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re: Dave Ramsey Story
Posted on 5/31/14 at 10:20 am to Ace Midnight
Posted on 5/31/14 at 10:20 am to Ace Midnight
quote:
"Pay as you go" - just doesn't seem like a revoluationary, "cult-like" philosophy.
I didn't claim it was a cult... I just think its blatantly obvious and common sense.
But that philosophy is also very short sighted when I can finance something at 0-2% and put that cash immediately into an investment fund where I can make money.
frick, I could pay off my car right now, but that $$$ is earning 6-8% in my fund as opposed to the 1.99% interest I am being charged by Capital One.
2
Posted on 5/31/14 at 10:25 am to Lsut81
quote:
But that philosophy is also very short sighted when I can finance something at 0-2% and put that cash immediately into an investment fund where I can make money.
frick, I could pay off my car right now, but that $$$ is earning 6-8% in my fund as opposed to the 1.99% interest I am being charged by Capital One.
People with that level of discipline don't need the advice in the first place - even Dave indicates it is not for everyone - but it will do 90% of Americans better than the "buy today, pay off at some indeterminate point in the future" - in other words, debt slavery.
Posted on 5/31/14 at 10:28 am to Ace Midnight
quote:
but it will do 90% of Americans better than the "buy today, pay off at some indeterminate point in the future" - in other words, debt slavery.
My original post
quote:
Agree... I've never really understood his draw. But hey, I guess if he can teach some people some responsibility, it helps us all out in the grander scheme of things
Posted on 5/31/14 at 10:57 am to Paul Allen
quote:
He's a wee bit condescending to some callers IMO. Little off putting
That's the sizzle of his schtick. If he were like Fred Rogers (Mr. Rogers' Neighborhood) he never would have got any traction. I don't care for his delivery method either but I'm a fiscal conservative so I agree with 90+% of what he says with regard to economics.
As to the allegations in the article, everyone who applies for and goes to work there now knows that it's "different" there. Ramsey didn't wake up one day last year and become eccentric. He's always been that way. As long as it's not illegal, that's his right as CEO.
Posted on 5/31/14 at 12:16 pm to soccerfüt
quote:
That's the sizzle of his schtick. If he were like Fred Rogers (Mr. Rogers' Neighborhood) he never would have got any traction. I don't care for his delivery method either but I'm a fiscal conservative so I agree with 90+% of what he says with regard to economics.
As to the allegations in the article, everyone who applies for and goes to work there now knows that it's "different" there. Ramsey didn't wake up one day last year and become eccentric. He's always been that way. As long as it's not illegal, that's his right as CEO.
I agree with this. It did surprise me that he wastes his time trying to find folks posting negatives on twitter about him. Why bother? Seems a huge waste of time, and to have staff meetings about it seems childish to me.
Posted on 5/31/14 at 12:39 pm to bobaftt1212
ramsey is a good guy and I like his story but hes way too extreme.
he tells people to never eat out or stupid shite like that
he tells people to never eat out or stupid shite like that
Posted on 5/31/14 at 12:54 pm to dallastiger55
quote:
ramsey is a good guy and I like his story but hes way too extreme.
he tells people to never eat out or stupid shite like that
Exactly. I don't think a $50 meal on a random Friday night would set you back. Of course, not every weekend, but once every other month is fine.
Posted on 5/31/14 at 1:02 pm to Sigma
quote:
Where is the hypocrisy
I'm not willing to go too far down this rabbit hole, but the easy obvious one that can be proven by simple trial and error is the majority of his ELP's provide the worst customer service at the most expensive price. It's a running joke here in middle TN.
Posted on 5/31/14 at 2:19 pm to Paul Allen
quote:
Exactly. I don't think a $50 meal on a random Friday night would set you back. Of course, not every weekend, but once every other month is fine.
If the person is financially solvent, $50 every weekend is fine.
His advice is for people who are drowning. You can spend the $50 every day if you want to - if you're making it, paying for everything AND BUDGET.
Budgeting is the single most important financial decision ANY organization has to make - from a high school student, all the way to Uncle Sam, Microsoft, etc.
The problem isn't the $50 meal on random Friday night - the problem is the the person spending the money doesn't have the $50 to spend in the first place, or even worse, doesn't know he/she doesn't have the $50.
"Pay as you go" doesn't mean never buy anything. He talks about expenses and trade-offs all the time. People want to borrow money to buy a car - they have a car - they say they can't afford to save up for one/buy one with cash, so he asks, "Well how can you afford to pay the note, then?"
They're up to their eyeballs in debt and want to "consolidate" - which is borrow more money, churning and burning for the credit industry, but terrible for the individual.
