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re: Dave Ramsey has entered into a war with time share companies
Posted on 5/21/21 at 9:48 am to DCtiger1
Posted on 5/21/21 at 9:48 am to DCtiger1
quote:
His entire shtick is based upon debt being a negative no matter what. That people should pay cash for junker cars and pay off their mortgage as quickly as possible. Paying off revolving debt is great, but his take on debt when it comes to real estate is ridiculous.
I certainly don't subscribe to everything he says, but consider the guy with a poor high school education, strapped with credit card debt for a bunch of dumb shite he can't afford, having wages garnished and/or vehicles repossessed. That guy needs a very structured set of rules to follow just to get his head above water and generate some kind of positive net worth, and that's what Ramsey provides. They won't be able to handle the nuance of "good debt" vs. "bad debt", so it's usually best to tell them to stay away from it all and pay cash or else they will fall back in the hole again. It may not be the best path, but it may be the best one for that individual.
2
Posted on 5/21/21 at 9:48 am to DCtiger1
quote:
I despise timeshare companies, but at anyone that takes financial advice from Dave Ramsey Lots of people using his 8 step program I see....
What a shite take. Wish a lot more people followed Dave’s advice. I don’t agree with it all but a lot of it is common sense.
Posted on 5/21/21 at 9:53 am to DCtiger1
quote:
Self made wealth isn’t accomplished by putting your pennies in a low yield savings account and being completely adverse to taking on debt.
I don't think his audience is worrying about self made wealth. They are typically concerned about living paycheck to paycheck and being able to afford more than the cc minimum each month
Posted on 5/21/21 at 9:53 am to DaleGribble
My in laws go to timeshare presentations every couple of years to get a free room or something out of it.
And they always come back saying it’s actually not a bad deal. I’m always like yea please do not go to these things any more I’d rather pay for your vacation
And they always come back saying it’s actually not a bad deal. I’m always like yea please do not go to these things any more I’d rather pay for your vacation
Posted on 5/21/21 at 10:02 am to DCtiger1
quote:
I despise timeshare companies, but
Dave Ramsey is great for people with little to no financial discipline and/or knowledge.
Posted on 5/21/21 at 10:03 am to tiggerthetooth
Timeshare companies are as bad as used car dealers.
Posted on 5/21/21 at 10:06 am to Brummy
Most of the people who call in have student loan debt, so it definitely isn't your average high school grad.
Posted on 5/21/21 at 10:14 am to DCtiger1
quote:
Paying off revolving debt is great, but his take on debt when it comes to real estate is ridiculous.
Here is someone that did not live in Louisiana or East Texas in the 80's.
I understand all the financial arguments of your statement. What you do not understand is the cost of the risk. You assume people's income will remain the same, their life will be without tragedy ect. Finance is risk and return and one should properly assess the cost of risk.
I had a house mortgage for years and do not miss it at all. I have not had any inclination to refinance any of the personal real estate I own debt free. I have quite a bit of money in the stock market by my standards (mid seven figures) but by far my biggest investment is in my business. There is nothing wrong at all with being out of debt--nothing.
I borrow in my business for income producing assets. I have never inherited any money or anything like that. We grew our business from our own efforts.
There is nothing at all ridiculous about keeping personal debt to an absolute minimum.
Pay cash for quickly depreciating assets and borrow if you must for income producing assets or assets likely to appreciate.
Posted on 5/21/21 at 10:20 am to finchmeister08
quote:
wife and i got the sales pitch on our honeymoon last year on our disney cruise. from what i remember, you pay for it like you're paying for a house. closing costs and a monthly or yearly payment with options to rent it out when you're not using it. the only thing is, you don't really "own" it because it expires after 70 years or so and you can only will it to someone once if you die. if the person you willed it to dies, that's the end. we established it wasn't worth it, but staying anywhere at any Disney
This is very much incorrect but I can envision the outline of the sales pitch you got. Disney doesn’t want you to know you can buy and sell your contract on the secondary market. They want you to buy directly from them. They also want you to finance it so they make more off of you.
We bought a contract about two years ago and have used 3 years of the ~40 years remaining on it. I looked it up yesterday and I could sell it right now for around 25-40% more than I bought it for.
