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Key:
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Joined: Nov 2008
Posts: 10,750 Likes: 4
Booner
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Booner
Joined: Nov 2008
Posts: 10,750 Likes: 4 |
If his plan don’t include playing cards and taking long shot bets, I ain’t a fan.
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Joined: Dec 2009
Posts: 5,517
12 point
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12 point
Joined: Dec 2009
Posts: 5,517 |
His plan is good for those that struggle with self control. I agree.
If you're gonna be stupid you better be tough.
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Joined: Feb 2011
Posts: 198
3 point
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3 point
Joined: Feb 2011
Posts: 198 |
He calls it "grandma's wisdom". He says it's the kind of advice that used to be commonplace. His advice about the borrower being slave to the lender is all about a mindset. With his encouragement over the years (to ensure I'm not completely weird), I don't borrow money and have been able to retire since I was 50. It is a very liberating feeling!
His investing advice is elementary and very general. If you're not doing anything to invest or are young, that advice is sound.
He loves to hear himself speak and is proud of his snarkiness - therefore, if you're more about style than substance, you won't like him - kinda like Trump! I tend to go with substance. If you're young and generally follow what he says, (He says you can't be Dave-"ish" but you can!) then you will retire wealthy!
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Joined: Dec 2004
Posts: 3,996
10 point
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10 point
Joined: Dec 2004
Posts: 3,996 |
[You got it. As far as being "tight" with a dollar and avoiding debt , I have folks in my family I bet would make Dave Ramsey look like a rooky .
My FIL who is retired from the Army, did real estate for another 20 years sold his business, still owns several rental properties and restores tractors. Drives a 1980s Ford Ranger, lives in a small house, and still gets his cutlery and condiments from McDonalds. But when his grandsons said they want to hunt with him, he goes out and buys 160 acres just to hunt. Keep talkin', we's gonna be kin folks,  Or holding it until you get to work so you don’t have to use your toilet paper and flush your toilet. Dave ain’t got nothing on some folks I know.
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Joined: Dec 2008
Posts: 4,004 Likes: 1
10 point
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10 point
Joined: Dec 2008
Posts: 4,004 Likes: 1 |
There's not many true zero percent loans. The interest is usually built into the sale price. This is true. I can’t speak to John Deere tractors but with pickup trucks it’s usually 0% interest and full price or rebates.
Super Predator
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Joined: Dec 2008
Posts: 4,004 Likes: 1
10 point
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10 point
Joined: Dec 2008
Posts: 4,004 Likes: 1 |
The wife and I have followed the crown plan and later dave Ramsey ever since we said our I do’s. We were completely debt free by age 45. One thing that I appreciate about Dave is that he looks at every part of your financial plan. One thing that amazes me is how much money folks spend on life insurance policies.
Super Predator
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Joined: Nov 2010
Posts: 1,816 Likes: 1
8 point
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8 point
Joined: Nov 2010
Posts: 1,816 Likes: 1 |
There's not many true zero percent loans. The interest is usually built into the sale price. Yep. Not saying you can’t negotiate the price some when financing something through the vendor. But when pay cash you have a better chance. There’s always processing fees and so on. Just need to weigh your options.
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Joined: Dec 2004
Posts: 20,188 Likes: 81
Freak of Nature
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Freak of Nature
Joined: Dec 2004
Posts: 20,188 Likes: 81 |
I have followed it in the past and done well with it. I don’t agree 100% on all of his advice but I do like the peace of mind his advice brings.
If voting made any difference, they wouldn’t let us do it.-Mark Twain
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Joined: Oct 2019
Posts: 119
3 point
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3 point
Joined: Oct 2019
Posts: 119 |
I bought a couples ticket for my wife and I to one of his seminars several years ago. My son ended up wanting to go. When I called in to try and buy an extra ticket for him to the event they wouldn't take my money and sent us a free ticket. I agree his system is not rocket science but he found a good market. His new building off I65 south of Nashville is huge.
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Joined: Dec 2014
Posts: 5,034
12 point
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12 point
Joined: Dec 2014
Posts: 5,034 |
So all that doing without ends with eating a McDonalds Value Meal in a 35 year old truck with a free plastic fork? That's pretty much Dave Ramsey in a nutshell.
Dave Ramsey has great advice on how to get out of debt. I honestly don't disagree with much that he says in that regard.. However...At that point you should stop listening. His advice doesn't bridge the gap to anywhere else. If a 80's Ford Ranger is all you want that's ok. There is nothing wrong with that. But Dave can't tell you how to make more money. Only how to save what you make.
