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How many of you follow Dave Ramsey's advice for everything?
Posted on 1/9/23 at 9:03 am
Posted on 1/9/23 at 9:03 am
I'm mainly referring to the "get out of debt" rules. I recently bought a "new-to-me" vehicle over the weekend.
2019 Toyota Tacoma 4x4 - $24,200 + tax/fees/warranty.
Of course, I financed it with $6,000 down. I could technically pay it off next month with the company stock I've bought over the past few years, but that would only leave me with a few thousand left over. How do you guys "cope" with writing a check that big.
I've treated my company stock account as a savings account. I would really need to be hurting to touch it seeing as to how long of a process it takes through Fidelity to actually get "cash-in-hand". It's like 3-4 days or so. Not to mention the taxes I would have to pay.
2019 Toyota Tacoma 4x4 - $24,200 + tax/fees/warranty.
Of course, I financed it with $6,000 down. I could technically pay it off next month with the company stock I've bought over the past few years, but that would only leave me with a few thousand left over. How do you guys "cope" with writing a check that big.
I've treated my company stock account as a savings account. I would really need to be hurting to touch it seeing as to how long of a process it takes through Fidelity to actually get "cash-in-hand". It's like 3-4 days or so. Not to mention the taxes I would have to pay.
22
Posted on 1/9/23 at 9:08 am to finchmeister08
What’s your interest rate? If I can confidently outperform my interest rate with margin for effort/time required and the applicable risk, then it makes sense to finance. It was a lot easier to justify that at 0.9% on my last vehicle purchase than the 6% I’m hearing about recently
Posted on 1/9/23 at 9:10 am to finchmeister08
Dave Ramsey is a moron. Ignore everything he says.
Posted on 1/9/23 at 9:11 am to Upperdecker
quote:
What’s your interest rate?
6.84%.
Posted on 1/9/23 at 9:13 am to j1897
That's a litle tough. As stated previously, Dave Ramsey's advice is good for people that struggle with management of debt/money. His advice is good for the vast majority of Americans, and his advice is poor for the vast majority of contributors on this board. That simple.
Posted on 1/9/23 at 9:16 am to finchmeister08
Not for everything. 90% of the country would be better off if they did though.
This post was edited on 1/9/23 at 9:17 am
Posted on 1/9/23 at 9:20 am to Billy Blanks
If Dave Ramsey style financial strategies were taught every year from middle school through high school, this nation would be in much better shape.
Posted on 1/9/23 at 9:33 am to finchmeister08
quote:
6.84%.
Would do everything in my power to get rid of this ASAP
Posted on 1/9/23 at 9:43 am to finchmeister08
DR is great for the masses. I took my wife’s car in for service recently and was in the showroom just checking out things.
A young girl was buying a new vehicle and she was in the phone with someone telling them the payment was more than her rent. Her interest rate was like 15 percent.
As someone with a hard and fast rule that my family does not pay interest over 5 percent, that makes me cringe.
A young girl was buying a new vehicle and she was in the phone with someone telling them the payment was more than her rent. Her interest rate was like 15 percent.
As someone with a hard and fast rule that my family does not pay interest over 5 percent, that makes me cringe.
This post was edited on 1/9/23 at 9:45 am
Posted on 1/9/23 at 9:45 am to ThermoDynamicTiger
quote:
f Dave Ramsey style financial strategies were taught every year from middle school through high school, this nation would be in much better shape.
quote:
f Dave Ramsey style financial strategies were taught every year from middle school through high school, this nation would be in much better shape.
Bingo we have a winner..
Posted on 1/9/23 at 9:48 am to finchmeister08
quote:
I'm mainly referring to the "get out of debt" rules. I recently bought a "new-to-me" vehicle over the weekend.
2019 Toyota Tacoma 4x4 - $24,200 + tax/fees/warranty.
Of course, I financed it with $6,000 down. I could technically pay it off next month with the company stock I've bought over the past few years, but that would only leave me with a few thousand left over. How do you guys "cope" with writing a check that big.
