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re: Can Someone Explain Dave Ramsey's 0 Credit Score
Posted on 9/14/20 at 4:01 pm to jfw3535
Posted on 9/14/20 at 4:01 pm to jfw3535
Auto pay and I have plenty of cash, so mine is not going into a .7% savings account. Again, I'm just pointing out the zero risk scenario. I'm keeping that money in an index fund and turning it into $8-9k.
Ok. Then why call me out in the first place?
It's all money to me and I don't care how I accumulate it. If I can make money from something that's going to cost me nothing, I'm going to capitalize on it.
quote:
you do you, I'll do me
Ok. Then why call me out in the first place?
It's all money to me and I don't care how I accumulate it. If I can make money from something that's going to cost me nothing, I'm going to capitalize on it.
This post was edited on 9/14/20 at 4:58 pm
0
Posted on 9/14/20 at 4:34 pm to TDsngumbo
(no message)
This post was edited on 12/27/20 at 2:49 pm
Posted on 9/14/20 at 4:56 pm to TheWalkoff
I dont hate Dave cause I do think he has helped a lot of people get out of debt and I know his target audience lacks self control.
Im a tight wad anyways.
Im a tight wad anyways.
Posted on 9/14/20 at 6:27 pm to greenwave
Look, it’s not an one-size-fits all approach.
It’s not good advice for the financially savvy or prudent, but for the “disaster cases” (go stroll around your local Wal Mart or DMV, they are a dime a dozen), it’s sound advice.
It’s not good advice for the financially savvy or prudent, but for the “disaster cases” (go stroll around your local Wal Mart or DMV, they are a dime a dozen), it’s sound advice.
This post was edited on 9/14/20 at 6:28 pm
Posted on 9/14/20 at 7:32 pm to Weagle25
It can be zero.
Posted on 9/14/20 at 9:36 pm to deeprig9
quote:
When a criminal steals your debit card number and wipes it out, they have virtually robbed the bank and took your money out of the vault, it's gone.
When a criminal steals your credit card and runs it up, they only person who has actually lost money is the merchant, not you.
Bank laws.
Yes, some banks are nice enough to extend those protections to your debit card, but they aren't required to.
Most debit cards have a limit on them. Mine does up to $1000 a day.
Posted on 9/15/20 at 10:04 am to pioneerbasketball
quote:Screw that
and you’re paying cash for everything
Posted on 9/15/20 at 3:50 pm to TDsngumbo
quote:
Dave Ramsey is full of shite when he says not to have a mortgage on your home.
He doesn't ever say that. He simply says your mortgage monthly payment should not be more than 25% of your take-home pay. Seems pretty reasonable to me.
quote:
My family consists of some extremely wealthy people (no shite, probably one of the wealthiest people in the state of Louisiana)
quote:
And they go through hell every time they apply to renew the HELOC's
Why would someone this wealthy need a HELOC?
Posted on 9/15/20 at 6:01 pm to pioneerbasketball
Absolutely terrible advice for the common person.
I pay absolutely everything possible I can with my credit card.
1) I control exactly what comes out of my bank account when
2) Always pay it in full and don’t pay interest
3) builds a credit history
I’ve some heard some decent advice here and there from him, but would never follow everything he says blindly.
I pay absolutely everything possible I can with my credit card.
1) I control exactly what comes out of my bank account when
2) Always pay it in full and don’t pay interest
3) builds a credit history
I’ve some heard some decent advice here and there from him, but would never follow everything he says blindly.
Posted on 9/15/20 at 7:49 pm to Brettesaurus Rex
quote:
Always pay it in full and don’t pay interest
You are the exception in America, Ramsey’s advice s for the other 98% of Americans, previous posters graph of f consumer debt vs savings tells it all.
Posted on 9/15/20 at 7:54 pm to REB BEER
quote:
Why would someone this wealthy need a HELOC?
It is a practice called “equity stripping” and is used to protect assets of those that have net worth high enough to make them more at risk for lawsuits in the event of some mishap.