Nobody has a better plan to get out of debt. That is assured. I'd say the vast majority of American's would be well served to listen to the man's advice. Agreed 100%. If you're in debt right now, stop the cycle and listen to Dave Ramsey's advice to get out of debt. But if you think saving $1500/year by not getting that $3 coffee every morning is going to be "life-changing" then I'd say you're setting your life goals pretty low and that's just as sad as being in debt IMO. Once you're out of debt, you need to turn Dave Ramsey off because his longterm financial planning advice is laughable at best.
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Joined: Nov 2004
Posts: 14,435 Likes: 5
Chit Show Connoisseur
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Chit Show Connoisseur
Joined: Nov 2004
Posts: 14,435 Likes: 5 |
I don't think I am smarter than Dave Ramsey, but I don't understand his recommendation to pay off or avoid zero percent or low percent loans, and instead buying or moving from your savings. I use other people's money as much as I can. I could pay off both our vehicles if I wanted to do so, but both loans are at 1.6%. The worst account I have right now is double that return year to date, even with the lousy market performance this year.
I know a couple who had a Kubota loan at zero percent, and they took his recommendation to get rid of the payment. Pulled $15,000 out of savings to eliminate a $300 payment. That makes no sense to me, as the payoff was the same as the sum of the payments.
Another guy I know wanted a new truck, not a used truck. To avoid dealer/Ford financing at ZERO percent, he took over $50,000 from savings to buy the truck. Said he couldn't stand the thought of having a payment. Just thinking about him doing that made me a little nauseous, but to each their own.
Other things he recommends, like paying off credit cards and avoiding high interest loans are spot on.
Freaking Aldeer Genius. Take notes you ignorant bastards... 
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Joined: Oct 2008
Posts: 31,612 Likes: 153
Grumpy Old Man
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Grumpy Old Man
Joined: Oct 2008
Posts: 31,612 Likes: 153 |
So all that doing without ends with eating a McDonalds Value Meal in a 35 year old truck with a free plastic fork? That's pretty much Dave Ramsey in a nutshell.
Dave Ramsey has great advice on how to get out of debt. I honestly don't disagree with much that he says in that regard.. However...At that point you should stop listening. His advice doesn't bridge the gap to anywhere else. If a 80's Ford Ranger is all you want that's ok. There is nothing wrong with that. But Dave can't tell you how to make more money. Only how to save what you make.
Nobody has a better plan to get out of debt. That is assured. I'd say the vast majority of American's would be well served to listen to the man's advice. Happiness isn't getting what you want, happiness is wanting what you get. Once you learn to be content with simple things, life gets a lot easier.
I hate making a good first impression. There’s no way I can keep that shit up.
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Joined: Feb 2015
Posts: 6,822 Likes: 17
14 point
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14 point
Joined: Feb 2015
Posts: 6,822 Likes: 17 |
Reader's Digest version of Dave Ramsey - "pay cash or don't buy it" LOL
A wise man can learn more from a foolish question than a fool can learn from a wise answer.
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Joined: Feb 2016
Posts: 564
4 point
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4 point
Joined: Feb 2016
Posts: 564 |
Not everything Dave is for or against is for everyone. For example, he is against most all Home Equity Loans. It is the risk that borrowing comes with. He does have good sound advice that works with people who are serious about becoming debt-free. His "snowball effect" works because it allows people in debt to see results soon. When one account gets paid off roll that payment over to the next.
"Your woodsmanship value and qualities are ten times more important than the actual calling ability."-Preston Pittman
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Joined: Feb 2013
Posts: 6,095
ishootatbux
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ishootatbux
Joined: Feb 2013
Posts: 6,095 |
Look, it's really this simple, scripture tells us that men are at enmity with God (we tend to bristle and get pissed about God's word). Ramsey is simply giving God's advice on lending: The borrower is a slave to the lender. Period. Doesn't matter what the interest rate is, if you're mkaing more on your investments, blah, blah, blah. The reality is that folks don't think they're smarter than Dave Ramsey, they think they're smarter than God.
It is possible to be brilliant at math, economics, and investing, and still be wrong about God's advice on lending. You can win the game over and over if you get lucky, but you can't know tomorrow. Thousands upon thousands of churches have closed their doors in recent years because they couldn't make the mortgage payment. The (once) largest church in Oxford, AL literally foreclosed because of this. A multi-million dollar campus just sitting there empty these days, while they had some local bankers and other financial "gurus" on the finance committee and giving them advice.
We were on the edge of Eternia, when the power of Greyskull began to take hold.
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