave Ramsey has written some of the best-selling books on personal finance and helped millions get out of credit card and other debt.

So why would you want to look for alternatives to Dave Ramsey? If he’s helped millions, why wouldn’t anyone and everyone who has struggled with debt simply buy his book, take his course, and be on their way to financial freedom?

If you’re reading this you may already have your reasons for looking for alternatives to Dave Ramsey. But for those who are curious, I’ll walk you through a few reasons why someone may look for alternatives.

One-Size Fits All Approach

 
One of the biggest reasons people ditch Dave Ramsey or seek out alternatives is because of his one-size fits all approach. This can be off-putting, or in some cases downright damaging.

For example, Ramsey has a strict belief that credit cards are evil. While there are certainly many people who struggle with credit cards and may be better off not having one, it’s not everyone. There are millions who benefit greatly from credit card rewards. From simple cash-back credit cards to travel rewards credit cards, you can literally receive thousands of dollars in benefits if you pay off your bill in full each month and do not purchase things you otherwise wouldn’t.

Ramsey also shared some misleading and potentially devastating advice related to student loan debt recently. I did a full-write up on a Facebook post here, which includes a screenshot from the Instagram Q&A where he gave the advice. The fact that Ramsey fails to even mention the full array of strategies on student loan repayment strategies makes me very concerned for those who are listening to him alone.

No Room for Differing Opinions + Reports of a Toxic Workplace

 
There are reports that Ramsey Solutions, the 500+ employee company that carries out the Ramsey portfolio of businesses and builds/maintains the Dave Ramsey brand, is a toxic workplace. I’ll let you read this article instead of rehashing the claims and rumors of claims within this post.

One article I read (which is no longer online) that shared experiences from a former Ramsey Solutions employee, was particularly troublesome. There was an entire Facebook group of former employees that shared troubling experiences at Ramsey Solutions and how there was no room for dissent (again, read this article for more). Just a lot of, at best odd, at worst discriminatory behavior and not something I personally would want to be associated with, which is one reason I don’t refer anyone to Dave Ramsey.

One of his financial coaches (yes, he is building an army of financial coaches as we speak), suggested a robo-advisor to a client. Well, Ramsey hates robo-advisors so that’s not okay. He has vowed to “get to the bottom of it.”

I understand the need to have a consistent message and brand, but this is troubling because of the earlier student loan comment I made. What if someone could potentially receive $100k+ in tax-free loan forgiveness through Public Service Loan Forgiveness? Would one of his financial coaches essentially get chastised by Ramsey and removed from his brand for helping someone execute a financial strategy that could mean a $100k-$200k+ swing in their financials? Very troubling.

One thing that really concerns me is this: Ramsey receives free advertising at hundreds, if not thousands, of churches across the United States.

I feel a need to re-iterate that Ramsey has helped millions with their debt. But I have trouble with the fact that his financial program seems to be the only financial program that consistently gets free air time at churches throughout the country. Hypothetically speaking, if the toxic workplace allegations were true, it’s disheartening for me as a Christian to see this business get so much free airtime and, subsequently, cash flow, from churches.

Like most things, there is nothing that has more impact than the power of the purse. If you don’t feel good about supporting Dave Ramsey by purchasing his book or taking his course, or are concerned about the advice he is giving, there are plenty of alternatives.

Financial Coaching

 
If working one-on-one sounds like something that would benefit you, you’re in luck: there’s a growing number of options.

Traditionally the advice you’d hear around financial advice / financial planning would be to talk to a Certified Financial Planner, or CFP. While a CFP can sometimes be a good option, there are many who will only meet people with a certain minimum of assets (i.e. $200k, $500k, etc.). The reason why is because they take a percentage of your portfolio (think 1% as an example) as their annual fee. Well, if you don’t have the assets you’re out of luck. And even if you do have the assets, you have to ask yourself whether that fee is worth it.

There are some CFPs who you can pay for an hour or two of advice, or a flat fee for a comprehensive financial plan. While this is a growing number, most advisors still seem to prefer the percent of assets model.

One option for financial coaching is The Financial Gym. I personally know the founder, Shannon McLay, and I think this is a much-needed business that has already helped tons of people improve their finances. It’s a membership model where you pay a flat fee per month and receive various benefits such as quarterly check-ins with your trainer, access to your trainer for ongoing questions, and more. You can learn more about The Financial Gym here.

Personal Finance Books

 
I’m biased because I’m an author myself, but I think personal finance books have a huge potential return on investment. Some of the books I’ll reference below I have read, underlined, and dog-eared. Sometimes even one paragraph alone can be worth the price you paid for the book. Ramsey may have one of the best-known books, but it’s certainly not the only one.

For general personal finance I recommend Kristin Wong’s Get Money. This book is a treasure trove of personal finance advice and hits on a wide variety of topics.

While there are a handful of student loan books that have been published, I decided to write a book on student loans because none of them seemed to lay out all the options for borrowers, nor did they tie in their personal finance situation. I think considering all your options and opportunities for strategically paying back your student loans is important. Learn more about Student Loan Solution here.

One other book I will mention is in regards to investing. Erin Lowry’s Broke Millennial Takes on Investing is a good deep dive into the ins and outs of the investing world.

Blogs

 
Personal finance blogs can be a great resource for personal finance information – especially because they are free!

Again, I’m biased because I’ve spent the past seven years writing and editing Young Adult Money and I truly think we are making a difference in people’s lives.

Because I know of so many personal finance blogs, I will resist listing out suggestions as I will certainly leave off someone. Different bloggers have different opinions, and you’ll find the whole range of opinions if you go to enough blogs.

One drawback of blogs is the fact that most bloggers – myself included – get paid to refer people to products and services. For example, there are a few student loan refinancing companies that pay per funded loan. Well what I learned quickly is that very few bloggers put a disclaimer that says “You should NOT refinance federal student loans unless you are comfortable losing benefits that come with them, such as income-driven repayment and opportunities for forgiveness.”

This may be an extreme example, but you get the point. Bloggers who are compensated for affiliate links are naturally biased, and may not go out of their way to say things that would deter you from signing up for a product or service that pays them for referrals.

Regardless, blogs can still provide a ton of valuable content that can help improve your finances, all at no cost.

Courses

 
What keeps Ramsey’s company and brand rolling is the course they offer (again, which gets a ton of free promotion at churches throughout the United States).

While his course is extremely well-known, it’s not the only one.

There are courses on virtually every financial topic, like investing and budgeting, but there are also general personal finance courses. If I had to recommend one it would be Tara Falcone’s MONEY course, which has over 75 modules and covers a wide variety of personal finance topics. You can learn more about her course here.

Podcasts

 
Blogs, courses, and books are all great, but let’s not forget about another form of media that provides a ton of valuable personal finance content: podcasts!

The quantity and quality of personal finance podcasts today is remarkable. There are tons of podcasts out there, so give some a listen and see which you like. A few suggestions for you:

• Millennial Money with Shannah Compton Gaine

• Stacking Benjamins with Joe Saul-Sehy

• Financial Grownup with Bobbi Rebell

 
See a longer list of recommendations here.

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As you can see, there are nearly limitless alternatives to Dave Ramsey. Even with these alternative options you should still seek out a variety of views. For example, working with The Financial Gym’s trainers can be really beneficial, but it’s still important to educate yourself and understand the “why” behind the choices you are making. For example, why can an index fund be a solid investment choice? Why are you taking a specific approach to paying down your student loans?

Check out some of the alternatives to Dave Ramsey, and if you decide to read a book by Ramsey or take on of his courses, please go in with a skeptical mindset.
 
 

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