Who lives by the "Dave Ramsey" way of living?

Discussion in 'The Okie Corral' started by BSA70, Aug 6, 2020.

  1. Detectorist

    Detectorist

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    Much of it is good advice. It's much easier when you have a government job with great benefits and never have major health issues.

    For the last few years my attitude has been to evaluate something in terms of it helping me to make money. I have a few skills that have helped me keep my head above water and provides me income when I need it.

    Edit:

    Before Dave Ramsey there was Charles Givens. Remember the book 'Wealth Without Risk'? Besides the normal pay off your credit cards he espoused having a tax strategy by having some type of side business. That strategy has helped me to no end.
     
    Last edited: Aug 6, 2020
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  2. DaleGribble

    DaleGribble Liberals 'R Bad!!!!

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    I do.

    No car loans. No credit card debt. House was paid off quickly because we bought a house below our budget.

    I also build my own cars so I don't have to buy them.

    That house that was paid for, I did that when I was 10 years old.

    I started a lemonade stand when I was 11 and made my first million within six months. I had every other lemonade stand in the state out of business within a year. I had more hustle than those punks. I picked my own damn lemons instead of paying someone else to do it. I juiced faster and sold harder than all those losers.

    I don't just change my own oil, I make my own oil filters, pump my oil out of the ground, and then refine it into oil and gas in my garage.

    I buy the cheapest two-ply toilet paper I can find and then separate it into two separate sheets.

    I don't buy groceries, I grow everything I eat, even the wheat to make my own bread.

    I hunt for meat and only eat what I kill. I never buy meat in the store. My neighbor has cows so every once in a while I steal one of his, kill it, and then process it in my garage.

    I raise chickens so I have fresh eggs.

    I make my own rubber for my shoe soles and car tires.

    After our last kid was born my wife never stopped pumping her breast milk so we have a steady supply of milk that we don't have to pay for.

    We used old clothes to make window coverings so we didn't have to buy drapes.

    I use the bones from the animals I kill to make tools instead of paying for overpriced stuff from China. I've made a table saw, router, jigsaw, and bandsaw all out of cow, deer and elk bones. I even made the motors, blades, and wires and cord out of bones and the hides.

    I used those same tools to build my rental houses, which are paid for and generate me about a million dollars a year in passive income.

    I paid for all of our vacations with recycled aluminum beer cans that I steal out of FullClip's back yard. So far we've traveled to every continent and we take a Hawaiian vacation every month, all from the proceeds from his beer cans.

    It's hard work, but it makes me better than everyone else.
     
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  3. Pistolay

    Pistolay Wut?

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    I'm not huge fan of debt, but if you make decent money (or better) and manage it responsibly, it seems to me that following Dave Ramsey's extreme approach means you're going to spend your life working your butt off so that somebody else can enjoy your money after you drop dead.

    My wife and I took a more balanced approach. we haven't carried a credit card balance in over 30 years, underbought our homes and vehicles (and paid them off ahead of schedule), and saved for retirement.

    Now that we're retired with pensions and sizeable IRAs, we're in a very good place, and we didn't live like hermits to get there.
     
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  4. Dave Hill

    Dave Hill

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    D
    Does it matter?
     
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  5. Dave Hill

    Dave Hill

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    Obviously you can afford what you did through out your life ,,, most people live beyond their means. I have a friend he wanted a Ferrari he went out and wrote the check,, he could afford the toy and the money to his wealth was chump change.
     
    Last edited: Aug 6, 2020
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  6. Grabbrass

    Grabbrass

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    Well, everyone except that Grabass dude ...

    [​IMG]
     
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  7. Matt VDW

    Matt VDW Millennium Member

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    Is Dave Ramsey the "abundant living" guy who has the radio show where he talks about the bad advice most financial planners give? That guy annoys me because he talks for hours and hours about how much better his investments are but he doesn't take ten minutes to explain how he's avoiding the taxes that other people have to pay.
     
  8. Dave Hill

    Dave Hill

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    Listen to his show you are regurgitating what you heard.
     
  9. SleeperSS

    SleeperSS

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    We've listened to him for years. We were drowning in debt..all our fault, no one to blame but our selves. That was ten years ago. We're now debt free including the house....we don't owe money to anyone except the recurring monthly household type bills. when the wife retires in 55 days, we're going to buy her a Traverse or Blazer....in cash. Probably one year old so that someone else can take the hit. We saw him in person...he make no excuses for his programs, and freely admits it's nothing new. He just packages it in a way that makes it easy to understand.

    Seems like people always have to tear people down that don't think like them, or make excuses why it won't work. Maybe they're just afraid to admit they don't know everything....or afraid to fail.
     
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  10. VIS07

    VIS07 In Omnia Paratus.

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    I took his course like 20 yrs ago. Excellent. I use his way of thinking *mostly. And im virtually debt free. I'm modest on car loans.
     
