quote:
Did a cash advance on credit card to help pay on first 30 year loan on my 165k home 10 years ago. Sold that home in early 08' made 140k.

Used 84k of that blood money to buy 425k house 30 year loan in 09' that I sold in 2011 for 475k. Made 60k

Used CC for multiple purchases of gold/silver in 08' up about 35k.

Made probably 3k in gift cards from Amex last 4 years

Bought last 3 vehicles at 0.9% while that 75l was earning 5% for years in high yield checking, now down to 2%

And you consider this to be a fairly common, typical use of consumer debt by the average American?

1 ...

Report Post

Posted by ItNeverRains

37069

Member since Oct 2007

25960 posts

Posted on 2/4/13 at 2:13 pm to Ace Midnight

quote:
And you consider this to be a fairly common, typical use of consumer debt by the average American?

Of course not. I have defended Ramsey in every post I have made with regards to that. Most people are idiots.

But again, where I have diverged is this "one size fits all" financial path. It's foolish for a majority of people living in Dave's backyard here. But he's infiltrated the churches, and steered people into a lifestyle that's not the best fit. Will they be poor if they follow? Of course not. Will they have less wealth? In many cases yes. And the average demographic here is not a DR caller lifestyle. So it's more of a scare tactic vs actual financial smarts.

In closing I'll say anyone making 90k or greater in their 20's working in the corporate sect of companies like Bridgestone, Tractor Supply, Nissan, etc... With no bipolar credit habits who wouldn't secure 30 years of 3.5% money for as long as possible with paying as little as possible upfront, especially given inflation with a capital "I" that's coming, is being given bad advice.

Furthermore, anyone who would pay more to secure this money from someone just because they are an ELP of Ramsey, has been brainwashed.

But I see it or hear about it constantly.

FYI at 14k Dow on Friday I retreated. I am 60.2% in cash in my IRA. This approach may not be the best for everyone.