There is nothing wrong with telling people they ought to live within their means - EVERYONE SHOULD BE TOLD THAT/REMINDED OF THAT.
Posted on 6/1/14 at 6:03 am to Ace Midnight
I just hope Dave Ramsey is not monitoring this web site. I don't want to be reported to the FBI.
Posted on 6/1/14 at 10:07 am to matthew25
He does a lot of good but I buy every word of that story. If you ever listen to his show, you know it's his way or the highway and any opinion he has, however misguided, is conveniently supported by the bible. He literally thinks he's god gift to the financially ignorant and stupid.
Posted on 6/1/14 at 10:31 am to Lsut81
quote:
But that philosophy is also very short sighted when I can finance something at 0-2% and put that cash immediately into an investment fund where I can make money.
I needed about 5000$ in student loans for a year and they told me I could get 7500 for 3.8%. I have earned roughly 7-8% on that extra 2500$ on average.
Dave Ramsey is financial advice for financial idiots. It definitely has a place, but if you are trying to get ahead and not just be "solvent" it will hold you back.
Posted on 6/1/14 at 11:43 am to ItNeverRains
quote:
I'm not willing to go too far down this rabbit hole, but the easy obvious one that can be proven by simple trial and error is the majority of his ELP's provide the worst customer service at the most expensive price. It's a running joke here in middle TN.
Yeah, it is amazing how much money the guy has made off of selling common sense. For years he overstated market and mutual fund returns, then he enlisted his own cadre of advisors selling higher cost funds. I don't get the love for the guy, how hard is a little self restraint in financial decisions?? Then people always want to blame someone else for their poor decisions when they choose to not manage their own consumption expenditures.
Posted on 6/1/14 at 1:59 pm to anc
I once saw a Ramsey story in which he was encouraging people to pay down no interest, dealer/manufacturer incentivized loans, ahead of schedule.
Posted on 6/1/14 at 5:01 pm to goldennugget
quote:
Sounds like a bunch of bitter ex employees to me
How?
You complain while working there, but when you leave with the same complaints its just "bitter ex employees?"
In any case, the article details actions against and involving current (at the time) employees
This post was edited on 6/1/14 at 5:04 pm
Posted on 6/1/14 at 7:31 pm to tirebiter
quote:
how hard is a little self restraint in financial decisions??
Look at the vast majority of people in this country, and the people making the decisions on how to spend our tax dollars and borrow what they don't take in.
I'm guessing 300 million people need his advice honestly.
Posted on 6/1/14 at 7:41 pm to The Third Leg
quote:
I once saw a Ramsey story in which he was encouraging people to pay down no interest, dealer/manufacturer incentivized loans, ahead of schedule.
That's because most of his audience doesn't have the slightest idea how to use cash properly or have any self-control to invest it. People like that should try to rid themselves of as much cash as possible as quickly as possible and instead acquire assets that are hard to convert back to cash. Like real estate, equipment, etc.
That's the real problem for many in his audience - debt isn't their problem, it's the inability to productively use cash when they do have it.
Posted on 6/1/14 at 8:20 pm to The Third Leg
quote:
I once saw a Ramsey story in which he was encouraging people to pay down no interest, dealer/manufacturer incentivized loans, ahead of schedule
If you would use that money to otherwise invest it, it is stupid as shite to pay down.
If you use that interest free financing to spend it on a lifestyle upgrade due to perceived increase in money, his advice is sound.
For people who visit the money board, Dave Ramsey is completely useless. For people who think an investment is buying beanie babies, he probably is good to listen to
This post was edited on 6/1/14 at 8:22 pm
Posted on 6/1/14 at 9:12 pm to The Third Leg
quote:
I once saw a Ramsey story in which he was encouraging people to pay down no interest, dealer/manufacturer incentivized loans, ahead of schedule
Ramsey found the motivational boost s person gets from getting rid of a payment trumps the small amount of money to be saved by playing around with interest rates. His advice of paying off the smallest debt first regardless of interest rate is based on what he has found to be most successful for the average person, not what is taught in finance class.
This post was edited on 6/1/14 at 9:13 pm
Posted on 6/2/14 at 11:53 am to EA6B
Dave Ramsey's advice works for those who have budgeting problems. I can't stand his christian schtick and actually disagree with several things he says, but I tell ppl to read/listen to his shite.
It works if you are a financial moron, which most of america is. Its just common sense, but he packaged up and sold it. props to him for being innovative in how to package and sell advice.
It works if you are a financial moron, which most of america is. Its just common sense, but he packaged up and sold it. props to him for being innovative in how to package and sell advice.
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