I love this: "Ramsey and his team give good financial advice to people who are bad with money and bad advice to those who are already good with money."

Said differently, Ramsey offers mediocre advice, but sells it really well.

Those who are bad with money benefit from such mediocre advice because it's better than what they'd do unaided. Those who are good with money are far better off not degrading their performance by following lesser advice from Ramsey.

As for taking on risk when you borrow, that's true, but...

If I can pay off the debt in full, but choose to borrow because I'd rather not tie up capital that's invested and earns more than the interest rate I'm charged, there's no risk.

If I mitigate the risk and have contingency solutions, the risk is acceptable.

The reason Ramsey sees it as a risk to be avoided at all costs is his personal history - he was a multi-millionaire early on through real estate investing, but lost it all due to being unable to continue servicing all the debt he took on.

In his case, he didn't do a good job managing his risk, and paid a huge price. Of course, he then made lemonade out of those lemons by selling his (medicore) advice and financial understanding to millions of people who're bad with money...