And then he picks on SoFi and mega banks saying how they are evil then totally contradicts himself by saying go to the community banks or credit union coz "they treat you like a person". You do know they are all in the same business i.e. selling debt, right? And what the hell does "treating you like a person even means" that you get interest free loans? You don't have to return them money owed because you had an emergency? No, Dave. At least be consistent
I dumped $25k (I'm dead serious) into SoFi for the 4.60 APY. It kinda gamifies savings and i love it. The vault approach is especially awesome. I have a vault for taxes, one for emergency fund, and one for the next car I'm going to purchase. I'm Gen X. And this is my favorite banking experience ever.
@@tylersanders2388yeah towards the end it sounds like dave thought the caller was referring to debt interest and not interest paid to the acct holder from savings
@@insideoutsideupsidedown2218 do you find that to be common? I’ve checked online and haven’t found any local credit union offering high interest savings
I refi’d my student loan debt with SOFI in 2015 out of FAFSA, saved me a 9% interest rate to 4.5%. Then refinanced again for free a year later and lowered my interest rate by 1% 6 months later. Paid off my Student loans a year or two later
I don’t really care if a business is my friend or not. I only care if they are providing me with a good or service that I deem worthy of my time &/or money.
Well Ramsey milk us too. When you subscribe to the every dollar budget, you receive a TON of emails to sell you: life insurance, car insurance, etc, etc, etc, etc. Smh!
Talk to any business and they will offer you a service. Right? And plus they are not wanting you to go into debt with them. Wait what was the problem again?
And yet you can learn every baby step, debt tip for free. The show is free to listen to. Zero need to give Ramsey money to get the benefits of the baby steps. Also, businesses offer services... whoopdeedoo. They all do. You'd offer services and take peoples money if you did.
@@random-nz7dy I think that’s the point the original comment was making lol. Dave is talking about SoFi trying to sell you something when of course duh. They are business they are going to offer to sell products. All banks do it.
I'm glad someone finally asked. I don't understand how Dave can advocate for a high yield savings account and then talk bad about one of the higher yielding accounts. I've been using SoFi for a while and haven't accumulated any new debt.
I have online lending apps collapsing in my country, even those registered with government. Online debtors are irresponsible, they tend to be delinquent.
@@whosaidthat9265My credit union, the one I've been using for 20 years also offers me loans. Maybe they are the only credit union to do so? Maybe all banks do? Weird, huh.
meh they're big banks in Dave's eyes, i guess. conversely he suggests local credit unions. personally I LOVE big banks but also have credit unions. big banks render better services for me. My checking account is with a big bank my HYSA is with another big bank. sadly my credit cards are with a big bank. I did my mortgage with big bank (they sold it to another bank but ironically this current one is better) I have yet to see terms and conditions of credit unions that I like. but since folks rant and rave over them so much, I keep those accounts open. but I RATE SHOP. who has the lowest rate for a loan, mortgage, or best benefit credit card? who has the highest interest rate on CDs, ease of access for apps, higher rates on HYSAs, easier to open and transfer money across accounts, who has more locations across the city and country? yeah, they can suck at times. yes, they did burn me at times, and yeah they did burn others in news in a horrid way. but personally my pains came from being a poor college student and having a negative balance so I GOT BETTER at managing money rather than GETTING BITTER at chase for their overdraft fees. i can make deposits by phone, deposit cash at any time from any ATM. so yeah I have more positive things about big banks than negative things on big banks. again I rate hunt for the best bank. loans are with sofi checking is with chase basic quick access is with chase HYSA is with citi credit cards with citi and chase. Amazon credit card is the last and only credit card I use now. all the others served their purpose when I was DUMB in my 20s. ive yet to see my 3 credit unions offer competitive services. i cant name them since they kinda geo verify my life.
And one of the Ramsey guys uses it. They also mentioned Ally once in a while. I use Sofi too but only for the high interest savings... I needed another bank to house another 250k.. haha... 100k a year in interest now. :)
@vicepresidentmikepence889 Seems it's only an issue if you take out loans from them. I just want to make sure I'm in a bank that will get bailed out, and offers solid interest
I did a re-fi and a purchase with SoFi and got the best rate possible and will use them again in the future. I have no issues with SoFi at all when it comes to home loans.
May be a great place to borrow. It is always better to not be in debt. When you were 18 with no debt, things were great. Then you borrow for a better lifestyle and spend the rest of your life trying to get back to zero.
Does Dave not see we are joining the winning side by putting money in a high yeild account?? The "eww they are snakes they make so much money off YOU" No not ME - it's the fools that overspent and are paying 28% interest. I'm basically proving the capital, and getting paid what I deserve for supply the capital.
Dave has made his millions because of people who use these “soul less” banks and leveraged debt. If SoFi wanted to advertise on Ramsey and pay millions, Dave will happily say yes.
@amireallythatgrumpy6508 maybe you don't but my emergency fund says otherwise and that interest I get I kick to my dividend portfolio to grow and make more residual income. So to each his own
Little does he know i haven't take out any loans with them and am taking advantage of their high yield checking and savings and am utilizing the saving vaults feature, so they're actually paying me and helping me to level up my finances
SoFi is helpful if you use them correctly. Most people dont notice their tricks until its too late. Dave works mostly with people who are VERY BAD at noticing tricks so it makes sense he would tell people to avoid them.
