Does Dave Ramsey Recommend Gold?
Personal finance guru Dave Ramsey does not recommend investing in gold and other precious metals as viable assets to build wealth, and advises his followers against making such purchases.
Some believe gold to be an excellent hedge against economic instability, however this claim may be unwarranted.
Gold has long held an allure for human societies since recorded history began, from Egyptian tombs to California gold rush. Gold’s allure has driven diplomacy, mass migrations and acts of genocide – as well as even some acts of genocide itself.
Gold investments provide protection from inflation. Furthermore, they serve as a safe store of value that’s hard to come by elsewhere – gold doesn’t rely on earnings reports or dividends to grow and therefore are less affected by economic turmoil than other forms of investments.
Geopolitical events around the globe continue to affect global growth, prompting many investors to consider adding gold as an investment option. If you’re curious to discover more, request your free gold investing guide now – though be mindful before making any major financial decisions on your own! It is always advisable to seek advice from an investment professional before taking action on any new investments of any sort.
Physical gold bullion, coins or jewelry may be costly, but its advantages cannot be denied: theft-proof storage costs could run several hundred dollars annually depending on its value.
Gold can also provide a hedge against inflation. Over the long run, inflation reduces purchasing power of currency; gold’s low correlation with inflation provides another reason to own it as an asset.
Dave Ramsey is an esteemed financial guru known for using personal experience, Bible scriptures and Christian values to assist his clients in managing their money more efficiently. A best-selling author with a popular syndicated radio show and other media presence, Ramsey is also one of America’s bestselling authors and has made headlines nationwide for his advice.
Ramsey has provided millions of Americans with valuable personal finance advice that has allowed them to successfully escape debt, save for emergencies, and build wealth. His Baby Steps approach combines budgeting, debt elimination, investing and saving to maximize savings growth.
Investment is key to creating wealth, but Ramsey cautions against diving right in without first clearing away debt and setting aside three to six months of expenses in an emergency fund. He suggests using the snowball method of debt reduction; attacking smaller debts first freeing up income for investments.
Investing can be complex, so Ramsey strongly suggests teaming up with an investment professional. An advisor can offer invaluable guidance while being ultimately accountable to you; discover a SmartVestor Pro today.
On nearly any broadcast of Dave Ramsey’s radio show, you will often hear him state that precious metals are an unwise investment due to market fluctuations and other alternatives such as real estate and your 401k being more suitable.
Even though he recognizes gold can serve as an inflation hedge, he advises investing instead in growth stock mutual funds or more traditional means.
Gold’s allure as an investment lies not only in its price fluctuations, but rather its permanence. Unlike land and oil resources that degrade quickly over time, gold remains valued throughout history; coin collecting can even yield returns of 100% of their original purchase price in times of economic turmoil or disaster.