Dave Ramsey's Financial Peace - Page 4 - TigerDroppings.com

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kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
15758 posts

re: Dave Ramsey's Financial Peace


quote:

Dave Ramsey's Financial Peace
Anyone done it? I'm thinking of starting it soon. Opinions? Did it help you?



Yes. It's an excellent program. If you want to have good money habits, take it and follow it as closely as you can. There is a ton of great advice included besides the cost cutting of your lifestyle to save money. They discuss savings plans for kids, insurance, college savings, etc.
It's a wealth of information, and if you follow it well, you will begin to save a lot of money and cut out a lot of wasteful spending.






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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6127 posts
 Online 

re: Dave Ramsey's Financial Peace


quote:

I'm sorry that some people can't handle credit responsibly but that doesn't mean credit cards, or many other forms of debt for that matter, are an evil institution. Some Americans clearly have issues managing money and they have no one to blame but themselves.


Right. I do the same. But the idiots who call DR don't have personal responsibility to take advantage of the rewards from CC.

The only downside is I'd bet 50% or more of the people just on TD who are DR buy the book followers heard about DR through their church, and they live by his message even though they never had any of the tendencies his callers have.

For me, that's way too heavy of my money into personal real estate with historic 1% gains per year vs other investments with average 8-10% gains per year, especially at 3.5% interest rates. I'd rather take the difference in mortgage payment and play the swings in market over 30 years with 3.5% secured debt vs. the swings for 15 years with 2.8% secured debt, especially given the last 5 year run and the tax benefits of said secured debt.



There are so many other factors in his formula that make it too vanilla for me, but to each his own, I guess the dummies probably need it vanilla as possible




This post was edited on 2/16 at 7:30 am


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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120338 posts

re: Dave Ramsey's Financial Peace


quote:

Not to mention bonus rewards on certain cards, almost like free cash.


It really isn't that much money though

If you run up a card the interest payments from one or two months will wipe out any sort of cash rewards

If you pay it off in full and never pay any interest then it makes sense to use rewards cards. But that's not what most people do.






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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6127 posts
 Online 

re: Dave Ramsey's Financial Peace


quote:

It really isn't that much money though


For $110 dollars last year ($99 southwest, $11 in interest to Amex) I got two flights from Nashville to lajolla and $800 in visa gift cards. That's about a $1500 swing. That's significant for a guy like me.






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29586 posts

re: Dave Ramsey's Financial Peace


quote:

15 years with 2.8% secured debt,


Paying extra to get that 2.8% tax-deductible doesn't even make sense financially. After tax it's really just over 2%. Subtract inflation and it's clear paying early is a negative real ROI. That's why I got the 30 year instead.

Not very complicated, but still too much so for the vast majority of DR followers. DR presents a set of ideas that while far from perfect will at least keep the financially clueless out of trouble.






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