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Started By
Message
re: Dave Ramsey?
Posted on 2/19/09 at 8:03 am to Will Cover
Posted on 2/19/09 at 8:03 am to Will Cover
I completely agree in living debt free, but Dave Ramsey is a little too overboard with it.
For example, he pretty much believes you should rent until you can afford to buy your house in cash.
I mean cars I can understand. If you pay the same "car note" into an account monthly, after 3 years you should have enough to go buy a car in cash. Most people don't see this though. Just drive your first car 3 years longer.
For example, he pretty much believes you should rent until you can afford to buy your house in cash.
I mean cars I can understand. If you pay the same "car note" into an account monthly, after 3 years you should have enough to go buy a car in cash. Most people don't see this though. Just drive your first car 3 years longer.
2
Posted on 2/19/09 at 8:41 am to LSU1018
quote:No, I don't think he advocates paying cash for a home. Very few could do that. He suggests being debt free and putting down a sizeable downpayment before buying a home.
For example, he pretty much believes you should rent until you can afford to buy your house in cash
Posted on 2/19/09 at 8:51 am to jmtigerfan
quote:
No, I don't think he advocates paying cash for a home. Very few could do that. He suggests being debt free and putting down a sizeable downpayment before buying a home.
exactly....and getting a 15 year mortgage.
Posted on 2/19/09 at 8:55 am to BlackHelicopterPilot
quote:Yep, and not getting a mortgage that is 95% of your monthly take home pay!
exactly....and getting a 15 year mortgage.
Posted on 2/19/09 at 9:03 am to BlackHelicopterPilot
quote:
and getting a 15 year mortgage.
Specifically, he says your monthly house note on a 15 year mortgage shouldn't be more than 25% of your take home income. If everyone would have lived by this one principle, we wouldn't have the mortgage mess we have today, IMO.
Posted on 2/19/09 at 9:11 am to bzss7x
quote:No shite! We also would'nt have record bankruptcies, record debt, and lowest level of savings in history.
If everyone would have lived by this one principle, we wouldn't have the mortgage mess we have today, IMO.
Posted on 2/19/09 at 10:57 am to jmtigerfan
quote:
No shite! We also would'nt have record bankruptcies, record debt, and lowest level of savings in history.
That's so 2008. The 2009 talking point is that our savings rate is suddenly too high.
Posted on 2/19/09 at 1:23 pm to Cold Cous Cous
quote:
That's so 2008. The 2009 talking point is that our savings rate is suddenly too high.
Spending your way to financial success, I like it.
Posted on 2/19/09 at 1:28 pm to Slinger16
quote:How exactly does this work? Sign me up!
Spending your way to financial success, I like it
This post was edited on 2/19/09 at 1:29 pm
Posted on 2/19/09 at 1:41 pm to jmtigerfan
Ask Congress. 
Posted on 2/19/09 at 3:13 pm to LSU1018
quote:
For example, he pretty much believes you should rent until you can afford to buy your house in cash.
wrong
Posted on 2/19/09 at 8:15 pm to Cash
he preys on the "nascar" crowd, uneducated folks who need guidance......he will tell you to pay the lowest debt you have first irregardless of interest rate....which is moronic to disregard "cost of capital"
Posted on 2/19/09 at 8:28 pm to atllsu
quote:He says to do this so you can actually see some progress (i.e. one less bill to pay) and to keep you motivated, then apply those payments to the next debt. You can't deny that he has good ideas and has helped many people out of debt.
he will tell you to pay the lowest debt you have first irregardless of interest rate.
This post was edited on 2/19/09 at 8:30 pm
Posted on 2/19/09 at 8:40 pm to atllsu
quote:
irregardless
Not a word. Sorry, someone had to do it.
Posted on 2/19/09 at 8:49 pm to atllsu
quote:
he will tell you to pay the lowest debt you have first irregardless of interest rate....which is moronic to disregard "cost of capital"
It's all about getting quick wins.
Posted on 2/19/09 at 8:50 pm to Will Cover
quote:
It's all about getting quick wins.
How high on the debt snow ball were Kool Aid and Ott?
Posted on 2/19/09 at 8:50 pm to atllsu
quote:
he preys on the "nascar" crowd, uneducated folks who need guidance
That is a pretty generalized statement if I have ever seen one.
I'm not Nascar and I'm not uneducated, but I listen to him and have even attended his 13 week FPU study course.
Posted on 2/19/09 at 9:06 pm to Will Cover
My wife and I had racked some serious debt. Someone gave us his book in late December and we have not used the cards since. Wow what an accomplishment. 
All this while having my second child in mid-January.
We saved 1000 for our emergency fund, paid off a few thousand on credit cards and cut out all the excess crap in our lives. Oh and came up with another grand that is due the IRS in April. It can be done if you are willing to put the cards in the garbage and get serious with your debt.
All this while having my second child in mid-January.
We saved 1000 for our emergency fund, paid off a few thousand on credit cards and cut out all the excess crap in our lives. Oh and came up with another grand that is due the IRS in April. It can be done if you are willing to put the cards in the garbage and get serious with your debt.
Posted on 2/19/09 at 9:16 pm to PJMLSU
Good for you. Stick with the plan, it works.
Posted on 2/19/09 at 9:18 pm to Cash
quote:
How high on the debt snow ball were Kool Aid and Ott?
No comment.
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