I'd heard of him, but never experienced his show until he joined SiriusXM Radio a few months ago.
His advice is sound for the most part, and his show is pretty entertaining.
But I disagree with some of his premises. For instance, he'll advise someone against going to med school if they have to take on student loan debt.
That's just wrong. Advising someone not to take on student loan debt to get, say, a Women's Studies degree is good advice. OTOH, telling someone not to go to medical school because they might accrue $250,000 in student loan debt is short-sighted. I know several orthopedic surgeons knocking down $800,000/year - I've yet to hear one of them say, "going into debt to pay for med school was a huge mistake on my part."
He also advises people who are financial trainwrecks to continue having kids. That's bizarro advice.
DAVE, WE JUST BOUGHT YOUR BOOK. MY HUSBAND AND I HAVE $140,000 IN CONSUMER DEBT AND OUR HOUSEHOLD INCOME IS $45,000/YEAR. WE WANT TO WORK ON OUR DEBT SNOWBALL, BUT WE ALSO WANT TO START A FAMILY. SHOULD WE HOLD OFF ON HAVING KIDS UNTIL WE'VE PAID OFF THE $140K?
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OH NO - GO AHEAD AND HAVE CHILDREN. CHILDREN ARE A BLESSING FROM GOD - YOU WON'T REGRET IT
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Good lord, you couldn't get worse financial advice than that. Children are a blessing provided that you can afford to support them.
OTOH, they're a noose around your neck if you cannot afford them. If you're making $45k with $100k in consumer debt, the LAST thing you should do is pump out crotchfruit.
His screeners need to do a better job as well, specifically with the folks who call in to say that they're "debt free."
For starters, if you have a mortgage on your house, you are NOT "debt free." 90% of the folks who call into his show claiming that they are "debt free" admit that they still have a mortgage on their house.
And many of the callers are just flat-out liars.
DAVE, MY WIFE, MY SIX KIDS, AND I ARE CALLING IN TO DO OUR DEBT-FREE SCREAM
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HOW MUCH DEBT HAVE YOU PAID OFF, MILTON?
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$150,000 OVER THE PAST THREE YEARS, DAVE
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AND WHAT'S YOUR HOUSEHOLD INCOME?
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$62,000 PER YEAR, DAVE
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WOW, YOU REALLY GOT AFTER IT - PAYING OFF $150,000 IN THREE YEARS AT $62,000/YEAR. HOW'D YOU MANAGE THAT?
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BEANS AND RICE, RICE AND BEANS...
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Simple math and a rudimentary understanding of the income tax code says that this is not possible.
His show would be more entertaining if he'd simply call out the obvious "I'm debt free!" liars.
His advice is sound for the most part, and his show is pretty entertaining.
But I disagree with some of his premises. For instance, he'll advise someone against going to med school if they have to take on student loan debt.
That's just wrong. Advising someone not to take on student loan debt to get, say, a Women's Studies degree is good advice. OTOH, telling someone not to go to medical school because they might accrue $250,000 in student loan debt is short-sighted. I know several orthopedic surgeons knocking down $800,000/year - I've yet to hear one of them say, "going into debt to pay for med school was a huge mistake on my part."
He also advises people who are financial trainwrecks to continue having kids. That's bizarro advice.
DAVE, WE JUST BOUGHT YOUR BOOK. MY HUSBAND AND I HAVE $140,000 IN CONSUMER DEBT AND OUR HOUSEHOLD INCOME IS $45,000/YEAR. WE WANT TO WORK ON OUR DEBT SNOWBALL, BUT WE ALSO WANT TO START A FAMILY. SHOULD WE HOLD OFF ON HAVING KIDS UNTIL WE'VE PAID OFF THE $140K?
\
OH NO - GO AHEAD AND HAVE CHILDREN. CHILDREN ARE A BLESSING FROM GOD - YOU WON'T REGRET IT
\
Good lord, you couldn't get worse financial advice than that. Children are a blessing provided that you can afford to support them.
OTOH, they're a noose around your neck if you cannot afford them. If you're making $45k with $100k in consumer debt, the LAST thing you should do is pump out crotchfruit.
His screeners need to do a better job as well, specifically with the folks who call in to say that they're "debt free."
For starters, if you have a mortgage on your house, you are NOT "debt free." 90% of the folks who call into his show claiming that they are "debt free" admit that they still have a mortgage on their house.
And many of the callers are just flat-out liars.
DAVE, MY WIFE, MY SIX KIDS, AND I ARE CALLING IN TO DO OUR DEBT-FREE SCREAM
\
HOW MUCH DEBT HAVE YOU PAID OFF, MILTON?
\
$150,000 OVER THE PAST THREE YEARS, DAVE
\
AND WHAT'S YOUR HOUSEHOLD INCOME?
\
$62,000 PER YEAR, DAVE
\
WOW, YOU REALLY GOT AFTER IT - PAYING OFF $150,000 IN THREE YEARS AT $62,000/YEAR. HOW'D YOU MANAGE THAT?
\
BEANS AND RICE, RICE AND BEANS...
\
Simple math and a rudimentary understanding of the income tax code says that this is not possible.
His show would be more entertaining if he'd simply call out the obvious "I'm debt free!" liars.
