Financial Insights That Matter
Dave Ramsey is an old-school financial guru. While that’s neither good nor bad, this detail explains why he’s skeptical of cryptocurrencies. That’s why it shocked him when someone called into “The Ramsey Show,” saying that God told her to buy crypto.
Ramsey wasn’t happy about the theology behind this decision and explained that crypto is a highly speculative asset.
“The only track record crypto has is extreme volatility,” he said during the call.
There were plenty of financial lessons as well. Ramsey touched on the sunk cost fallacy, getting out of debt, and other valuable insights.
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The couple recently bought a new home and will soon make monthly mortgage payments. The wife called in and asked Ramsey if she should sell her crypto to cover other debt before the mortgage payments started. The couple has no credit card debt, but they owe $14,000 in student loans and also have a $37,000 auto loan.
In theory, the couple could sell $51,000 worth of crypto and get out of debt. They would even have $9,000 remaining in crypto. Ramsey welcomed the idea, saying it was a good idea to sell enough crypto to start debt-free.
The couple can always reaccumulate crypto after paying off their debt. However, locking in some of their gains and paying off debt is less risky, since crypto is one of the most volatile assets on the planet.
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Although Ramsey suggested that she sell the crypto, the wife didn’t want to budge. The couple believes a crypto bull run is on the way and doesn’t want to risk missing out. Regardless of the market, you can always find a group of investors that are touting an upcoming bull run for your favorite investment.
Unfortunately, this setup has caused the couple to marry crypto as an investment. They have been holding onto three crypto coins for five years and only bought crypto when God apparently told them to. Now, they are holding their crypto until God tells them to sell. Ramsey strongly rejected the legitimacy of saying that God told the couple to buy crypto.
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