Posted on 9/15/20 at 11:10 pm to pioneerbasketball
Credit is like any other task in adult life.... A necessary evil. There’s nothing wrong with using credit responsibly.
Dave and his minions are a borderline cult.
Dave and his minions are a borderline cult.
Posted on 9/16/20 at 9:09 am to EA6B
quote:
It is a practice called “equity stripping” and is used to protect assets of those that have net worth high enough to make them more at risk for lawsuits in the event of some mishap.
Makes sense. Guess I'll never be wealthy enough to worry about it.
Posted on 9/16/20 at 11:15 am to jcaz
My wife and I signed up for a financial wellness class through our church. Turns out its a Ramsey class. Did I unknowingly join a cult? I feel like we could benefit from it by saving more of our play/misc money (really Im hoping my wife sees this as I am a cheapass)
We only have a mortgage and 1 car payment. usually dont carry a balance on the CC. Save(invest/401k) about 18% of our money
I feel like we could benefit from it by saving more of our play/misc money (really Im hoping my wife sees this as I am a cheapass) We only have a mortgage and 1 car payment. usually dont carry a balance on the CC. Save(invest/401k) about 18% of our money
Posted on 9/16/20 at 11:27 am to TDsngumbo
quote:
And they go through hell every time they apply to renew the HELOC's because they have zero credit and have to submit shitloads of statements in order to be approved each time
Sorry my man. But I have to call BS here.
How could they have zero credit if they have HELOCs on all their properties??? They may have low scores from being over leveraged, but they definitely “have credit”.
As well, I’ve heard people tout this (so called) asset protection strategy for years. It’s asinine, unnecessary and needlessly expensive. There are much better ways to accomplish the stated goal of asset protection - especially when it comes to real property. Whatever bad advice Dave Ramsey might offer, it doesn’t begin to touch this malarkey.
Posted on 9/16/20 at 11:58 am to REB BEER
quote:
He doesn't ever say that. He simply says your mortgage monthly payment should not be more than 25% of your take-home pay. Seems pretty reasonable to me.
Your numbers are correct, but he also says you should eventually pay off your mortgage and never have one again. He has that whole "we're debt free!" schtick on every single episode. You must not listen to DR much because he talks about paying off the home mortgage kind of a lot.
Posted on 9/16/20 at 2:05 pm to FinleyStreet
quote:
he talks about paying off the home mortgage kind of a lot.
You're right about that. But I was saying that he doesn't expect everyone to buy their first house cash. And most of the time, the debt free scream people still have a mortgage, they've just paid off student loans and consumer debt.
On an unrelated note, I never realized how bad the student loan crisis is until I started listening. It's insane how many people owe $100k in student loans and make like $40k/year.
Posted on 9/16/20 at 2:28 pm to pioneerbasketball
There seem to be 2 prevailing schools of thought on this board. Max leverage all the time, and moderate leverage. I'm neither.
Someone who is 100% disciplined can provide math that shows their maximizing credit makes them modest money over paying cash.
But my biggest takeaway from DR is that personal finance is more behavior than it is math. More often than not individuals who tout their 0% or low interest loans fail to invest as they claim and merely freely spend elsewhere.
There is absolutely something to be said for not owing anyone anything. DR is right, the grass feels different. Particularly in retirement, I don't know anyone who looks forward to the peace of mind that a large mortgage provides for them to invest.....
Someone who is 100% disciplined can provide math that shows their maximizing credit makes them modest money over paying cash.
But my biggest takeaway from DR is that personal finance is more behavior than it is math. More often than not individuals who tout their 0% or low interest loans fail to invest as they claim and merely freely spend elsewhere.
There is absolutely something to be said for not owing anyone anything. DR is right, the grass feels different. Particularly in retirement, I don't know anyone who looks forward to the peace of mind that a large mortgage provides for them to invest.....
Posted on 9/16/20 at 2:57 pm to dragginass
Very well put. 
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