Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

Does being debt free actually equate to successful money ??

19 May 2024 · 1 min

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In this monologue, Christian Osgood critiques Dave Ramsey’s strict anti‑debt stance, arguing that for the vast majority of people—who do not earn $500,000+ in active income—leveraging debt is a practical necessity to build wealth. Osgood emphasizes that merely saving is insufficient; disciplined, strategic use of debt to acquire assets (such as a business or investment portfolio) allows those assets to generate income that can service liabilities, ultimately leading to a debt‑free state. He acknowledges the value of discipline, which Ramsey also promotes, but contends that Ramsey’s advice is unrealistic for most, as it ignores the need for leverage in wealth creation.

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Those who don't manage their money will always work for those who do. Stupid. Dave Ramsey's— this guy is the anti-debt king. And while I love the idea of going debt-free, you have to lever to get there unless you make over $500,000 a year. You cannot just save your money and call that managing your money. You have to be able to grow wealth. You will always work for someone if you do not make over half a million dollars a year of active income. Most of us don't do that. Most of us don't even know how. I think it's ridiculous. This is silly advice from someone who doesn't use debt at all. Do I love the concept of using some debt, building a business or building a portfolio, letting your assets pay off your liabilities and eventually ending debt-free? Absolutely. Discipline is key, which this guy does preach, but I mean, come on, no one makes that much money, at least not most of us.