Bank of America are actually bad, if you’re low on money don’t have a checking account or savings account. They will throw a fee on you for not having enough money ☠️ happened to my mom years ago
I bought me some TSLA and SOFI last month. Some Investors are preaching buy the dip, some are selling without a concern should I too? I am asking because after a pretty good run Q1. I am up to 247k from 180k at the beginning of the 2nd quarter thanks to the likes of PLTR and NVDA.
the mirage caused by inflation is beginning to affect the mind of investors, studies found that investors undervalue stocks in the presence of high inflation just buy the dip, DCA with caution, maybe see an advisoor
Yes, it can also be brought down to the fact that Investors will make the same error, in reverse, when inflation and interest rates start to come down. That’s why a foundation of a major buy signal should currently being built.
Do your research and always speak with an advisor before putting your money in these crazy markets. Look online or around you for experienced ones, I can’t let someone who hasn’t lived through at least one depression give me advice.
That’s right. I work with a plannner, fixed income strategist and stock market analyst, Monica Mary Strigle. She has been interviewed on a lot of business videos and has an aum of over 500m usd.
@FranciszekPawal hi what is the fee you are charged for the services offered, did you pay any upfront fees for consulting? Because I just set up a consult and I am not sure what to expect back, thanks for ur prompt response.
I don't think local banks have any more soul than any other bank. The person on the other side of that table is NOT your friend, and they are ONLY looking out for themselves. That includes your neighbor!! Don't think because you live in the same community that they care about you.
I refinanced my $35,000.00 student loan debt with SoFi. My interest rate went from 12% to 3.25%. I paid off my loan last year and became debt free. Baby step 2 completed 🤷🏽♀️
"They're an institution that has no soul and preys on people" oh so like damn near every other bank out there? Just use them for the high yield savings and ignore being lured in by all the other stuff.
I understand what he’s saying, but like many others have said - just avoid the debt, this is just a choice. The HYSA is an excellent option - if you’re going to put money in a savings account, go with them. I have had zero problems! You won’t find a high yield savings account in a local bank likely.
This is why you don't ask a realty guy about market equities. Ramsey doesn't know anything about sofi or where it's at in its growth cycle. Imagine buying jpm 20 years ago. It's obvious that sofi is bank that makes money of debt. It's about there size, there going from small to a giant. That's where the value is at. And by the way Anthony has said that they want to become a mega bank.
Ha! I had to rewind to make sure I heard correctly. That comment made it clear to me that their arguments have no basis; clearly, they don't know who they are talking about.
I was getting ready to get a SoFi Checkings and Savings for their High Yield Savings. I’m unclear what Dave’s problem is with them. Can someone explain?
Use sofi amex ect for high yield savings(im just picking a few at random because rates vary) and a credit union for day to day. Thinking the big banks are your friends will get you in debt,but refusing to use them for the appropriate thing because "Dave threw a boomer fit" is equally dumb because you are leaving tons of compond intrest on the table for your saving/emergency fund you arnt using normally
I LOVE Sofi’s HYSA. I have 50k saved up now just because of the 4.6% offer. Way better than my local bank that offers 0.010%. I’m in my late 20s btw. Hopefully able to afford a house one day.
@@alfredomora5555 Part of it is who you trust. For instance, I did my research on Discover and Chase. I would not go with a higher High Yield Savings Account (HYSA) just because they have a % more Annual Percentage Yield (APY).
I agree with him debt can be bad, but avoiding it completely is almost as irresponsible. You should 100% have a credit card, just pay it off every month so only spend what you can afford. Sure the credit card company makes a small % off of you, but that's all built into the price of the goods and services you already purchase. If you're paying cash, you're still paying the same price but now you're just not splitting the fees credit card companies charge vendors (in the form of points or cash back).
I don't understand. I use sofi for roth ira and a couple stocks. Like 50 bucks in each cuz im learning the app and investing at the same time. How will that give me debt? I dont use the bank part, just the things i said
Most Local credit unions won’t give you 4.60 APY, of all the online banks they are really easy to use, I don’t see Dave’s point, when all banks and credit unions try to sell you debt and make money off of you
How does Dave feel about savings interest? Is that immoral too? You are basically getting a part of the money that they collect from loan payments that used your money...
He never asked about utilizing debt.. we want to know if you agree with their high yield savings account and if you advise a better avenue to save money🤦♀️ definitely a missed opportunity
wait wait, so Daves business isnt there to produce voluntary revenue? His "advisors" arent milking? his funds he recommends also milk you the entire time.
Dave has this absurd saintly image of himself. He believes that his company is primarily about helping people and the fact that they make a ton of money is just some kind of accidental characteristic.
@@insideoutsideupsidedown2218 I've seen no bank saying you should leave paycheck to paycheck. Only ignorant Americans that do so by which Dave gotten rich from
For an outlet that advocates Emergency funds, I don’t see how you talk down a 4.6% HYSA. The credit union alternative almost certainly doesn’t offer that. At some point, you have to know who you’re dealing with and what you do and do not want. Accept the savings yield and unsubscribe from unwanted loan offers and move on with your life.