Am I banking on that? Absolutely not. I went into it expecting not being able to sell it at all. But it still made sense when I ran the numbers.
Posted on 5/21/21 at 10:22 am to tiggerthetooth
He always has. Some of his finance logic sucks but he’s dead on with time shares.
Posted on 5/21/21 at 10:24 am to DCtiger1
You are a salty fricker looking at your post history. Sounds like you need to seek that beach rental and get laid.
Posted on 5/21/21 at 10:30 am to Brummy
Ramsey's target is the working and middle class that get so bogged down with debt, they can't do anything and their lives are incredibly negatively impacted.
He will readily tell you that his plan is painful at the outset but the system is designed to instill some sort of financial disciple and responsibility. Will you get to buy a summer home at Ono with it, probably not. But, you will get to own your home and maybe buy one and establish some sort of financial peace.
He will readily tell you that his plan is painful at the outset but the system is designed to instill some sort of financial disciple and responsibility. Will you get to buy a summer home at Ono with it, probably not. But, you will get to own your home and maybe buy one and establish some sort of financial peace.
Posted on 5/21/21 at 10:35 am to Eighteen
quote:My parents are stupid/suckers who purchased one. It works our well because they have many children and grand children who are able to go on vacations as a "guest" super cheap. We only pay a small guest rate or book with their points and my parents pay all of the ridiculous money to keep the timeshare. So it works out good to be related to someone who owns one
Are there any time share success stories out there? Anyone here own one or know if any? I’m generally curious, all I ever hear is “time shares bad” but somehow they are still around so something must be generally right/good
This post was edited on 5/21/21 at 10:36 am
Posted on 5/21/21 at 10:38 am to Eighteen
quote:
Are there any time share success stories out there?
Wife's uncle has had one down in Florida for a couple decades. They spend a few weeks down there every year, let their friends pay for a week every now and then, etc.
Don't think they've saved or lost a tremendous amount of money versus anything else, they just like the convenience more than anything. No reservations to make or keep up with, no increased hotel rate for holidays, no worrying about the loud neighbors in the room beside you or any of that crap. Big old house in a super quiet little resort area less than a mile from the beach.
Posted on 5/21/21 at 10:42 am to finchmeister08
quote:
my wife and i got the sales pitch on our honeymoon
Same here, but a resort in Cancun. We go to check in and instead of the clerk handing us the keycard, they send us to their "welcome room" where they gave us champagne and whatnot, thinking it was part of our "honeymoon package" and then you sit through the hard sell before they give you the key. It was a nice place but as cheap as it was to just rent ad hoc, I don't know why anyone in their right mind would want to actually be tethered to it, for life. But there are weak minded people out there who sign on the hard sell, if there weren't suckers out there buying then the industry wouldn't exist.
Posted on 5/21/21 at 10:45 am to tiggerthetooth
I like Chuck McDowell. He sounds like a good old Bama boy who will get you out of your time share.
Posted on 5/21/21 at 10:54 am to DCtiger1
quote:
but his take on debt when it comes to real estate is ridiculous.
So you disagree with him on this therefore anyone who listens to him is to be laughed at?
Seems he’s simply preaching the time tested financial principal of not acquiring too much debt. It seems to work every time it’s tried. It’s just really hard to do.
FTR, I don’t participate in his programs. But I agree with what he says and I don’t belittle people for following his advice.
Posted on 5/21/21 at 11:12 am to DCtiger1
quote:
My post is stupid?
Incredibly. Ignorance is the lack of knowledge, stupidity is the denial of knowledge for the sake of ego.
Your posts are myopic in that you must completely ignore the fact that Dave's show is successful because so many people are horribly bad with money (whether through their own inability or through never being taught). Seriously, you have to be actively engaging in ignoring this and have done so for years in order to make such dumbass comments.
Posted on 5/21/21 at 11:13 am to DaleGribble
quote:
Anyone that buys in deserves what they get.
Posted on 5/21/21 at 11:20 am to Cool Hand Luke
quote:
Most of the people who call in have student loan debt, so it definitely isn't your average high school grad.
I only discovered his show last week when a buddy of mine turned it on during a road trip. This one girl called in making $60k a year and yet is in a hole thanks to payday advance apps.
People are idiots when it comes to money.
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