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  1. #121
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by longtimeclone View Post
    Really? That is contrary is everything I have heard since the interest is deductible. Interest and depreciation should usually net to a tax loss in most cases.
    Yes...he is extremely conservative.

    I have a friend at work who is a big Dave Ramsey fan (even teaches the classes) and is very conservative with his money, but he has 5 or 6 rental properties and he has loans on all of them so even he knows when to go beyond some of Ramsey's advice.

    He bought all the homes off of foreclosure. He puts enough money into the places (and does most the work himself) to make them very nice to live in and and rents them out for much, much more than the mortgage payments.

    Very little risk to it and his is bright enough to be able to properly leverage the risks that are there.


    Last edited by capitalcityguy; 01-30-2013 at 10:52 AM.
    CCG

  2. #122
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by Bigman38 View Post
    It doesn't equate a loan to financial ruin, he just makes the point that you can save yourself a lot of money in the future by avoiding them.

    In our case we could afford a brand new car payment for years, but instead we decided that the cars we had were fine for the time being and put the money we would have been paying towards a car loan into a separate account. Now that account has enough money we can pay cash for a car, we never had to put ourselves at risk with a loan and we won't pay a penny of interest to anyone.

    You can have the loan and the truck you just couldn't wait for, I'll wait a couple years buy the same truck and put the extra cash in my pocket.
    Yes, but we got a very good interest rate on the loan because we purchased under the trade in value of the vehicle. When you pay off a 4 year loan in under 2 years, chances are the depreciation on any beater you purchase is going to about equal your interest on the loan, and to be quite frank it was worth the difference to me to not have to drive around in a crappy vehicle for two years.

    I have listened to Ramsey, and know people who follow him. To me, he is for people who have no financial acumen. He treats credit in much the same way alcoholics treat alcohol. If that's what some people need then more power to them I guess.



  3. #123
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by NorthCyd View Post
    Yes, but we got a very good interest rate on the loan because we purchased under the trade in value of the vehicle. When you pay off a 4 year loan in under 2 years, chances are the depreciation on any beater you purchase is going to about equal your interest on the loan, and to be quite frank it was worth the difference to me to not have to drive around in a crappy vehicle for two years.

    I have listened to Ramsey, and know people who follow him. To me, he is for people who have no financial acumen. He treats credit in much the same way alcoholics treat alcohol. If that's what some people need then more power to them I guess.

    If spending that extra is worth it to you that more power to you. Like i said i prefer getting the most out if money, that's why i choose to do it.


    Last edited by Bigman38; 01-30-2013 at 04:44 PM.

  4. #124
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    Re: Dave Ramsey Financial Advice

    Ramsey is pretty smart about most financial things, with the exception of giving to your church. That is just throwing money away that could be making you more money. Never a wise idea.



  5. #125
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by clonedude View Post
    Ramsey is pretty smart about most financial things, with the exception of giving to your church. That is just throwing money away that could be making you more money. Never a wise idea.
    You really had to go there, didn't you.



  6. #126
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    Re: Dave Ramsey Financial Advice

    The only thing I don't like about Ramsey is that I don't think he emphasizes investing as much as I think he should. Paying off debt quickly is a great thing, but investing at a younger age is also a great thing. Still a big fan of his



  7. #127
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    Re: Dave Ramsey Financial Advice

    Funny. I opened this thread thinking "What will I disagree with clonedude about?"

    I had no idea he was going there. You have topped all expectations.


    Since we are an elite team now, let's go get that One Cyclone Moment.
    Make this one for the ages!




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  8. #128
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by CycloneErik View Post
    Funny. I opened this thread thinking "What will I disagree with clonedude about?"

    I had no idea he was going there. You have topped all expectations.
    Is your question isolated to this thread? It certainly is not for me!



  9. #129
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by farminclone View Post
    Is your question isolated to this thread? It certainly is not for me!
    He sprinkles some good posts in there. This wasn't one of them.


    Since we are an elite team now, let's go get that One Cyclone Moment.
    Make this one for the ages!




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  10. #130
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by clonedude View Post
    Ramsey is pretty smart about most financial things, with the exception of giving to your church. That is just throwing money away that could be making you more money. Never a wise idea.
    Huh? no charities? None?


    "To run this drill, Everyone line up in a circle, pair up in rows of three, alphabetically"

  11. #131
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by mkadl View Post
    Huh? no charities? None?
    It's a good idea. As long as everyone lives for themselves, things work out pretty nicely.


    Since we are an elite team now, let's go get that One Cyclone Moment.
    Make this one for the ages!




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  12. #132
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by Doc View Post
    You really had to go there, didn't you.
    What? Strictly from a financial perspective, giving to your church is not a good idea. That is a fact.

    Now, whether or not you get some kind of personal or moral satisfaction from it, that's a different story. But speaking in terms of finances ONLY, it's not a smart decision.

    If you have a large amount of credit card debt, for instance, no financial advisor worth a darn would suggest you give to your church over paying down your credit card debt.



  13. #133
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    Re: Dave Ramsey Financial Advice

    Quote Originally Posted by IcSyU View Post
    The chances of a financial emergency arising are so minute for a 23 year old male that I'm not going to stay awake at night in fear of it happening. Will I be an idiot about spending? No. Will I only eat ramen and ride a bike to make sure I save every penny just in case something would happen? Hell no.
    Well....Let's say a surprise child enters the picture. That's truly a paradigm shift. Or a sudden health problem.

    I know, you're 23 and feel indestructible. Been there, done that. Things change and emergency's do happen.



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