You still feel that way? After my 3rd rate drop email, I think it's not worth their temporary bump. Look at their history and I found out they have done this before.
I know that woman (Renee Marie Harrison) If you were born and raised in new York you'd know too, she's my family's Broker for 3yrs till now and a very good one if you asked me. No doubt she is the one that helped you get where you are!!!!
Ally Bank was mentioned at 5:18 as "another great option" regarding online banking as an alternative. Isn't Ally Bank essentially the same thing as SoFi?
Yeah I use SoFi. I only use the bank, the investment, the relay and that’s about it. As far as the credit card or the loans I don’t touch them. Having gone through a bankruptcy and getting it discharged, I don’t touch debt.
You really do sofi more than others. And sofi has way better interest rates than the big banks. I work for one of the largest banks in the word and I use sofi for my personal
Dave, how did you get started? Admit to the fact that you used a Bank for financeing to get started and then after you gained some wealth you were no longer dependent upon their services.
But he failed when he used a bank for financing. It was only on the second attempt when he didn't have any financing to get started that he actually gained any wealth.
So I think this is how it went down. Dave had borrowed money when he was young and he could not pay it back. Because of this he declared bankruptcy and so he saw how bad that was that he built his business around trying to get other people to be more accountable with their money. Basically, it was driven by anger and passion that allowed him to succeed into what is now Ramsey solutions. This is partly why some thin of him as a hypocrite. Think about it. Only pay with cash (once you go bankrupt, your credit is shot). Do not use a credit card (because you cannot get one if your credit score is shot). Manual underwrite a house. etc.
SoFi''s HYSA is top notch and app is geared towards a younger crowd..so what? This boomer advice of "always stick with a local credit union" just isnt true anymore for the majority of people. Customer service wise sure, it's nice to talk to a familiar voice but there's so many things my local credit union couldnt do for me that SoFi can do far easier and faster.
The Ramsey team tells us to put our money into a high yield saving account so that the money can grow until we need it, but what ones do you suggest? Sofi has one of the highest percentage yields and comes up with every google search. Loving the show/podcast, but this one left me wondering what to do.
They offer a service...like EVERY other bank. They try to entice potential customers with how "easy" they are to use. Are they any better, or worse, than any other bank? Probably not.
As soon as I saw Dave's attitude, I didn't even want to see the rest of the video. Came here for a review on Sofi's life insurance (this popped up in the YT search). Will go somewhere else. 😥
Sofi's interest rate on savings is ten time what my local credit union's is. I should go with me local credit union because they have a soul and I can talk to them in person? Nah...don't think so Dave.
No business is supposed to be your friend. nobody likes sofi because it’s our friend, we like it because they provide a good service. Dave obviously has something personal against sofi because he advocates for high yield savings but says sofi is bad for providing that while also marketing their other services like EVERY COMPANY EVER
I dont take out loans or credit cards. I have liked Sofi since I started a year ago. With my savings interest rate I earn $40 a month where as bank America I got pennies a month. They also have robo invest so someone starting out like me who has NO idea how to invest it is decent a start. I have one robo invest for just investing and one for retirement. Works for me so far.
SoFi is the best bank I’ve ever dealt with, didn’t Forbes just rank them top in the US from customer reports? Wonder where Dave’s banks rank. SoFi has only been a bank for 3 years and certainly isn’t mega yet, but they’re on the way because of being very customer centric. Dave talking about things he doesn’t know anything about again. Maybe if he researched SoFi he’d realize he’s wrong about them, but I’m afraid the days of Dave self reflecting and admitting he’s wrong about anything are far past.
I believe CEO Noto is a solid guy, who actually has a soul. He is a West Point graduate and honor and loyalty means something. That's why he didn't spend his whole life on Wall St and went to NFL and Twitter.
What about when SoFi refinances your student loan debt? It's not that you're taking out any new debt; they're just giving you a lower rate on your existing debt.
I refinanced student loans with SoFi. They were the only ones that would take on my level of stupid, stupid debt (almost $200k) and they don't do it to help me. Yes, I consolidated 8 loans into one and lowered my interest on average by 4%, but they earn approximately $800 in interest from me each month. The payoff term is 20 years!!! I was trapped; a young adult that was drowning with no financial literacy. I pay $400 extra each month to try and chip this away early. I've paid down about $50k in 3 years (not including $20k in federal loans which I paid off thankfully) but it still really hurts to be in bed with SoFi. If I miss payments they will not hesitate to go after the cosigner that they made me get, even with my 830 credit score. They took on a big risk with my profile and they demand reward. This is how banking works unfortunately but student loans/refinancing from any lendor are just incredibly predatory.
Dave, Sofi gives me 4.25 on the money I have in my account so it is a little better than the bank that gives you zero interest. Agreed? As well as being able to invest directly through the app.
ANY service or product provided by someone to you is DEBT! I went to a restaurant and they cooked me a meal. I was in debt to them because of the service they provided me.
I wonder why Dave doesnt like SoFi. If people believe and follow what he teaches, those carrots on a stick in the sofi app wont even matter to the average watcher. The apy on sofi is all that people use the bank for and i dont hear that mentioned here.
I agree. I received a marketing email on Valentine's Day telling me if I love my child I could show them by taking out a student loan for my child. Totally ridiculous. Do be careful.
