Dave Ramsey vs. SoFi

[Music] brought to you by the every dollar app start budgeting for free today uh so I'm a relatively new listener um but I've been watching your videos for the past couple of weeks now at work and I keep hearing you like take miniature like Jabs at Sofi and so as somebody who uses Sofi I was wondering if there is a reason you don't like the app and if you would uh recommend an alternative well sofa is a bank yeah I know you know that right sorry not app Bank okay they're they're a bank and they sell de they sell debt okay that's what they do they're they everything in the app is designed amongst all this cheesy acting like they care about you bull crap but they don't care about you they're trying to sell you debt they're basically you know uh Bank of America in a in a millennial clothing that's all they are I mean they're a bank they sell credit card debt they sell student loan debt they sell Mortgage Debt they sell home equity loan debt it's where they make all their money they're a bank they sell debt you know that right yeah I I was just wondering if uh there was something more to it because like from what I've listened to in your videos it seems like basically every Bank does that so I was wondering if there was a reason why you usually call out Sofi specifically I I call out Bank of America Fifth Third Bank and Chase pretty regularly too right cuz they're large Mega banks that don't have a soul and don't care a dad blame thing about their customer they're there to milk you that's their whole job the only difference in Sofi and those other guys is those other guys just tell you we're here to screw you and Sofi puts it all in all this little sweet Millennial nurturing clothing and it's just a bunch of crap it's so hypocritical it's unbelievable and they have a great Arena they they and they have an arena always make fun of that I just go so right that's when you hear me picking on them right but but I mean it it's it's just it's just the big your friend so if there was an alternative Kenneth it is more the credit union your local bank a state you know wide Bank a Regional Bank going more localized with your banking is is a better way you're going to talk to too but they have most of the local Community Banks and Credit Unions have at least a bit of if not a really good soul and they actually will treat you like a human being in the process if you have to go and sit down with somebody these guys you know they serve the stockholder these Mega Banks they got one thing they need one thing from you your money that's it that's all they want and so um and it's just it is kind of you know when you watch their ads it's like oh come on really I mean but I guess people believe it they're good I mean they I mean their marketing is makes it makes you sound like that they actually care you know it's a hoot um but they don't I mean I promise you I'm not mad at them I mean just they just is who they is they're just another Mega bank that's all they are they're out of San Francisco which is where Bank of America was born and the Visa card which was when it was born was called the bank americard was the birth of Visa that's the DNA of Visa it comes out of that same place it's the same problem so yeah no it's not it's not I don't but I don't hate sofa more than Bank of America our whole thing here Kenneth is we want what's good for you we want somebody to you know and so when somebody is you know not taking care of the consumer then there's a good chance like time share people or something that I'm going to say something negative about for sure well and and I think there's a point there too just to realize and be on guard Kenneth of how great we mentioned like their marketing is like their commercials and stuff you're like oh my gosh and if they're that good on that side they're going to be that much better on all their online products you're going to be in it and you may not even realize oh my gosh I'm getting you know this here this here this here and there and the ultimate yeah product is debt because they're making interest on you I mean all of it how most banks are making all their money and so they're just really good at it so yeah like they spend billions and billions of dollars trying to get your money yep it's their thing man I mean and so and Wells Fargo I mean that's the other one we can drop in there the level of fraud that company's gone through is unbelievable so I mean but it's you know what you're looking for is uh a bank that their whole existence is not built on trying to milk you like yesterday's cow I mean that's really what you've got to get your head around and uh so yeah I do business with a bank or two or three but none of but but um you know when I think and and none of them loan me money because I don't borrow money you know so it's not an option but the the you know just be careful when you're playing with snakes cuz they bite that's the whole point yeah and I think too a question we're getting a lot is whether yeah where to where to hold my my checking right and we talked about that but then a lot of questions about High Yield savings account that's like one of the biggest right now because the interest rates are so great so even online banks are another great option fine with an online bank but again Watch what you're doing I mean like okay cuz are they using the high yii savings account as the loss leader to get you in there so they can milk you with credit cards and home equity loans and are they going to just completely Hammer you over and over and over and over and over again because that is the business that they're in the margins in that stuff is it's incredible yeah it's incredible the amount of money Banks make and so um you just have to watch what's going on with that and so yeah anybody that's going to take advant you know that that's not doing a a stellar job for the consumer especially in a financial Arena yeah I'm going to call them out by name and I have for 35 years so I don't know that I'm but I I I don't recall being harder on Sofi than I was those other Banks but other than I sneeze and say Sofi because I think it's funny but other than that I don't you know it's not I hear Bank of America more from you than so far I can't stand them I know they're just awful just why would anybody do business with those people create your free every dooll budget today the simplest way to budget for your life

Channel: The Ramsey Show Highlights

Views: 76,359

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball

Id: UQqbBSJV8RA

Length: 6min 31sec (391 seconds)

Published: Mon Apr 22 2024