Other Talk "Otterville" plus Religion/Politics

Dave Ramsey

Old 05-09-06, 11:13 AM
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Dave Ramsey

I can't remember who recommended it last week, but I just read Dave Ramsey's book, "Financial Peace Revisited" and found it very interesting, with lots of useful information. So whoever it was, thanks!
Old 05-09-06, 11:16 AM
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You're welcome....
Old 05-09-06, 11:17 AM
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Actually, it was mosquitobite first. Then tbird2340. In that "My parents have $200,000 in credit card debt" thread.
Old 05-09-06, 11:18 AM
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It was mosquitobite and tbird2340 in this thread.


Edit: son of a....
Old 05-09-06, 11:18 AM
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Booyah. IBTjdodd.
Old 05-09-06, 11:29 AM
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You're welcome. I think he's great. Common sense great, but great nonetheless.

If more people knew how peaceful life could REALLY be without debt...

And as always, it's about choices. Everything in life is a choice, right?
Old 05-09-06, 11:32 AM
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As someone who owns the book and has been to his seminar, let me save those of you who haven't been a few bucks-

1.) Don't buy what you can't pay cash for
2.) Budget wisely and use cash envelopes for things like groceries
3.) Don't buy new cars
4.) Hit the scratch and dent stores when you can
5.) Utilize the "debt snowball"- pay off the smaller debts first and then roll those payments over to the next biggest debt after you've paid one off.
Old 05-09-06, 11:38 AM
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Originally Posted by Turd Ferguson
As someone who owns the book and has been to his seminar, let me save those of you who haven't been a few bucks-

1.) Don't buy what you can't pay cash for
2.) Budget wisely and use cash envelopes for things like groceries
3.) Don't buy new cars
4.) Hit the scratch and dent stores when you can
5.) Utilize the "debt snowball"- pay off the smaller debts first and then roll those payments over to the next biggest debt after you've paid one off.

Basically if you can't afford it NOW, and it's not a NEED, don't buy it.

No you just *want* a new car. The old one runs just fine.
Old 05-09-06, 12:07 PM
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I've had some friends go to the seminar and get all into into it and they start telling me all about it, and it always seems like common sense stuff. Practicing it is one thing, but common sense nonetheless.

Still wouldn't mind checking out the book though.

Also find it ironic that his website is $90 a year. Can't exactly pay cash for that, now can I, Dave? Also nothing quite like milking someone who is obviously already strapped when they are looking for a solution to debt.
Old 05-09-06, 12:16 PM
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Originally Posted by Michael Corvin
Also find it ironic that his website is $90 a year. Can't exactly pay cash for that, now can I, Dave? Also nothing quite like milking someone who is obviously already strapped when they are looking for a solution to debt.
What a hypocrite.
Old 05-09-06, 12:32 PM
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Actually, he doesn't take credit cards on his website. Check or debit card only.
Old 05-09-06, 12:37 PM
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I just did his "free personal reality check" and got the following results:

By age 65:

Your plan: Savings of $180,024
Dave's plan: Savings of $-2,994,453

Thanks Dave!
Old 05-09-06, 12:38 PM
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Originally Posted by Tracer Bullet
What a hypocrite.
Actually he gives away tons of stuff and does alot of free counseling, but he's gotta pay the bills just like everyone else.
Old 05-09-06, 01:13 PM
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Yeah, I like Ramsey and his whole system, and all are right, it is all basic common sense. But as we know, common sense isnt so common. But just like with everything, nothing is a one size fits all, so you take his basic premise and go with it. Sure he is a bit heavy handed with the religious aspects, but I can deal with that, and toss it out because it doesnt apply to me. And even though mosquito mentioned it, he doesnt take credit cards. He does practice what he preaches. But following the basic outline (the debt snowball) I have been able to really dramatically reduce my debt. Not a member of his website, but I listen to his show on XM and got the book from the library a few times, and its quite interesting. If for any other reason, I dont think you can ever have to much financial education and advice.
Old 05-09-06, 01:28 PM
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Turd Ferguson

As someone who owns the book and has been to his seminar, let me save those of you who haven't been a few bucks-

1.) Don't buy what you can't pay cash for
2.) Budget wisely and use cash envelopes for things like groceries
3.) Don't buy new cars
4.) Hit the scratch and dent stores when you can
5.) Utilize the "debt snowball"- pay off the smaller debts first and then roll those payments over to the next biggest debt after you've paid one off.
What a visionary. Let me save him 4 steps.

1.) Don't buy what you can't pay cash for

The End

das
Old 05-09-06, 01:55 PM
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Originally Posted by das Monkey
What a visionary. Let me save him 4 steps.

1.) Don't buy what you can't pay cash for

The End

das
Ummm ... I think he says it's okay not to pay cash for a house. Good thing, huh?
Old 05-09-06, 02:01 PM
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"You fat cats didn't finish your plankton; now it's mine!"
Old 05-09-06, 02:20 PM
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I like to order water at the restaurant, then get a bunch of lemon wedges and make lemonade for FREEEEEEEE!!!!!!11
Old 05-09-06, 02:33 PM
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I have listened to him, and he is okay. I find that his "method" will really only make you comfortable, though. He doesn't seem to do much in terms of explaining bad debt and good debt. If I used his method, I wouldn't own rental properties.
Old 05-09-06, 02:36 PM
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You fatcats didn't finish your plankton, and now it's mine!
Old 05-09-06, 02:42 PM
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Originally Posted by Turd Ferguson
2.) Budget wisely and use cash envelopes for things like groceries.
And if you lose your envelope, starve for the week.

I could never do a cash envelope budgeting system. I don't like to carry large amounts of cash. I prefer to put everything on my credit card (which I pay off every month) and that way I have a good record of where I spent all my money at the end of the month.
Old 05-09-06, 02:59 PM
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Nor only that Jadzia, but you get miles/points/cash back if you use your credit card.
Old 05-09-06, 03:00 PM
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kvrdave

I have listened to him, and he is okay. I find that his "method" will really only make you comfortable, though. He doesn't seem to do much in terms of explaining bad debt and good debt. If I used his method, I wouldn't own rental properties.
I'm not overly familiar with the guy, but it seems like his target audience is people who can't avoid getting themselves into trouble (terrible at math, have no self-restraint, whatever). I mean, "cash envelopes" for groceries? It's foolish to pass up credit card reward points/cash back programs on frequest purchases like groceries unless you just can't control yourself otherwise.

das
Old 05-09-06, 03:09 PM
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Originally Posted by ChiTownAbs, Inc
Nor only that Jadzia, but you get miles/points/cash back if you use your credit card.
Amazon gift certificates.

Cash is so last century.
Old 05-09-06, 03:42 PM
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Originally Posted by das Monkey
I'm not overly familiar with the guy, but it seems like his target audience is people who can't avoid getting themselves into trouble (terrible at math, have no self-restraint, whatever).

das
Which is probably about 95% of the people in this country...I wouldnt say it has alot to do with being terrible at math, but you hit the nail on the head with the no self-restraint issue. Ill be the first to admit my wife and I are this type of person. Well, we used to be. We actually are both great in math, but self-control was a whole other issue. The fact is for the majority of people, there is no such thing as good debt. Few seem to be able to use it wisely, but I think most just dont.

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