So-Fi gets mentioned specifically in their documentary about student loan debt, according to their study they are apparently a big culprit. That makes some sense.
I agree that most of Dave's hatred comes from Sofi's relationship to student loan debt. However, since Noto has taken over it's a completely different company. (Yeah, it's a bank that makes money off of it's customers, what a novelty. )
You know Dave is an idiot when he says he doesn’t like SOFI because they “sell debt” Yeah no shit, that’s what every bank does. If you actually want your money to grow and not 8% over 15 years like those mutual funds Dave recommends, set you up a SOFI account.
“They are a bank and they sell debt”
You just described the entire banking industry.
Exactly.
Yep. My bank literally spells out where the money for my term deposit comes from = other clients' loan interest.
Right! Some of the crap he puts out. So don't have a bank, how does that work, Dave?
It's almost like that's the whole point Dave
And then he picks on SoFi and mega banks saying how they are evil then totally contradicts himself by saying go to the community banks or credit union coz "they treat you like a person". You do know they are all in the same business i.e. selling debt, right? And what the hell does "treating you like a person even means" that you get interest free loans? You don't have to return them money owed because you had an emergency? No, Dave. At least be consistent
I dumped $25k (I'm dead serious) into SoFi for the 4.60 APY. It kinda gamifies savings and i love it. The vault approach is especially awesome. I have a vault for taxes, one for emergency fund, and one for the next car I'm going to purchase. I'm Gen X. And this is my favorite banking experience ever.
It sounds like dave had an ax he was grinding for this topic right out of the gate lol
That’s fine, use their savings account. Just don’t give in to their ridiculous debt marketing.
@@tylersanders2388yeah towards the end it sounds like dave thought the caller was referring to debt interest and not interest paid to the acct holder from savings
My local credit union pays 5.2%
@@insideoutsideupsidedown2218 do you find that to be common? I’ve checked online and haven’t found any local credit union offering high interest savings
I refi’d my student loan debt with SOFI in 2015 out of FAFSA, saved me a 9% interest rate to 4.5%. Then refinanced again for free a year later and lowered my interest rate by 1% 6 months later. Paid off my Student loans a year or two later
I don’t really care if a business is my friend or not. I only care if they are providing me with a good or service that I deem worthy of my time &/or money.
Great point 👌🏾
Of course but they will bombard you with services you don't need to get you into debt.
Typical Dave Ramsey being an out of touch boomer.
@@irvinsantaname 3 services they have that contribute you to going into debt outside of their loans 🤔
Well Ramsey milk us too. When you subscribe to the every dollar budget, you receive a TON of emails to sell you: life insurance, car insurance, etc, etc, etc, etc. Smh!
Talk to any business and they will offer you a service. Right? And plus they are not wanting you to go into debt with them.
Wait what was the problem again?
And yet you can learn every baby step, debt tip for free. The show is free to listen to. Zero need to give Ramsey money to get the benefits of the baby steps.
Also, businesses offer services... whoopdeedoo. They all do. You'd offer services and take peoples money if you did.
@@random-nz7dy I think that’s the point the original comment was making lol. Dave is talking about SoFi trying to sell you something when of course duh. They are business they are going to offer to sell products. All banks do it.
@@JudeDude409 certainly but I think we can all agree that mega banks are in a different class lol
@@JohnKFredericks😅😅
I think this caller actually works in SoFi marketing because he just got a free ad on your show
Sofi Rep: 🗿😎🤑
If that's true he did not do a good job.
I'm glad someone finally asked. I don't understand how Dave can advocate for a high yield savings account and then talk bad about one of the higher yielding accounts. I've been using SoFi for a while and haven't accumulated any new debt.
It's early yet.
YOU haven’t. That’s why he said watch them because they use that as bait. Not everyone takes the bait but plenty of people do
I have online lending apps collapsing in my country, even those registered with government. Online debtors are irresponsible, they tend to be delinquent.
@@whosaidthat9265My credit union, the one I've been using for 20 years also offers me loans. Maybe they are the only credit union to do so? Maybe all banks do? Weird, huh.
I heard her suggest looking into online banks, haha. Maybe check out sofi, I heard they are on online bank (and not, in fact, a megabank).
The only thing I use Sofi for is their checking and savings account. I don’t see what the big deal is.
they’re bad because they try to sell you other services as well according to dave.
@@bibby3027Dave’s tone of voice always sounds sus 😂
They also offer expense tracking as well, that’s the main thing I use it for and I’m going to start using their vaults as well
@@bibby3027that’s the point of a business 😂
And yes Dave, I have taken SOFI personal loans. It was a full 6% lower than my ex-Credit Union.
Comparing SoFi to Bank of America is a new level of crazy
meh they're big banks in Dave's eyes, i guess.
conversely he suggests local credit unions.
personally I LOVE big banks but also have credit unions.
big banks render better services for me.
My checking account is with a big bank
my HYSA is with another big bank.
sadly my credit cards are with a big bank.
