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re: Dave Ramsey
Posted on 4/30/15 at 9:39 am to windshieldman
Posted on 4/30/15 at 9:39 am to windshieldman
quote:
Does your wife have an income? Maybe that guy's wife doesn't work and he qualifies for EIC also
At the time she didn't Circa 1990..Didn't have the kids either so
0
Posted on 4/30/15 at 7:16 pm to Ace Midnight
quote:
Consumer debt is wage/debt slavery - period - I was knee deep in it for over 20 years - paycheck-to-paycheck. I'm free of it and good riddance. I'm off that treadmill - 7 years until student loans and mortgage are gone (unless I get a HUGE promotion - :knockwood: - in which case I'll be debt free in 5 years, except for a mortgage on a new house).
If you want to read a very good book about Consumer Finance and the industry read Pound Foolish by Helaine Olen. Great read. She goes in depth about Ramsey, Suze Orman and a few others.
Posted on 4/30/15 at 8:01 pm to Martini
quote:
If you want to read a very good book about Consumer Finance and the industry read Pound Foolish by Helaine Olen. Great read. She goes in depth about Ramsey, Suze Orman and a few others.
While Olen has a lot to say about what is wrong with Ramsey, Orman, and almost any other entity involved in some way with personal finance, she offers little in the way of alternative solutions. She comes very close to saying the individual is a victim of financial circumstance and little can be done to change that, it is a book that I would expect someone like Elizabeth Warren to endorse.
Posted on 4/30/15 at 9:46 pm to EA6B
^
You must really be a Marine. No way you were just a taxicab driver for the guys that did the real work with an insightful (and revealing) post like that.
You must really be a Marine. No way you were just a taxicab driver for the guys that did the real work with an insightful (and revealing) post like that.
Posted on 5/3/15 at 3:25 pm to craig8sm
I have listened to Dave in the past and can't stand hearing the Jesus/Bible stuff every show.
As someone who has makes less than 30K a year for most of my life it's really hard to listen to his advice about doing a debt snow ball when I am brown bagging my lunch every day and driving a junker and there are people who are calling in talking about they make 150K and paid off debt by "not going out to the movies or restaurants for a year". I haven't stepped foot in a movie theater in 10 years and eating at IHOP once a week is a treat. I actually got turned off hearing people making 4 times my salary calling in and never really hearing from people like myself who were hovering over the poverty line.
As someone who has makes less than 30K a year for most of my life it's really hard to listen to his advice about doing a debt snow ball when I am brown bagging my lunch every day and driving a junker and there are people who are calling in talking about they make 150K and paid off debt by "not going out to the movies or restaurants for a year". I haven't stepped foot in a movie theater in 10 years and eating at IHOP once a week is a treat. I actually got turned off hearing people making 4 times my salary calling in and never really hearing from people like myself who were hovering over the poverty line.
Posted on 5/3/15 at 4:42 pm to cellblock776
quote:
I actually got turned off hearing people making 4 times my salary calling in and never really hearing from people like myself who were hovering over the poverty line.
dont ever ask a question on the OT Lounge....they all make over $100k easy
crazy that the richest folks post on the OT Lounge
Posted on 5/3/15 at 5:55 pm to HailToTheChiz
Just from what I know of Dave Ramsey (my lady friend's daughter swears by him), I think he offers some good, basic, fundamental advice for those who are (how can I put this nicely?) "in need". Apart from some of the marketing schemes he seems to be involved in, he offers those people a structured methodology that, if they follow it, will keep them out of any more trouble. I don't think his advice applies so well to those who are (or should be) more financially astute though.
I rate him above Suze "Girlfriend" Orman, but below Clark "Nothin' But the Facts" Howard.
I rate him above Suze "Girlfriend" Orman, but below Clark "Nothin' But the Facts" Howard.
Posted on 5/3/15 at 6:02 pm to craig8sm
I don't do everything he says exactly as he says it, but I did pay off our first home in 7 years and now we are sitting pretty because of it.
Posted on 5/3/15 at 7:26 pm to cellblock776
quote:
I have listened to Dave in the past and can't stand hearing the Jesus/Bible stuff every show. As someone who has makes less than 30K a year for most of my life it's really hard to listen to his advice about doing a debt snow ball when I am brown bagging my lunch every day and driving a junker and there are people who are calling in talking about they make 150K and paid off debt by "not going out to the movies or restaurants for a year". I haven't stepped foot in a movie theater in 10 years and eating at IHOP once a week is a treat. I actually got turned off hearing people making 4 times my salary calling in and never really hearing from people like myself who were hovering over the poverty line.