I've treated my company stock account as a savings account. I would really need to be hurting to touch it seeing as to how long of a process it takes through Fidelity to actually get "cash-in-hand". It's like 3-4 days or so. Not to mention the taxes I would have to pay.
I followed him and to this day i follow most of his principles.
Hes good to follow for kids just getting out of high school or college because usually they dont know what to do with money.
Posted on 1/9/23 at 9:52 am to j1897
quote:
Dave Ramsey is a moron. Ignore everything he says.
I wouldn’t say that.
He’s not out there giving the best advice but it’s not intended to be. He’s giving advice that the majority of America can understand and actually follow. They aren’t disciplined enough to do the things you probably criticize him for.
Posted on 1/9/23 at 9:56 am to j1897
quote:
Dave Ramsey is a moron. Ignore everything he says.
Dude really come on. Lots of people need good financial advice and he does that. I dont agree with everything he says but i do with alot he says. I wish i would of found him alot sooner. Im completely debt free after i listened to him and buckled down.
Posted on 1/9/23 at 10:09 am to finchmeister08
quote:
6.84%.
Bruh. I’d try to pay that off in the next year. Considering you have the money and just don’t want to move it, stop buying stock outside of your retirement accounts and pay that thing off. A year won’t kill you, but 5 years with that would be a ton. 7 years would be like paying for two
Posted on 1/9/23 at 10:11 am to j1897
quote:
Dave Ramsey is a moron. Ignore everything he says.
j1897 is a moron. Ignore everything he says.
Posted on 1/9/23 at 10:20 am to finchmeister08
I view Dave’s advice like weight loss advice. In all honesty, it would probably benefit 75%+ people in this country just following his basic guidelines. But for those who know their finances and have discipline, it’s elementary
Same with weight loss, most of the country is overweight/obese but very fit people don’t need basic health advice
Same with weight loss, most of the country is overweight/obese but very fit people don’t need basic health advice
Posted on 1/9/23 at 10:53 am to Upperdecker
quote:
j1897 is a moron. Ignore everything he says
Nah, he's just a CC company executive.
Posted on 1/9/23 at 11:08 am to finchmeister08
DR has a plan. That’s better than not having a plan. If you don’t have the financial knowledge to know there are better ways, his way is a good way.
Paying off loans smallest to largest regardless of interest rates is probably the only Baby Step that I don’t agree with.
Paying off loans smallest to largest regardless of interest rates is probably the only Baby Step that I don’t agree with.
Posted on 1/9/23 at 11:34 am to finchmeister08
quote:
How many of you follow Dave Ramsey's advice for everything?
No one is perfect so no one is going to be right all the time about "everything". That said, Dave's advice is spot-on for the vast majority of Americans because the vast majority absolutely suck at personal finances. This is evidenced by his making millions by telling people basic things like "live within your means", "invest a little bit from each check", etc.
quote:
6.84% interest
quote:
I could technically pay it off next month with the company stock I've bought over the past few years, but that would only leave me with a few thousand left over. How do you guys "cope" with writing a check that big.
I've treated my company stock account as a savings account. I would really need to be hurting to touch it seeing as to how long of a process it takes through Fidelity to actually get "cash-in-hand". It's like 3-4 days or so. Not to mention the taxes I would have to pay.
Ouch. If it's a retirement account, leave it be. What you would pay for taking that out early would make that interest rate look like an OT 10. Pay ahead on the note as much as you can to get it over with as soon as possible.
Posted on 1/9/23 at 11:39 am to Bard
quote:
If it's a retirement account, leave it be.
it's not. it's just a normal stock purchase account. i'd have to pay capital gains on whatever i sold which would probably be pretty high for the total amount of the loan since the stock has nearly tripled in price since i first started purchasing it.
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