I did my mortgage with big bank (they sold it to another bank but ironically this current one is better)
I have yet to see terms and conditions of credit unions that I like. but since folks rant and rave over them so much, I keep those accounts open.
but I RATE SHOP.
who has the lowest rate for a loan, mortgage, or best benefit credit card?
who has the highest interest rate on CDs, ease of access for apps, higher rates on HYSAs, easier to open and transfer money across accounts, who has more locations across the city and country?
yeah, they can suck at times. yes, they did burn me at times, and yeah they did burn others in news in a horrid way.
but personally my pains came from being a poor college student and having a negative balance so I GOT BETTER at managing money rather than GETTING BITTER at chase for their overdraft fees.
i can make deposits by phone, deposit cash at any time from any ATM.
so yeah I have more positive things about big banks than negative things on big banks. again I rate hunt for the best bank.
loans are with sofi
checking is with chase
basic quick access is with chase
HYSA is with citi
credit cards with citi and chase.
Amazon credit card is the last and only credit card I use now. all the others served their purpose when I was DUMB in my 20s.
ive yet to see my 3 credit unions offer competitive services.
i cant name them since they kinda geo verify my life.
SoFi has a solid high yeild savings account
And one of the Ramsey guys uses it. They also mentioned Ally once in a while. I use Sofi too but only for the high interest savings... I needed another bank to house another 250k.. haha... 100k a year in interest now. :)
2:41... They pay a high interest rate. Sofi can have my money
@vicepresidentmikepence889 Seems it's only an issue if you take out loans from them. I just want to make sure I'm in a bank that will get bailed out, and offers solid interest
Yep! Just be responsible. You'll be okay.
Only if you open a checking account with them.
I did a re-fi and a purchase with SoFi and got the best rate possible and will use them again in the future. I have no issues with SoFi at all when it comes to home loans.
May be a great place to borrow. It is always better to not be in debt. When you were 18 with no debt, things were great. Then you borrow for a better lifestyle and spend the rest of your life trying to get back to zero.
Ramsey saying the banks are there to milk you while he tries to milk every working moment out of his employees. lol
Is that a fact, don’t he pay them?
Dave's just mad that he can't make any commission off of SoFi
Yeah, he loses sleep every night about it 👍
The recommend Laurel road people are furious on the reviews
What bank doesn't sell debt products?
Credit unions do as well 💀 lol he’s so out of touch
Does Dave not see we are joining the winning side by putting money in a high yeild account??
The "eww they are snakes they make so much money off YOU"
No not ME - it's the fools that overspent and are paying 28% interest. I'm basically proving the capital, and getting paid what I deserve for supply the capital.
SOFI is the one of the best high yield account ..
I got popular direct giving me a 5.1%
I put my $140k saving into SoFi, and turned off all the adds in my preferences. Its not that hard.
Don't you mean ads? As in advertisements?
@@motoryzen autocorrect FTW!
@@AnAZPatriot xD Indeed...
This is what I am wanting to do. They have a good interest rate
This is the first time Dave sounds like he was caught off guard.
Most of my local banks and credit unions have trash yields on savings and terrible rates on mortgages. I don't care that they are friendly.
Dave has made his millions because of people who use these “soul less” banks and leveraged debt. If SoFi wanted to advertise on Ramsey and pay millions, Dave will happily say yes.
He's laugh them out of the room.
So basically he said put your money in a local bank instead and get 0.001% interest. Boomer mindset at it's finest
You don't actually get any interest either way
@@amireallythatgrumpy6508wrong I got a 1200$ interest payment last month. WTF do you mean?
@@Hesh44 That is such an obvious lie.
@amireallythatgrumpy6508 maybe you don't but my emergency fund says otherwise and that interest I get I kick to my dividend portfolio to grow and make more residual income. So to each his own
@@chrisraskow2708 You and your emergency fund are both liars.
Little does he know i haven't take out any loans with them and am taking advantage of their high yield checking and savings and am utilizing the saving vaults feature, so they're actually paying me and helping me to level up my finances
This is what I was planning on doing. Just checking and savings. What is Dave’s problem with this place?!
SoFi is helpful if you use them correctly. Most people dont notice their tricks until its too late. Dave works mostly with people who are VERY BAD at noticing tricks so it makes sense he would tell people to avoid them.
Bank of America are actually bad, if you’re low on money don’t have a checking account or savings account. They will throw a fee on you for not having enough money ☠️ happened to my mom years ago
True, been with them long time, thats what they do
I bought me some TSLA and SOFI last month. Some Investors are preaching buy the dip, some are selling without a concern should I too? I am asking because after a pretty good run Q1. I am up to 247k from 180k at the beginning of the 2nd quarter thanks to the likes of PLTR and NVDA.
the mirage caused by inflation is beginning to affect the mind of investors, studies found that investors undervalue stocks in the presence of high inflation just buy the dip, DCA with caution, maybe see an advisoor
Yes, it can also be brought down to the fact that Investors will make the same error, in reverse, when inflation and interest rates start to come down. That’s why a foundation of a major buy signal should currently being built.
Do your research and always speak with an advisor before putting your money in these crazy markets. Look online or around you for experienced ones, I can’t let someone who hasn’t lived through at least one depression give me advice.
That’s right. I work with a plannner, fixed income strategist and stock market analyst, Monica Mary Strigle. She has been interviewed on a lot of business videos and has an aum of over 500m usd.
