Dave Ramsey comments on the Dinar, ******, 7/2/10

[k98nights]

Dave Ramsey comments on the Dinar, *******, 7/2/10

July 9, 2010 · Dave Says-Currency Investing Is Ludicrous!

Dave Ramsey Friday, July 02, 2010

Dear Dave,

What do you think about investing in the Iraqi dinar? According to the information, you get $250,000 in dinar for just $250. Is this a good idea? Tiffany

Dear Tiffany,

This is the dumbest thing to come along in years. It’s borderline on a scam! A lot of military folks have fallen for this, and there are ads all over the internet for the stuff.

Buying and selling currency of any kind, whether it’s the yen, the pound, or the Euro, is ludicrous. Playing around with currencies is a great way to lose your entire investment in the blink of an eye. Add to that the fact that Iraq is an extremely unstable, war-torn country, and it makes it one of the dumbest things you could ever do with your hard-earned money.

Don’t do it, Tiffany. You might as well just throw your money out the window while you’re driving down the road. At least then you’ll get a laugh watching everyone go wild trying to pick it all up! — Dave

[inmemoryofrob]

Ouch! I've totally gone through his Financial Peace University! Big Meanie!

[hablrob]

This is really a bad use of post space.

I do not know what's worse, Ramsey wth his own agenda, don't invest in currency. Or posting this absolute garbage.

(sorry, for every dollar that trades on the NYSE, 10 dollars trade on the currency exchanges, so obviously he's a fool)

All these folks trading currency are wrong, he's right. No chance.

Dave Ramsey comments on the Dinar, *******, 7/2/10

July 9, 2010 · Dave Says-Currency Investing Is Ludicrous!

Dave Ramsey Friday, July 02, 2010

Dear Dave,

What do you think about investing in the Iraqi dinar? According to the information, you get $250,000 in dinar for just $250. Is this a good idea? Tiffany

Dear Tiffany,

This is the dumbest thing to come along in years. It’s borderline on a scam! A lot of military folks have fallen for this, and there are ads all over the internet for the stuff.

Buying and selling currency of any kind, whether it’s the yen, the pound, or the Euro, is ludicrous. Playing around with currencies is a great way to lose your entire investment in the blink of an eye. Add to that the fact that Iraq is an extremely unstable, war-torn country, and it makes it one of the dumbest things you could ever do with your hard-earned money.

Don’t do it, Tiffany. You might as well just throw your money out the window while you’re driving down the road. At least then you’ll get a laugh watching everyone go wild trying to pick it all up! — Dave

[trishberg]

This is laughable. :lol: :lol: He spoke at my church one time and said, "whenever I don't listen to my wife I lose $10,000." She would tell him something and he wouldn't follow through and sure enough she would be right. So he does admit to not being all knowing when it comes to investing. As for the passion (I can't think of a better word) in his letter-he has to be that way. That's his radio persona. He says is like it is and has to point out when people are less than wise with their money decisions. AND It clearly shows he doesn't know anything about the dinar, because it is a valid currency and you can always get USD's back so it has more value than if you threw your money out the window.

As for the "war torn country" part. I bet people were saying the same thing about the US in the beginning too.

[cris]

dave....hmmm...how do i put this without using invectives.....i'll just say it...my investment has gone up in value since 2005....hows the stock market doin since then dave?

[00castle]

He probably owns a couple of million in Dinar himself.

[Jim m]

Umm, Dave how about the Kuwaiti Dinar?

[brookie]

If you want to know how to get back on track, once you messed your life up with credit cards and what not. Well Dave is your guy. Jim Cramer said it was a good play and he made his cash investing.Dave made his cash writting books and doing talk shows. In the end if we get bonned he can say I told you so. For now I am going to beleave that this war battered Place sitting on a ocean of oil can make me a buck. Thanks Dave but we ain't talking about beans and rice,... This Oil and Cash.

GO RV!!!

[caz1104]

dave....hmmm...how do i put this without using invectives.....i'll just say it...my investment has gone up in value since 2005....hows the stock market doin since then dave?

And Dave what about the millions that invested in Kuwait,fools too? I think the many millionaires would disagree - GO RV!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Soldier]

As I mentioned the other day. I know of Dave Ramsey and followed his total money makeover a while ago. One of the smartest guys that I have ever listened to on money. The word scam was mentioned now by Bank Presidents, Money Managers, Edward Jones executives and all other smart money people. What does that have to say about us.

[wbuse984]

Most people listening in on Dave Ramsey are doing so because they already have money problems, and probably can't afford to take such a speculative risk...that being said, it is up the individual to make that decision...High Risk, High Reward...that is the nature of this investment...Dave Ramsey deals with the Stock Market and has helped a lot of people, would be worthwhile for him to study up on this particular investment...as for, I can only say: GO RV !!!

[brookie]

As I mentioned the other day. I know of Dave Ramsey and followed his total money makeover a while ago. One of the smartest guys that I have ever listened to on money. The word scam was mentioned now by Bank Presidents, Money Managers, Edward Jones executives and all other smart money people. What does that have to say about us.

Just that we see it different.

[cris]

errmm...my thoughts soldier, are...dave wants you to buy his book...banks want you to keep your money there...money managers, of course want your money in stocks...there's no profit in this for them....and, if they can keep the little guy down, they will

[beefcake]

Who's Dave Ramsey? I guess just another uneducated opinion

[Hungrytorv]

Dave Ra$$$$ has no financial credentials to back up anything he says. He does not have a CPA, ChFC, CLU, CFP or any other recognized financial credentials. He has gotten rich telling everyone to spend your life driving a used piece of junk and put all the rest in growth mutual funds no matter who you are. As far as I know he is not an RIA ( Registered Investment Advisor) so I don't know how he or Suzy get by with the things they say.

