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Re: Dave Ramsey - Any Thoughts?
He writes reasonably well, but he's much better on the radio.
He writes reasonably well, but he's much better on the radio.
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Re: Dave Ramsey - Any Thoughts?
only one thing I can say about dave ramsey no matter how you feel about him, if you follow his advice you will end up debt free.Comment
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Re: Dave Ramsey - Any Thoughts?
Exactly, use him to get out of debt, set up a budget and follow his term insurance advice (unless you have special cirumstances which he addresses from time-to-time).Originally posted by elcheapo
The one thing he does that I get a little frustrated with is he dogs some investments that he doesn't agree with. He obviously has a huge audience and has to talk to the lowest common denominator but if I had been a Dave Purist I would have missed out on a great investment opportunity over the last 6 months with very limited risk. Granted I've spent probably 100 hours researching and reading before making the plunge and another 100 or so to date learning more but Dave is appreciated.Comment
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Re: Dave Ramsey - Any Thoughts?
I read his book while standing in the book/magazine aisle in Walmart recently. I didn't want to spend the $$ to pay for it. That's how fanatical I've gotten about paying off debt asap
I wrote down the steps to his plan on my notepad I keep in my purse.
I think one of the best parts of his advice is to set aside $1,000 asap for emergencies. Mentally that's hard for me b/c I hate the idea of 1,000 sitting in my credit union savings acct. while I owe $2,800 on a credit card. But you can't throw all your money at your debt without setting some aside for the little emergencies that surprise you.
I also think the early mortgage payoff is unrealistic for people in certain expensive geographical areas. I don't know where the people featured in the personal stories in his book live, but in Boston, I've never heard of anyone owning their home free and clear in their 30s or 40s. As a renter, I imagine that shaving 5 or 7 years off a 30 year mortgage is a challenging yet realistic goal.Comment
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Re: Dave Ramsey - Any Thoughts?
And his rule of a 15-yr fixed mortgage with a payment that represents only 25% of your take-home is a bit rough for more expensive areas.Comment
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Re: Dave Ramsey - Any Thoughts?
I got married at 20, saved 1/3 of my paycheck (which was $15 a week) for a down payment. I bought my first house at age 21. By the time I was 32, I was in house number 2 which I owned free and clear. It is amazing the money you can come up with if you really try.Comment
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Re: Dave Ramsey - Any Thoughts?
Ima Saver
I think that's great. I'd love to know how you did it. How much did the house cost and how much did you make, if you don't mind answering?
I'm sure it's possible in some areas of the US still, in places like New Mexico and some areas of the Midwest, but it's not possible in the Boston area, where i live. You cannot purchase any type of home under $300,000, even in dangerous, high crime areas of Boston. And homes just over $300k are at least 1.5 hour's outside of Boston. I don't think it's as manageable as Ramsey says in his book.Comment
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Re: Dave Ramsey - Any Thoughts?
I would like to know how you saved a down payment only saving $15 a week. $15 a week times 52 weeks is only $780. that is not much of a down payment. The house must only cost you $975 and that $780 must of been the 20% down.Originally posted by Ima saverComment
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Re: Dave Ramsey - Any Thoughts?
With $780 as a 20% downpayment, the house would have cost $3,900.Comment
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Re: Dave Ramsey - Any Thoughts?
what ever the amount that is still no house. where in the USA can you get a house for $3,900?Originally posted by jmjj215Comment
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Re: Dave Ramsey - Any Thoughts?
Originally posted by puck36
Nowadays you cant...not possible...
But 40 years ago, when this occurred, it was quite possible.Comment
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Re: Dave Ramsey - Any Thoughts?
Newbie here... Using Dave Ramsey's advice, DW & I have paid down over $107,000 in consumer debts & student loans... We have 13k left, before we are debt free, with the exception of our home.
Prior to listening to Dave, we had tried attacking the Higher interest rates first, and that worked to the tune, of more debt, as we quickly didn't see any light.
If it were not for attacking the small ones first, we'd still be treading water, with over 100k in debt... Our net worth is now in the black, and we ain't never looking back!
If you want to worry about your credit rating (my goal is to not have one, like Dave Ramsey), or if you want to borrow on credit cards, to invest in guaranteed rates of return, listen to most financial advisors in the national media, However, if you want to accumulate true wealth, over time, Dave Ramsey's advice is the way to go.Comment
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Re: Dave Ramsey - Any Thoughts?
I don't really like Dave Ramsey. I started using credit cards for every purchase I make almost 2 years ago, only to earn cash back rewards. I use a couple 5% cash back cards for gas and groceries, and 1% for everything else. To this day I have earned almost $670 in cash rewards, and I have not paid one cent of that back to the credit card companies in interest. If you have personal discipline, you can use your credit cards properly. My mindset is that a credit card was never free money to begin with, so you are never "spending what you don't have," ever. Also, I say let the credit card companies make their money off someone else!!
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Re: Dave Ramsey - Any Thoughts?
$670 isn't enough for us to play with snakes... We did spend more than we made when we had our credit cards, and now we probably could use the 5% cards without getting in trouble, however it goes to the saying Have you ever met a millionaire that said, "yep, I did it all by using those cash back credit cards"
Dave's advice is not just about avoiding credit cards... even though I personally will never do business with them again, (except for my visa debit card....)Comment
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Re: Dave Ramsey - Any Thoughts?
So true, rexdart.Comment
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