@FranciszekPawal hi what is the fee you are charged for the services offered, did you pay any upfront fees for consulting? Because I just set up a consult and I am not sure what to expect back, thanks for ur prompt response.
I don't think local banks have any more soul than any other bank.
The person on the other side of that table is NOT your friend, and they are ONLY looking out for themselves. That includes your neighbor!! Don't think because you live in the same community that they care about you.
I refinanced my $35,000.00 student loan debt with SoFi. My interest rate went from 12% to 3.25%. I paid off my loan last year and became debt free. Baby step 2 completed 🤷🏽♀️
Dave you charge $2300 for a "Ramsey financial coach" destination that means absolutely nothing.
Get off your high horse.
"They're an institution that has no soul and preys on people" oh so like damn near every other bank out there?
Just use them for the high yield savings and ignore being lured in by all the other stuff.
I actually agree with you on this one.
I understand what he’s saying, but like many others have said - just avoid the debt, this is just a choice. The HYSA is an excellent option - if you’re going to put money in a savings account, go with them. I have had zero problems! You won’t find a high yield savings account in a local bank likely.
So...he hates SoFi because they are a bank? Ok...I'll keep my high yield savings account.
I use SoFi now for early direct deposit and their high yield savings account is clutch
any good bank does this. my local credit union has the same rates with less fees
@@dontworry1568 what fees did SoFi charge you?
This is why you don't ask a realty guy about market equities. Ramsey doesn't know anything about sofi or where it's at in its growth cycle. Imagine buying jpm 20 years ago. It's obvious that sofi is bank that makes money of debt. It's about there size, there going from small to a giant. That's where the value is at. And by the way Anthony has said that they want to become a mega bank.
"Online banks are another great option". While talking crap about SOFI. 😂
Ha! I had to rewind to make sure I heard correctly. That comment made it clear to me that their arguments have no basis; clearly, they don't know who they are talking about.
@@ElPacifico78 right😂. Online banks are doing wonderfully with the interest on my savings right now. They are just talking.
I was reading comments while listening to the video and as I scrolled to your comment she said it as I began reading your comment 💀
I was getting ready to get a SoFi Checkings and Savings for their High Yield Savings. I’m unclear what Dave’s problem is with them. Can someone explain?
Dave : Yaknow
Rachel:ohmygosh
People watching 😂
Use sofi amex ect for high yield savings(im just picking a few at random because rates vary) and a credit union for day to day. Thinking the big banks are your friends will get you in debt,but refusing to use them for the appropriate thing because "Dave threw a boomer fit" is equally dumb because you are leaving tons of compond intrest on the table for your saving/emergency fund you arnt using normally
I LOVE Sofi’s HYSA. I have 50k saved up now just because of the 4.6% offer. Way better than my local bank that offers 0.010%. I’m in my late 20s btw. Hopefully able to afford a house one day.
Wealthfront is currently 5% and 5.25% for three months when you refer someone…
@@alfredomora5555 Part of it is who you trust. For instance, I did my research on Discover and Chase. I would not go with a higher High Yield Savings Account (HYSA) just because they have a % more Annual Percentage Yield (APY).
I have SoFi for the high yield savings. They do have credit cards and etc but even credit unions sell debt and have their own credit cards 😂
I guess Dave puts all his millions under his mattress and does not use a bank
Dave owns $600 million into income producing property he paid cash for. That's where he put his money.
@@beefcakes27 how did he wheel the cash around? With horse and cart? Or did he hire trucks to go give the cash money when he purchased the properties
@@bigshotadventur18 exactly, these ppl never use their brains 🧠 their so quick to defend dave ramsey 🙄🙄
@@beefcakes27 they're talking about a bank dork🙄 something that most normal ppl use😂
I love SoFi, but its definitely not my main bank. The interest rate is acceptable compared to my capital one and credit union.
I agree with him debt can be bad, but avoiding it completely is almost as irresponsible. You should 100% have a credit card, just pay it off every month so only spend what you can afford. Sure the credit card company makes a small % off of you, but that's all built into the price of the goods and services you already purchase. If you're paying cash, you're still paying the same price but now you're just not splitting the fees credit card companies charge vendors (in the form of points or cash back).
I can tell Dave didn’t download the app, Sofi’s product and services are way better most banks.
And he called them a megabank. And Rachel suggests looking into an online bank instead...
Local banks have miserable interest rates on savings, if you’re responsible SoFi is great. Cant blame the bank for people being foolish
So what does Dave recommend? Just don’t use banks?
I use 3 banks and have zero debt I'm not going to put it in a mattress
SoFi pays me to be a customer. With their rewards and they have a high interest with no fuss.
I don't understand. I use sofi for roth ira and a couple stocks. Like 50 bucks in each cuz im learning the app and investing at the same time. How will that give me debt? I dont use the bank part, just the things i said
Most Local credit unions won’t give you 4.60 APY, of all the online banks they are really easy to use, I don’t see Dave’s point, when all banks and credit unions try to sell you debt and make money off of you
Sofi high yield is good, but Wealthfront is 5% now 😋
How does Dave feel about savings interest? Is that immoral too? You are basically getting a part of the money that they collect from loan payments that used your money...