I have not listened to Dave Ramsey in a number of years, but when I did there were usually some callers with low incomes. He advice was usually to do something to make more money, you can only cut back and budget to a certain point.
Posted on 5/3/15 at 8:22 pm to CorkSoaker
quote:
I don't do everything he says exactly as he says it, but I did pay off our first home in 7 years and now we are sitting pretty because of it.
I see nothing at all wrong with that. But being an old Econ major, I always think about opportunity cost. What I mean is, if a bank will give me a certain sum of money to buy a house (or really, any needed asset), at an interest rate far below what my expected rate of return would be on a reasonably safe investment, should I pay the house off and return their money, by using my money, or keep their money and fund my investment with my money?
The answer may not be as simple as it seems, as circumstances and comfort level also play into it. There's no "one size fits all" answer, and Dave *may* play into that way of thinking just a little bit. But I'm not broadly criticizing him, because while you may not maximize your investment growth by paying off a mortgage with investable dollars, you're not going to be rolling into bankruptcy court because of it either.
Even though I have no use for Orman's schtick, whether it's Girlfriend or Ramsey or (my preferred choice) Clark Howard, the important thing is that the people who are taking the time to listen to them are probably more likely to get themselves out of financial trouble, or not get into financial trouble in the first place. And in a nation that's been overcome by financial ignorance and is being swallowed by debt (personal and national), I can't criticize any of them too harshly.
Posted on 5/3/15 at 8:52 pm to CorkSoaker
quote:
I don't do everything he says exactly as he says it, but I did pay off our first home in 7 years and now we are sitting pretty because of it.
Very similar, we followed it probably 85%, and we paid off a 30 year mortgage in 10 years, and have been debt free for 5 years since. I'm retiring at 55 years old, my wife is retiring in 18 days.
We didn't go all "rice and beans", but we would have paid off our debts 2 years earlier if we had, but we had a plan and we worked it. Dave Ramsey's advice is common sense for most people, if you follow it closely you should succeed.
Posted on 5/3/15 at 9:33 pm to kywildcatfanone
quote:
We didn't go all "rice and beans", but we would have paid off our debts 2 years earlier if we had, but we had a plan and we worked it. Dave Ramsey's advice is common sense for most people, if you follow it closely you should succeed.
It's what my wife and I are doing now. It's worked great so far. Almost $50k paid off in 15 months. This thread isn't as anti-Dave as many have been on here. I think generally what the MT'ers miss is that many of us don't really have any interest in acquiring the highest financial IQ, which they pursue with enthusiasm. My wife and I have terminal degrees and make very good money. We are great at what we do and will retire very comfortably because of it. However, we were awful with money. Stupid awful. It took the simplicity of Dave's approach to connect with us. Also, we've seen and felt our parents struggle and have swore not to repeat the mistakes that were imparted onto us. So yeah, Dave's plan is simple - that's why it's appealing. I understand that my nest-egg would likely be larger if I invested more time and energy into more-sophisticated investment strategies - however, I don't want to spend my time doing that. Neither do a lot of people.
Posted on 5/3/15 at 11:44 pm to PortlyDawg
I always loved Dave's response to those that were skeptical of his advise which was if you followed his advice and become debt free including the house, then decide you don't like it, you can be in debt again including a mortgage within a week.
Posted on 5/4/15 at 3:48 pm to cellblock776
quote:
someone who has makes less than 30K a year for most of my life
What do you do?
He would tell you to get a second job.
Posted on 5/4/15 at 3:51 pm to undrafted
quote:
He would tell you to get a second job.
See, that's a part of Ramsey's schtick I like. Almost everyone has the potential to hustle for some extra dough, if really necessary. Part time bartending, baking cakes, detailing cars, lawncare, babysitting, teaching kids a skill (piano, painting, soccer, whatever it is you know how to do)...heck, I know some old guys who are diehard garage salers who only buy jewelry. Turns out that plenty of 14K earrings, etc end up in garage sales. Buy enough 14K earring backs and you can pile up a tidy sum.
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