Everyone loves knowing their money is going where it needs to with no waste, especially when trying to invest in the future. As he is one of the most popular figures in the field of investment advice nowadays, let’s look into what Dave Ramsey’s Investment Calculator is and what the alternatives are!
Who is Dave Ramsey?
Dave Ramsey is a financial adviser, public speaker, and investment planner who offers his services and advice to people looking to make the best possible decisions for their financial future. He has helped many people make informed financial decisions, figure out bankruptcy and how to overcome it, and get out of debt. Dave has also accrued a rather large following and organized an entire network of financial advisors willing to offer their services to anyone who needs them. Does that mean he is perfect? Well, not on every topic. His opinions on whole life insurance, for example, are onerous. He claims you cannot earn back that investment and dismisses it. When, in fact, it is a guaranteed return. However, he has, by and large, made an extremely positive impact on people’s lives with his financial advice and Christian discourse.
What is Dave Ramsey’s Investment Calculator?
The Investment Calculator that Dave Ramsey has published for public use on his website is deceptively simple. You only need to enter a couple of pieces of information, namely:
- Age
- Desired age of retirement
- Currently invested sum
- Planned monthly investments
- Planned annual returns
From there, you can start charting your course to a fruitful retirement when you will be able to make full use of your returns. Even a lot of guides on consumeropinion.org agree that Dave Ramsey’s Investment Calculator is a handy piece of software. However, does that mean you can get by only using it? To guarantee the best possible results, you need expert advice, which you can easily obtain through the website the calculator is on. The calculator is a fantastic way to keep track of your plans and successes and put the advice into action properly.
Alternatives to Dave Ramsey’s Investment Calculator
Still, even though Dave Ramsey’s Investment Calculator is impressive, it isn’t the end-all-be-all solution to planning investments. Other sites provide excellent investment calculators of their own. Below are some alternatives you might be interested in looking into.
Financial Mentor
Financial Mentor has a stunning array of calculators for you to use. An interest calculator, present value calculator, property investment calculator, and annuity calculator are some of the best and most valuable examples of what you can find on the site. No calculator on the site has the same scope and breadth as Dave Ramsey’s Investment Calculator. But, in return, they are highly specialized and allow you to better tailor every aspect of your investment plan to your needs. As such, you will go into your venture with a much more hashed-out plan than you otherwise might. This makes them well worth using to your full advantage!
Nerdwallet
Nerdwallet’s investment calculator is a more traditional calculator than our previous alternative. It follows the pattern Dave Ramsey’s Investment Calculator set in that you enter similar information. One slight difference is that you can change things a little and plan yearly rather than monthly investments. This, however, does not offer as much value as Financial Mentor’s differences. It is a solid alternative if you, for some reason, dislike using Dave Ramsey’s version.
Bankrate
Bankrate’s investment calculator, on the other hand, is a lot more exact and sophisticated. It has a lot more data entry to play around with, and its options include:
- Setting an investment goal
- Deciding on an investment plan
- Setting planned years to accumulate
- Amount of initial investment
- Planned rate of return on investment
- What your periodic contributions will be
- Setting contribution frequency
- Compound interest
- How frequently will you make deposits
Compared to Dave Ramsey’s Investment Calculator, this allows you much more freedom to play around and plan your investment strategy and guarantees more reliable prediction data. However, it has one downside: it is much more complex. While anyone can use Dave Ramsey’s investment calculator relatively quickly and with minimum fuss, using Bankrate’s version requires more knowledge and forethought, making it unfriendly for beginners.
Investor.gov
Finally, there is Investor.gov. This is an official government site made to help people plan their investments. It has more or less the same entry criteria as Dave Ramsey’s investment Calculator and Nerdwallet, which makes it easy to use once you’ve taken the time to learn more about proper financing and investment. If the thought of a government-sponsored investment calculator is what fills you with confidence and trust, then this is the best alternative for you.
Good advice to follow
You will still need some guidance or expert advice to guarantee the best results. If you dislike the thought of following Dave Ramsey’s recommendations alone, there are alternatives we can offer.
The Budget Mom
Kumiko Love, also known as The Budget Mom, provides advice particularly helpful to stay-at-home parents trying to make it on a single income while still providing their family with everything they need to grow and flourish. It also includes some fantastic advice for choosing a tax relief company if you want to find experts in this area to help you and much more.
You Need A Budget
You Need A Budget is an investment planning program run through the app by the same name. The app can track your spending and assess your current financial situation before committing to a significant investment. It also has some nice budget planning options. They are instrumental if you are a student looking to increase your income and control your spending to get through college.
Final comment
Now that you know what Dave Ramsey’s Investment Calculator is and what the alternatives are, you can choose the venue you like best for getting your investments on track. Just remember to always plan thoroughly and make sure your investments are never made on a whim!