I think that Dave Ramsey's advice is sound and I'll tell you why...

He's catering most of his advice to people who have totally screwed up their finances and need financial rehab. Much like an alcoholic or a drug addict needs to get sober and stay that way. Most people that come to him for advice, don't have a clue and need financial triage. Consequently his plan is austere for that reason.

The ONLY debt that I believe in is carrying debt on an appreciating asset. The only car Mrs. Irish and I have bought new since we got married was he Mazda CX5 and she got less than 1% financing rate on it. And that was only because we felt that she needing something with a warranty on it at the time. She owes $6k on it. It will probably be the last new vehicle we ever buy.

We got married in 2006 and she was upside down in her townhouse, loaded with credit card debt, I had credit card debt, both of us were struggling as single parents with 4 kids between us and we had nothing in savings. We have managed to pull ourselves out of all of that by living within our means and making smart financial decisions. Now the only debt we have (other than her car) is the home mortgage, but we have about $100k equity in it and are going to sell next year and pull all of that equity out and put it into investments. (Probably some investment property.) We will rent an apartment in Vestavia to be closer to work when we are not at the cabin.

We own outright:
10 acres on Lookout Mountain and mountain cabin outright with no mortgage. (Our retirement home.)
Beach property for a future build
2001 Ford Ranger 4x4
2014 Jeep Patriot 4x4
2007 Mazda MX5 PRHT

We both put away 20% of our paychecks into our 401k plans. The next raise I get I will be maxing it out. Every time I have gotten a raise I have basically just given my 401k that raise. Together we have amassed over $400k in our 401k plans since 2006 by doing this.

The thing is, we haven't really sacrificed by doing this, we've just vacationed smart and seldom eat out and blow money on things that don't last. We take lots of vacations, but we stay pretty cheap, we bring food or buy groceries and cook ourselves. If we go out it's usually for lunch or breakfast when restaurant meals are cheaper, we bring our own booze and don't drink in bars generally. I get a lot of free car rentals and stays at Hilton properties due to my points from travel at work.

I do have a credit card that I use for virtually everything, but I pay it off every month.