Dave Ramsey: Debt is Dumb
on Friday, July 28, 2023Meaning of Dave Ramsey Money Quote: saying getting into debt is dumb and not being indebted has earned a new cache with those keeping up with the jones’s. Dave Ramsey said:
“Debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice” — Dave Ramsey
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The best interpretation of this Dave Ramsey quote is that he believes debt should be avoided, having cash savings is most important, and being debt-free, especially paying off a home mortgage, has become a new symbol of financial success and status. By calling debt “dumb” and referring to cash as “king,” Ramsey emphasizes the value of avoiding debt and having money in hand.
Additionally, by saying a paid-off home has replaced luxury cars as a status symbol, he suggests that financial independence through being debt-free, particularly paying off a large loan like a mortgage, is now seen as a greater achievement than displays of wealth through possessions.
Overall, Ramsey appears to be promoting a philosophy where being out of debt through saving cash is the wisest path and brings greater prestige than living on credit.
Debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice.
— Dave Ramsey (@DaveRamsey) March 25, 2022