He never asked about utilizing debt.. we want to know if you agree with their high yield savings account and if you advise a better avenue to save money🤦♀️ definitely a missed opportunity
I use SoFi for the high savings yield. Dave needs a reality check 🤦🏻♂️🤦🏻♂️
Rachel is right SoFi has a beautiful stadium
Ramsey also have a stadium that they built 😂
@@cerdafiedDeveloper False.
It's like any kind of bank. You can have a saving and checking also.
Credit unions are the same. They are no difference.
Banks are owned by shareholders.
Credit unions are owned by members.
Member don’t get treated well
@@janelleg597 Does not matter. They are all run the same way.
@@Gumby6583you don't get treated well either 😂
@@nolanrizzo3812 😂😂
It's pretty simple, just take advantage of the bank and don't let them take advantage of you 😂
wait wait, so Daves business isnt there to produce voluntary revenue? His "advisors" arent milking? his funds he recommends also milk you the entire time.
Dave has this absurd saintly image of himself. He believes that his company is primarily about helping people and the fact that they make a ton of money is just some kind of accidental characteristic.
Dave is a HUGE grifter making a fortune selling numerous products to the financially illiterate. I dunno why he's acting all high and mighty.
@rabidgoon they don't make money selling you debt and telling you that living paycheck to paycheck is just the way it is.
@@insideoutsideupsidedown2218 I've seen no bank saying you should leave paycheck to paycheck. Only ignorant Americans that do so by which Dave gotten rich from
For an outlet that advocates Emergency funds, I don’t see how you talk down a 4.6% HYSA.
The credit union alternative almost certainly doesn’t offer that. At some point, you have to know who you’re dealing with and what you do and do not want. Accept the savings yield and unsubscribe from unwanted loan offers and move on with your life.
You still feel that way? After my 3rd rate drop email, I think it's not worth their temporary bump. Look at their history and I found out they have done this before.
Dave didn’t see the irony he’s milking ppl’s money too from his course.
So what is the lesson here? Don't do business with any company whose objective is to make money?
I'm 47yrs old. $73,000 biweekly and I'm retired, this channel have inspired me greatly in many ways!!!!❤❤
Awesome, Tell me about it!!!!🙏
@@MelodiRavoIt's Renee Marie Harrison doing she's changed my life. A BROKER- like her is what you need.
$500K monthly is something you should feel differently about.....
I know that woman (Renee Marie Harrison)
If you were born and raised in new York you'd know too, she's my family's Broker for 3yrs till now and a very good one if you asked me. No doubt she is the one that helped you get where you are!!!!
Can I reach her
Ally Bank was mentioned at 5:18 as "another great option" regarding online banking as an alternative. Isn't Ally Bank essentially the same thing as SoFi?
Yes but they are giving you 4.6% on your Investment... you can get a loan from anywhere but not everywhere gives you high interest CDs
Yeah I use SoFi. I only use the bank, the investment, the relay and that’s about it. As far as the credit card or the loans I don’t touch them. Having gone through a bankruptcy and getting it discharged, I don’t touch debt.
You really do sofi more than others. And sofi has way better interest rates than the big banks. I work for one of the largest banks in the word and I use sofi for my personal
Dave cracks me up. Reminds me of the summary of advice from all Dads out there to their kids, “Don’t do anything dumb.”
So putting your money in the bank is dumb?
Dave, how did you get started? Admit to the fact that you used a Bank for financeing to get started and then after you gained some wealth you were no longer dependent upon their services.
But he failed when he used a bank for financing. It was only on the second attempt when he didn't have any financing to get started that he actually gained any wealth.
So I think this is how it went down. Dave had borrowed money when he was young and he could not pay it back. Because of this he declared bankruptcy and so he saw how bad that was that he built his business around trying to get other people to be more accountable with their money. Basically, it was driven by anger and passion that allowed him to succeed into what is now Ramsey solutions. This is partly why some thin of him as a hypocrite.
Think about it. Only pay with cash (once you go bankrupt, your credit is shot). Do not use a credit card (because you cannot get one if your credit score is shot). Manual underwrite a house. etc.
This man sells the same crap, just in a different box.
There isn't a single bank nor lender that is your friend. None.
The only people who will give you a loan with low interest or no interest are you parents. Everyone else has an ulterior motive.
@@mohamedgoldstein5565 bingo
SoFi''s HYSA is top notch and app is geared towards a younger crowd..so what?
This boomer advice of "always stick with a local credit union" just isnt true anymore for the majority of people. Customer service wise sure, it's nice to talk to a familiar voice but there's so many things my local credit union couldnt do for me that SoFi can do far easier and faster.
Caller says- "I've been watching your videos for the past couple of weeks at work." Caller's boss hears this, says to caller- "YOU'RE FIRED!!"
The Ramsey team tells us to put our money into a high yield saving account so that the money can grow until we need it, but what ones do you suggest? Sofi has one of the highest percentage yields and comes up with every google search. Loving the show/podcast, but this one left me wondering what to do.
Do what's best for you, at the end of the day, its your money 💰 dave ramsey isn't God
They offer a service...like EVERY other bank. They try to entice potential customers with how "easy" they are to use. Are they any better, or worse, than any other bank? Probably not.
