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  1. #1
    On Fire Rebel67's Avatar
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    Default The Dave Ramsey Thread

    I am wondering what others think of The Dave Ramsey Show, or his book The Total Money Makeover. I have found his info on saving, debt reduction and "baby steps" to make a lot of sense. Any of you have any good or bad experiences or info on this?

  2. #2
    Good Enough wham bam will rock's Avatar
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    My honest opinion.....

    I used to work in radio. I have listened to his show for years. I have met the guy personally.

    As far as the money 'gurus' go, Dave is the best. He gives excellent advice.

    Suze Orman is on FICOs payroll.

    Most of the other big name gurus on the cable tv and radio circuit have just copied Ramsey and put their own spin on things.

    In short, big thumbs up for Dave Ramsey. You can't go wrong with his advice, which includes such forgotten concepts as........pay cash for everything, stay away from credit cards, don't borrow money, except to purchase a home, and know the difference between 'needs' and 'wants'.
    "Never is just reven spelled backwards." -House

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    Hang 'Em High
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    Default

    Yeah, I'd like to see Dave Ramsey promote seriously Debt Prevention, in the first place. That would happen in our education system.

    But the real reality, is that Dave can put out all the "help", and it is help....

    But until the populace as whole is given debt avoidance classes in their youth....

    THIS FUCKING DEBT PIPELINE WILL NEVER FUCKING END.....

    AND THE BANKERS LIKE IT THAT WAY !!!

    WHAT A LOBBY THAT IS AGAINST DEBT PREVENTION EDUCATION WHEN IT COULD BE PREVENTATVIE, IN THE FIRST PLACE!!!!!
    Last edited by The Rover; 04.04.09 at 10:46 PM.

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    Default

    Suze Orman frightens me. Anybody that passionate about money has a problem IMO.

  5. #5
    On Fire Rebel67's Avatar
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    I have personally finished off "Baby Steps" 1-3.

    1. Set aside $1,000 first for Emergency Fund.

    2. Pay off all debt using the debt snowball.
    (pay minimums on ALL debts except the smallest. Pay that off ASAP, then move on to next smallest...etc.)

    3. Put 3-6 months of expenses (rent, bills, gas, groceries, etc) into savings.

    I am now starting on step 4, which is investing 15%
    into Roth IRAs ( and I will probably do a little in a Traditional IRA for tax return credit.)

    If you follow this, it seems pretty easy to succeed and get out of debt in a relatively short time. The BONUS for us is that my wife and I aren't living paycheck to paycheck anymore and that has taken a heavy burden (no arguments) off of both of us.

    Yeah, I know.....Sounds like a plug for old D. R.
    (but it's working for me)

  6. #6
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    Quote Originally Posted by Rebel View Post
    Suze Orman frightens me. Anybody that passionate about money has a problem IMO.
    no, some people are simply logically inclined.

    i hire and fire people like that all the time. she is the economics version of a pure mathematician or programmer.

    she simply sees numbers very clearly and understands the logic implicitly. chances are she would be terrible at a whole lot of everything else at the same time.

    it's the same brain engineering, very common, normal and easy to deal with. you just have to give them their space.

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    Atomic Punk
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    I listen to Ramsey on the radio and I like how he is simply brutally honest and very plain in how he talks about someone's problem or a challenge. I like the guy a lot.
    Stay out of it, dude.


    I am Van Halen.

  8. #8
    Damage your reputation seenbad's Avatar
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    there's a gal where I work that's glommed on to his book pretty rigorously and said it's changed her financial life. She had about 20k in credit card debt but she actually has some hope now.
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  9. #9
    Gird your loins Daisy Hill's Avatar
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    Default

    Quote Originally Posted by The Rover View Post
    Yeah, I'd like to see Dave Ramsey promote seriously Debt Prevention, in the first place. That would happen in our education system.

    But the real reality, is that Dave can put out all the "help", and it is help....

    But until the populace as whole is given debt avoidance classes in their youth....

    THIS FUCKING DEBT PIPELINE WILL NEVER FUCKING END.....

    AND THE BANKERS LIKE IT THAT WAY !!!

    WHAT A LOBBY THAT IS AGAINST DEBT PREVENTION EDUCATION WHEN IT COULD BE PREVENTATVIE, IN THE FIRST PLACE!!!!!

    There really isn't enough teaching of financial life in the high schools. Around here they kind of gloss over it in the "family life" courses, while I think there should be a full year of classes devoted to this. In my business I see many young people ruined before they even get a good start, and if kids really understood how the system really works, I think they would think harder about training for a good career.

