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Discussion in 'The Okie Corral' started by BSA70, Aug 6, 2020.
Debt is slavery.
it’s really easy during the rona to save money if you are lucky enough to not lose your job.
I haven’t bought gas in 6 weeks!
We’ve mostly followed DR for nearly 20 years. There are very limited feelings in the world that are better than financial peace. My wife and I have never fought about money in our 19 years of marriage. We discuss, we plan, and we work it together and communicate. She has an important need to feel financially secure. We both do, we owe it to our very meager and poor upbringings. Watching our parents struggle, lose homes and file bankruptcies all in the roaring 80’s and prosperous 90’s.
We are mostly Davish, the one exception being we have a credit card, use it sparingly online, and pay it off every month. We don’t spend it if we don’t have it.
We aren’t everyday millionaires yet, but hope to be soon.
A good marriage is half the battle.
I have zero doubt you did... I've heard him do it before as well. But you're acting as if advice he gives to probably less than 5% of his callers, is normal. It's not. Not even close.
It depends. An 8 percent return sounds like a balanced fund with stocks and bonds like the Vanguad Wellington fund (VWELX) which is 65 percent stocks and 35 percent bonds or such, so it may have been more to your liking than you thought. All stocks such as an S&P 500 index fund return about 10 percent on average over the longer term. Do you know what funds he recommended?
You sound a lot like me, except I've been at it a lot longer. I think most around here know my stand on the issue. Been following his basic advice for about 60 years now, except I'd never heard of him until a few years go. My parents and my wife's parents used the same program. My grand father also.
I also have one credit card, no debit card, and of course no debt more than end of month bills, since 1986. Rest is checks or cash and carry.
For our children, one is totally solvent and quite well off, the other is close. And both are in their 40's. It can still be done in this day and age. We are pretty sure our children are raising our grandchildren the same way.
Sounds like someone else.
We saw him live in Portland. He said the carries 3 pieces of plastic. His drivers license, his debit card,....a few second pause, and his concealed carry permit...big applause after that one.
I think that's right. Some people don't need help with this or that part of life. A LOT of people need help with personal finance, so I'm glad Ramsey's there. We didn't a lick of financial common sense coming out of HS, so we needed the education.
He talks a lot of common sense. (Only listened when he is on radio, I happen to catch) but he packages, charges for it. If you need that concentrated help. It could be a good investment. Or get it for free. A quick check. Local library has a dozen of his books, audio, dvd. (So maybe 6 unique titles I didn’t count). Online sources.
Debt is not good. But it can be used for good. If you are making payments on credit cards. Going out to eat 5 nights a week, buying $15 lunch every day... might be a area you can save money.
I packed a lunch a lot. Night before make sandwiches, put in freezer. Small cooler in car. Lunch was 15 minutes. I was paid “portal to portal”. (I start car, drive out of driveway till I park at night I’m paid time, mileage).
Once you have things under control you can better decide where to deviate. I dislike the hit from buying a new car. The particular car I like the look of. New has 3 yrs service contract, 200k warranty (I have not researched what it covers) 0% (maybe have CC autopay monthly get $$ back? If something happens, I need a new unit. Right now I likely would go new. It’s a basis.
I wasn't a big spender. I got a car note right out of HS, but it was one I could easily afford with my job at the time. Paid it was off as quick as I could and other than houses, that is the last time I borrowed money. While his debt plan really helped when we got married and we started to work through her student loan debt.. I really have gotten more out of his investing advice. Like I said.. almost any plan is better than no plan
I wish his book was mandatory for graduating seniors. It would probably help a lot.
It’s possible. Have you researched it? The part about banks is believable.
Best friend at the time got divorced. Lots of stuff he was paying monthly... that ended, paying for both Lawyers. (They have to be paid first). He finally was paying minimums. But going nowhere. He requested a 3 month grace period with no interest. (Something like that). Instead they called the loans. He had to file for bankruptcy.
Without payments he soon was doing good. He contacted his bank (where he was still banking) about paying his debt. “You have no debt”. Zero interest in him paying it off. True he didn’t argue much.
Nope. Haven’t researched who his friend was in the banking industry. Frankly, I’d rather be proven wrong than try to dig that up. But nonetheless it doesn’t pass the smell test for me. I could be wrong. It’s gotta happen to me sooner or later.
I like mr money mustache
I guess I must be one of the ugly ones, then.
I'm very fortunate that my parents taught my sisters and I how to be fiscally responsible from a very early age. When I did start listening to Dave, I realized that I was already doing almost everything he teaches. The principals and practices have served me very well.
I used to listen to him on the radio and almost every program at least one caller would start out by saying something like, "I've been listening to you for a long time", and then proceed to ask such a basic question it left no doubt that the person may have listened but that they hadn't heard. I had to stop listening to the show because I would yell at the radio. I don't know how he holds it together sometimes with the questions he gets. I would be so frustrated. He really does want to help people.
I used to listen to DR at night. I like a lot of his stuff. I don’t mind mortgages and short term car loans though. Not everyone is bothered by various degrees of debt.
What changed my life MUCH more than DR was becoming a minimalist many years ago. It’s easy not to get in debt when you don’t want a lot of “stuff” to begin with and find out what really brings value to your life.
I think that is too general of a statement to be true.
A NEW Honda Fit, or a Toyota Yaris can be had for ~16k. An average 40 hr/week worker makes ~$48k per year (4k month). A five (5) year loan at 4.71% would have a monthly note of $300.
My car is twenty (20) years old, and the value is about $2,800 as a private sale. You can't get a loan on a 20 year old car, but (a friend did this) you can put it on a credit card. At 18%, for 2 years, the payment would be $140 a month. If I had to get in my car and drive across the country and back, I don't think there would be a problem, I'd go right now if I had to.
Homes are a different story.
His advice is obvious, but the tales his callers tell are remarkable. HH