As soon as I saw Dave's attitude, I didn't even want to see the rest of the video. Came here for a review on Sofi's life insurance (this popped up in the YT search). Will go somewhere else. 😥
I refinanced my MOHELA student loan with SoFi. They overpaid the payoff by $2700 and I can’t get MOHELA to refund the overpayment. What a mess.
Sofi's interest rate on savings is ten time what my local credit union's is. I should go with me local credit union because they have a soul and I can talk to them in person? Nah...don't think so Dave.
After what happened to YOTTA, I pulled out from Wealth Front
I'm thinking about this myself, might just put it all into my capital one
Every bank & Credit Union wants your money & doesn't care that much about you.
Sofi is the official bank of the NBA so beat it Ramsey!
Only idiots care about basketball.
No business is supposed to be your friend. nobody likes sofi because it’s our friend, we like it because they provide a good service. Dave obviously has something personal against sofi because he advocates for high yield savings but says sofi is bad for providing that while also marketing their other services like EVERY COMPANY EVER
It sounds like their marketing gets under his skin.
I dont take out loans or credit cards. I have liked Sofi since I started a year ago. With my savings interest rate I earn $40 a month where as bank America I got pennies a month. They also have robo invest so someone starting out like me who has NO idea how to invest it is decent a start. I have one robo invest for just investing and one for retirement. Works for me so far.
SoFi is the best bank I’ve ever dealt with, didn’t Forbes just rank them top in the US from customer reports? Wonder where Dave’s banks rank. SoFi has only been a bank for 3 years and certainly isn’t mega yet, but they’re on the way because of being very customer centric. Dave talking about things he doesn’t know anything about again. Maybe if he researched SoFi he’d realize he’s wrong about them, but I’m afraid the days of Dave self reflecting and admitting he’s wrong about anything are far past.
I believe CEO Noto is a solid guy, who actually has a soul. He is a West Point graduate and honor and loyalty means something. That's why he didn't spend his whole life on Wall St and went to NFL and Twitter.
Once SoFi becomes a sponsor, Dave will do a 180.
That'll never happen.
What about when SoFi refinances your student loan debt? It's not that you're taking out any new debt; they're just giving you a lower rate on your existing debt.
Dave is a master at monetizing his entire platform and everything he recommends
I refinanced student loans with SoFi. They were the only ones that would take on my level of stupid, stupid debt (almost $200k) and they don't do it to help me. Yes, I consolidated 8 loans into one and lowered my interest on average by 4%, but they earn approximately $800 in interest from me each month. The payoff term is 20 years!!! I was trapped; a young adult that was drowning with no financial literacy. I pay $400 extra each month to try and chip this away early. I've paid down about $50k in 3 years (not including $20k in federal loans which I paid off thankfully) but it still really hurts to be in bed with SoFi. If I miss payments they will not hesitate to go after the cosigner that they made me get, even with my 830 credit score. They took on a big risk with my profile and they demand reward. This is how banking works unfortunately but student loans/refinancing from any lendor are just incredibly predatory.
What all does Ramsay sell EveryDollar insurance Realitor services am sure theirs more just a big corporation
Dave, Sofi gives me 4.25 on the money I have in my account so it is a little better than the bank that gives you zero interest. Agreed? As well as being able to invest directly through the app.
I definitely hear BOA from Dave, as well as Wells Fargo. Who's SOfi?
Sofi offers 10x the amount in HYSA that's who sofi is
ANY service or product provided by someone to you is DEBT! I went to a restaurant and they cooked me a meal. I was in debt to them because of the service they provided me.
Dave,
SOFI is best for your caller and you say do what’s best for you
But trash it?
You make absolutely no sense at all !!
Pretty nice video. The comment section should try watching it since 95% of the people commenting missed the point by a mile.
Why don't you explain what we missed
I wonder why Dave doesnt like SoFi. If people believe and follow what he teaches, those carrots on a stick in the sofi app wont even matter to the average watcher. The apy on sofi is all that people use the bank for and i dont hear that mentioned here.
There high yield account is solid
Marcus, Ally, Vio, and sofi are all great places to put your savings at the moment.
Just look at SoFi Stadium. Like they are different than the rest of the large banks.
I agree. I received a marketing email on Valentine's Day telling me if I love my child I could show them by taking out a student loan for my child. Totally ridiculous. Do be careful.
lol. The funniest thing I've heard in a long time.
How are their brokerage and savings accounts?
So-Fi gets mentioned specifically in their documentary about student loan debt, according to their study they are apparently a big culprit.
That makes some sense.
Yeah its like betting if they can afford to give 5 percent interest apy then theyre either financing very well or acquiring debt interest much higher
Yea I have sofi hysa at 4.6 but student loans at 4.86, I know a lot of people who are in similar spot
They offer lower rates and mostly refinance worse rate loans - therefore helping the consumer. Student debt isn't bad in and of itself.
I agree that most of Dave's hatred comes from Sofi's relationship to student loan debt. However, since Noto has taken over it's a completely different company. (Yeah, it's a bank that makes money off of it's customers, what a novelty. )
You know Dave is an idiot when he says he doesn’t like SOFI because they “sell debt”
Yeah no shit, that’s what every bank does. If you actually want your money to grow and not 8% over 15 years like those mutual funds Dave recommends, set you up a SOFI account.
Calling it the "millennial Bank of America" is crazy, too. They're SO much better than BoA.