Confidence and Success > How To Be Successful
Financial Help
stemikger:
--- Quote ---Posted by Robmeister
Dave Ramsey advocate here too as far as his system of getting people out of debt.
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--- Quote ---Again, he's just WRONG (and a little arrogant and condescending, I might add).
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--- Quote ---He just doesn't know EVERYTHING.
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Yes Rob, I have turned several people on to Dave and my sister just dosen't feel he is very nice the way he talks to some people. I got used to this, but sometimes when it comes to the political side of his views and the religious side, he tends to turn me off too.
There is another financial guru that teaches almost the same plan, but he does it with a much more open-minded way towards the one-size fits all thing. His name is David Bach and his book the Automatic Millionaire is also an excellent read. Very simplistic, (Like Daves) but good nonetheless.
I think Dave has to stick to the one-size-fits-all plan becasue a large portion of his audiecne are people who really never thought about money are in big trouble. It is a tough love approach.
I was a perfect example when I called his show just to hear for myself how I was doing. He really couldn't tell me anything except good job, but he did give me free tickets to his show in New York where I live. Also, in New York City he dosen't play as well as he does in the south. Dave brought up something to the effect that he knows many people who saved for a house and never took out a mortgage. In parts of the south where houses are $150,000, that is doable, but this guy in the audience was from Long Island where houses cost $500,000 for a starter home and he laughed and said something from his chair, but either Dave didn't hear him or just choose to ignore it.
Tyler:
I am with Rob and Stemikger when it comes to Dave's investing and life insurance advice. I won't get into a full explanation here, but there are strong reasons why someone should take out a whole life policy once they are out of debt or convert their term policy to life.
Though, when it comes to getting out of debt, Dave's advice is solid and is working for us.
thebbqguy:
I think the key to his advice is to motivate people to take action. But, I don't follow his investing advice either. (I used to have active Series 7 and Series 63 licenses.)
As they say, if you keep on doing the same things you've always done, don't be surprised if you keep getting the same results.
I don't buy used cars like he preaches either, but I had my F-150 for 13 years. My wife had hers for 11 years. I do believe in shortening the finance term and making large down payments (if you can't pay cash for the new car).
pdxtodd:
I listen to Dave on the radio and need to get his books. I haven't touched a credit card in months and hope to never have to touch one again. I keep telling myself I need to start doing the baby steps - so time to pick up the books and get my life back in order. You guys fixed my hair issues -- now its time to fix my financial issues.
Its interesting to talk to my grandmother. She never had a mortgage, never took out a loan, never borrowed money. Its all something that's come into play during our lifetimes. I wonder if the country would be in the financial mess it is if we just took our grandparents advice and followed in their footsteps.
I'm dumping my $6800/month house as one of the first steps. I'm tired of being house poor. I've found nicer houses to rent for $1800/month. Sure I won't get the tax break but I am also not shelling out $5000 a month more than what I really have to - just to have a roof over my head.
Thanks for the kick in the pants to get the books.
stemikger:
--- Quote ---Posted by Pdxtodd
I'm dumping my $6800/month house as one of the first steps. I'm tired of being house poor. I've found nicer houses to rent for $1800/month. Sure I won't get the tax break but I am also not shelling out $5000 a month more than what I really have to - just to have a roof over my head.
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Todd, dump the house and enjoy freedom. I watched all my friends move into simliarly priced homes and only two of them were able to do it comfortably. The others just wanted to keep up the Joneses and had to sacrafice a lot to live in that home. To me it wasn't worth it. I have a nice Townhome in a working class section of Staten Island. It's not fancy, but a nice old safe neighborhood. It's just me my wife, daughter and dog and we are happy that we are not struggling to live there. Also, in two years I will have the mortgage paid off at 47.
Also, read what Dave says about mortgage tax deductions. It is a financial myth that is simply not as great as some think it is.
Finally, I truly believe if this generation lived like our Grandparents, we would definitely not be in the mess we are in today. I saw this coming several years before it did. My wife constantly reminds me of that and now thinks I'm some financial genuis. LOL. It's just common sense, I saw McMansions being built everywhere I turned and I just knew these people were mortgaaging their lives away.
Not to be a downer, we all had a huge wake up call and it's time to rebuild. Good Luck on your journey and I think leaving that big mortgage payment behind will definitely give you a huge headstart.
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