Dave Ramsey, often unfortunately called ‘America’s Voice On Money’ by mainstream media sources, frequently makes terrible arguments against credit cards and gambling, showing he has minimal credibility.
In addition to being factually wrong, misrepresenting the basics of how credit scores work, saying things like “The credit, or FICO, score is simply an “I love debt rating” and “It is 100% based on debt,” Ramsey engages in black-and-white thinking, labeling credit as all bad when it simply isn’t the case.
It Isn’t the Game, It’s How the Game is Played
Unfortunately, Ramsey missed an introductory Philosophy lesson from the wisdom of Stoic Philosophers who taught that things in themselves aren’t bad; it’s how people make decisions and how things are used. Credit, for example, isn’t an evil; credit can be used intelligently and responsibly to make money, save money, and travel at low cost without users ‘loving debt.’
More recently, Ramsey lamented sports betting, falsely claiming, “The house always wins, and you are not the exception,” and “Sports betting isn’t just a little hobby – it’s an addiction that’s wrecking families and futures.”
Like with credit, Ramsey is painting sportsbetting as all bad, labeling it as “an addiction,” which is factually false. Many Americans gamble recreationally, losing small amounts they can afford, likely for the sake of entertainment and potential profit, without developing “an addiction.”
Some spend hundreds, even thousands of dollars a year on their “little hobby” of golf ‘losing money’ without being ‘addicted’ or ‘drowning in debt.’ Others, rather than spending thousands on golf equipment and green access, gamble responsibly on sports, sometimes making money.
Doing Things The Smart Way
Better yet, some Americans like myself look for ways to gamble with an edge and succeed, demonstrating that ‘the house’ doesn’t always win, especially when ‘the house’ employs adverse action like banning users from promotions, limiting bet amounts, and outright banning accounts for bullshit reasons. Combining credit with gambling, likely making Dave Ramsey’s head explode, I often buy prepaid and gaming gift cards to have an even bigger edge while gambling.
I can easily gain anywhere from 2-8%, sometimes more, sourcing gaming and prepaid gift cards with credit because of credit card bonus categories (office supply stores, grocery stores, gas stations, and more). I can also buy gaming gift cards at grocery stores, earning grocery rewards and fuel points dramatically reducing my cost of groceries and gas, creating what seems to be an unlimited supply of Ramsey’s favorite, rice and beans.
Online sportsbooks constantly offer ways for intelligent and responsible customers to have an advantage through free bet bonuses, odds boosts, welcome bonuses, and special promotions. Those with smarts and discipline can only bet when they have an advantage stacking credit card rewards and other promotions having “a little hobby” without developing “an addiction” as Ramsey mentions.
Indeed, some people have problems with gambling, but this doesn’t mean all gambling is bad and is “an addiction.” Some people also abuse alcohol, but I’m not going to lament alcohol, saying that all alcohol is bad, and as Ramsey says, “you are not the exception” gaslighting people who drink responsibly, gamble responsibly, and win at gambling.
One Sweet Day
I await the day Ramsey stops using the internet and social media, deleting all his accounts like how he allegedly has a ‘zero credit score.’ After all, some develop mental health issues tied to internet use & studies have linked heavy social media use to anxiety, depression, loneliness, and low self-esteem. Excessive internet use can also lead to compulsive behavior, interfere with real-life relationships, and reduce productivity.
Whether considering sports betting or credit card use, Ramsey focuses on the extremes who fail, doesn’t teach ways to win, and has little knowledge of what he likes to criticize. Dave Ramsey isn’t America’s Voice on Money, he’s America’s Voice on Ignorance.
For more on Dave Ramsey being factually wrong about basic financial principles, listen to my YouTube video “Dave Ramsey WRONG About the Basics of Credit Cards.”
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