    People are more likely to use credit cards than geometry and they should be taught more than the basics before they get out of school and get themselves into trouble

  10. #10
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    11.03.17 @ 01:35 PM
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    Quote Originally Posted by Daisy Hill View Post
    There really isn't enough teaching of financial life in the high schools. Around here they kind of gloss over it in the "family life" courses, while I think there should be a full year of classes devoted to this. In my business I see many young people ruined before they even get a good start, and if kids really understood how the system really works, I think they would think harder about training for a good career.

    People are more likely to use credit cards than geometry and they should be taught more than the basics before they get out of school and get themselves into trouble
    Indeed! One of our friends has a daughter in the end of her freshman year in college and already has credit card debt in excess of $10k! What I want to know is, how does a CC company extend that kind of credit to a college student?
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  11. #11
    Atomic Punk
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    Quote Originally Posted by VanHalenRules View Post
    Indeed! One of our friends has a daughter in the end of her freshman year in college and already has credit card debt in excess of $10k! What I want to know is, how does a CC company extend that kind of credit to a college student?
    within my first semester of being in college I got 6 credit cards and two gas cards. I worked part time at Kroger checking groceries for 4.70 an hour, I was 18 years old. I had four visas, a mastercard and a discover card as well as an exxon card and a diamond shamrock card. My MBNA visa card grew to 12,000 limit if I'm not mistaken. The Discover card had a limit of, I think, 3000 while the other two visas and the mastercard were ALL within the 1000-3000 range. I had some serious credit card buying power. I quickly let the temptation of being able to buy anything at anytime get the best of me. it's not the credit card company's fault and it's not society's fault for not teaching me about debt avoidance. I charged my mother fucking ass off. Wow, neat amp: charge it. Wow, I love that record: charge it. Hey, you're going to guitar center to buy picks and a guitar stand? I'm running low on cash, I'll charge it, you give me the cash. Cool? It was retarded. I ended up asking for more hours at the grocery store and then moved on to a real job making better money so I could pay off the mounting credit card tabs. Obviously I was spending less time in class. All my focus was on my job which gave me money to spend and pay off my credit cards. Now everything was going rather well, until I walked out on my job. It was a difficult decision but an important one because there were a lot of very serious problems going on and there was a great deal of concern that I would get dragged into them, legally and otherwise. I lost the job and my income was cut in half. I lost all the credit cards...all of them. I charged on them as long as I could...by that time I had added Zales, Target, Macy's, JC Penny, Sears, Best Buy, and two other visas to the mix I had a pair of Citibank Visa/Mastercards that had a total limit combined of, I think, 10K...might have been a little less. I had one of those huge credit card wallets to carry them all around in...i was barely 21 years old.

    But I can't stress this enough: it's no one's fault but mine. I was not stupid or uninformed. I was not a victim of evil credit card predators. Yeah they were cute chicks and cool guys working kiosks outside the student center giving away t-shirts and bullshit in exchange for us signing up but I was the one signing up. I was the one NOT cutting the cards up as soon as I got them. I was the one charging my life away despite only making 4.70 cents an hour.

    Yeah we can add a few courses about managing one's finances, but that's not the issue. The issue is that I wanted stuff. Period. I wanted stuff. Credit cards allowed me to get stuff. I made a calculated decision based on the risk/rewards of the situation. Is having stuff more important than having unmanageable credit card debt? Yes. Yes it was. I was working with the idea that I'd pay it off sooner or later. Fuck it.

    I take full responsibility for myself and my actions and I hate seeing and hearing people talk shit about it not being their fault, had someone taught them about it, had the credit card company NOT raised their spending limit to 10,000 dollars blah blah blah...That's all avoiding the issue: they can't manage their own lives. Tell you what though? Screwing my financial life up has certainly given me perspective on a lot of things...good and bad. I have credit cards again, a combined spending limit of (drum roll) 1500 bucks. That's split up over three cards. I use them here and there just to keep balances on them for a month and then pay them off. I'm slowly building my credit rating back. I don't really care. Our credit ratings don't mean shit right now and I expect them mean even less over the next 20 years.
    Last edited by broken9500; 04.06.09 at 09:43 AM.
    Stay out of it, dude.


    I am Van Halen.

  12. #12
    Gird your loins Daisy Hill's Avatar
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    Quote Originally Posted by VanHalenRules View Post
    Indeed! One of our friends has a daughter in the end of her freshman year in college and already has credit card debt in excess of $10k! What I want to know is, how does a CC company extend that kind of credit to a college student?

    because they expect Mom and Dad to cough up the dough to save "Princess's" credit rating

 

 

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