[Kimjackie]

As I mentioned the other day. I know of Dave Ramsey and followed his total money makeover a while ago. One of the smartest guys that I have ever listened to on money. The word scam was mentioned now by Bank Presidents, Money Managers, Edward Jones executives and all other smart money people. What does that have to say about us.

It says about us that we are much smarter than those money managers and Edward Jones, etc. I had to laugh when I read about Ramsey saying throw the dinar out the car window. A lot of nations have dinar waiting on an RV. Last November it came up on the Forex at $1.49 before the plug was pulled. It was up there for 4 hours. I think I will take my chances with owning dinar and if nothing ever happens (which is doubtful) then I can get back 80% of my money. I sure cannot get 80% of my money back by throwing it out a car window, LOL. Maybe Dave Ramsey owns several million dinar and wont tell anyone..............

[cws]

who the h...e... double toothpicks is this guy? never heard of him. dont care what he supposedly has done in past.

my guess is he owns alot of dinar and will brag to everybody how wealthy he is afterwards but claim he made that money with his own advice

and probably doesnt want anyone else to profit in order to be "above" us JMO

[jocko129]

Hellooooo millions were made in Kuwait ??????

[automag]

I say Ramsey has his own agenda and that is getting the listener to trust in him, follow him, do as he says, and believe in him. Kind of like a preacher treats his flock.........Trust in me. When the Dinar hits he'll be the first guy out there apologizing and he'll be the first guy out there trying to get you to invest in Dave Ramsey.

He'll be hovering around us like flys on s**t. Mutual Funds? Remember a decade back when all those excellent fund managers ran those funds in the ground? Don't forget all the deals made on packaged real estate deals that went belly up and caused the massive recession world wide. That happened and the reason for the melt down was that people trusted the alleged honest folks who sold them a pile of crap. The funds managers and those selling the packaged derivatives did very well. It was only the investors that took it in the chops.

I've heard Ramsey and every time I do I remember the scandal out in Arizona where a company got into Baptist Churches and sold a ponzi scheme that fleeced thousands of good folks of their money and the SOB's did it using these people's faith as a hammer. The best way to see what happened with that despicable mess is look it up on CNBC as they did an investigative piece on it in the American Greed series.

Every time I hear Ramsey he blurs faith and investing like it was water and kool-aid and I never confuse my faith with Roman affairs. I have family that are so religious and faithful to God they should be saints and they have invested with Ramsey. Have they done any good? NO!!!!

That he would down investing in currencies is exactly what I would have expected as I have heard him sound the warning of not trading on the Forex in currencies and then stand there say he doesn't understand it...What? You don't understand it and I should listen to your advice?.......NONSENSE. His only real message is, "Follow Me."......Forgive my rant as I dislike people like this. To warn me with an educated point of view is perfectly acceptable but to warn me with no knowledge or understanding is just what it is. Selling Dave Ramsey and not good advice. Plus when they do so using people's faith as a tool.....Arrrggghhh!!!!......IMO of course.

[Trimark]

Dave Ramsey was a high flying real estate guy who went bankrupt. He clawed his way out of bankruptcy by spending below his means, saving a bit every paycheck, etc. He knows his particular niche of helping get people out of debt really well.

His specialty is helping people get out of debt but once they do get out of debt his advice isn't very good at all. He doesn't understand investments and is extremely conservative in his investment advice. I wouldn't read anything in to his bashing this investment. I would have been shocked if he had endorsed it. He is all about keeping the savings safe and secure instead of going for growth or taking risks. A lot of our friends and families think the same thing. Just because Dave is well-known doesn't mean he knows about investments and he doesn't.

[automag]

Dave Ramsey was a high flying real estate guy who went bankrupt. He clawed his way out of bankruptcy by spending below his means, saving a bit every paycheck, etc. He knows his particular niche of helping get people out of debt really well.

His specialty is helping people get out of debt but once they do get out of debt his advice isn't very good at all. He doesn't understand investments and is extremely conservative in his investment advice. I wouldn't read anything in to his bashing this investment. I would have been shocked if he had endorsed it. He is all about keeping the savings safe and secure instead of going for growth or taking risks. A lot of our friends and families think the same thing. Just because Dave is well-known doesn't mean he knows about investments and he doesn't.

Yep I knew that Trimark and thanks for posting because people need to know his expertise. It's certainly not investing in Dinar...

I just get all emotional about the guy because he is thrown up to me all the time and in an effort to be fair I have listened to him and heard his pitch many times. My family who just love the guy can't figure out why I am not one of his minion's. The only answer I can give them is that it's for their protection that I remain objective to his point of view and I have my reasons. The first being you trust him solely because he says he is a Christian. When investing money that is not the only qualifier one should use when putting money into an investment.

One of my favorite and best pastors got blown away for sleeping with one of the congregations wife. He said he was a Christian too. Sad.

Anyway Trimark thanks for posting.

[Traconesu02]

Thanks for the post k98nights

[cris]

thanks for your post trimark...no critisism towards you....but...lol....how does a person get out or stay out of debt?

1. work really hard

2. save as much of your money as you can

3. do not spend money that you dont have...keeping up with the jones'

hahaha...thats the whole book...final chapter....if you are breaking any of these rules....stop it!!

[Barboza]

Dave who?

[truckerron49]

Well said Automag!!! This is not just your own opinion. It is the opinion of many of us.. Thanks for putting it into words....