  11. PeterG

    PeterG

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    You must be very tired.

    That’s a lot of typing


    Sent from my iPhone using Tapatalk
     
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  12. 1eyedjack01

    1eyedjack01

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    DR loves to hear his own voice. Financial literacy is not that complicated but is extremely difficult for most as they lack discipline and want to keep up appearances above all else.
     
  13. PennsWoods

    PennsWoods

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    I agree about the balance in life.

    I have a co-worker who admits that he has "25 grand in credit card debt" yet never, and I mean never bothers to even pack a lunch. I've asked bozo the clown why he doesn't save an easy $100-200 a month by packing a lunch and he just chuckles and looks at me like I'm crazy.

    I pack as often as I can and go out to lunch at work roughly once every week or two. If your finances are in order that you go out for business meetings during lunch that's fine, but if I was $25k in the hole I'd be eating rice and beans until I was out.

    On the other side of the spectrum I have friends that seem to be financially stable but will inconvenience their friends and family to save $2.

    As far as Dave Ramsey, he has some good principles but I don't wholly subscribe to all of his methods. I use a credit card that's paid off monthly and it gets me 2% cash back in the bank on every purchase.
     
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  14. Sharkey

    Sharkey

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    Debt is not a bad thing. We joined a group that does really estate investing. One of the instructors is totally against Ramsey. He is also against the way 401k are set up for retirement for most people.
    We did a refi on our home and used the equity to invest in our 4th multi family property. I moved my 401K that was underperforming poorly while BHO was in office and set up a self directed 401K so I can decide where to invest.
    We sold our 1st multi family after 2.5 years with a 20% gain and out of all our deals, that was the one performing the worst.
    Leverage your credit to work for you and make money for you. If I had it to do over again, take your college money, get a mentor, and invest in your first property deal. Buy a duplex or quadplex and rent out the other sides.
    Hoping you have enough in your 401K to retire is the old way and riskier.
    That said, many couples in our small groups from church love Dave Ramsey.

    Sent from my SM-T380 using Tapatalk
     
  15. 5.45 Shooter

    5.45 Shooter

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    My house is the only thing I borrowed for & paid it off 10 yrs ahead of schedule. Everything else I paid cash or got it on 90 days same as cash thing. I save my money back for the things I need. I keep money on hand for emergencies or things that have to be bought right away that don't need a money trail like on credit cards. You know the government is keeping track of our purchases don't you?
     
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  16. ReaPer105

    ReaPer105

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    I hope when I die, Dave Ramsey comes to the funeral home and stands in front of my casket and mutters "he owes me money".

    Seriously, I don't adhere to all his teachings but he is not wrong. I prefer to live a little along the way of life and he would have you think it's all about self sacrifice until you are debt free. His way is great for a lot of folks who would otherwise struggle with finances and can't control spending.
     
  17. DrewBone

    DrewBone

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    Who?
     
  18. snappy

    snappy

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    I didn’t mean it like it’s unattainable at all, matter of fact I’m right around the corner from having ours paid off and we don’t have any other debt at all. I was just poking fun at all on GT here. I think EVERBODY should strive to get out of debt and STAY OUT!!
     
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  19. IndyGunFreak

    IndyGunFreak

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    We have followed his actual program to the letter for our entire marriage (almost 14yrs). It's been very good to us. Our plan to pay off our house this year got pushed back to mid '21 when she had some medical issues late last year. Then Super Flu really ramped up in March and we've both working so much OT it was insane then our Vacation this year got canceled. We've pretty much thrown everything extra at the house, and it's looking like September/October will probably be the last payment. People say his investment advice is poor.. and while it might be playing it pretty conservative, it is sound advice.

    The ONLY exception we have made to his plan, is we have 1 credit card. We enjoy cruises for vacations, and being in other countries, etc. We've used our Debit card numerous times w/o issue, but have read some horror stories and got hit pretty hard with some currency exchange fees a few times. In the end, it was easier to just get some Chase card that didn't charge foreign currency fees, etc.. Everything that can be prepaid w/ the debit card is (actual cruise fare, airfare, any hotel stay, etc.), while the credit card gets used for actual vacation expenses. When we come back, it gets paid off and put back in the gun safe until next time.

    I always vocally support his plan to anyone really willing to listen, but most think they have a better way (and they might, to be honest), but having a plan is way better than having no plan. All I can tell you, we will be millionaires several times over when we retire, with our income right now being about 135. For the record, we are DINK's, which I'm sure makes a huge difference.
     
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  20. Orive 8

    Orive 8

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    I have never listened to or read any of Dave Ramsey's information. However, my wife does. She gave my a brief synopsis of his information one night. It appears that we have been following his "program" (for lack of a better word) for some time now. It works for us.
     
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