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Interesting about the disability insurance.
I just started “listening” Dave Ramsey this past year.
Dave is great.
His advice never gets outdated.
I disagree on the timeshare pitch as a waste of time, as well as on the quality of the free room and the free food. I’ve done three of these pitches and plan to do at least two more (when my kids are the right age, I bring them along for the sales pitch after doing the numbers with them and explaining how the sales people will try to pitch the timeshare. My kids come out with an appreciation for high-pressure sales (today only or you lose the $3000 value “bonus”, and other lines that I predict). They come out with an understanding of finance, present value of money, and hidden costs. These sales vacations are among the best teaching vacations that you can take. Besides, the rooms and the amenities have always been quite nice when I have done these.
about the time share;
Got an offer a few years ago for a couple of nights at the Smokey mountains. The motel was free if we sat through the sales pitch. We needed a vacation anyway so my wife and I enjoyed our stay. After the hard sell personal sales pitch I quietly laid out the financial stupidity of it all and our salesman immediately changed his tune to; “Obviously you guys don’t qualify” and moved on to his next victim.
I have never bought a new car. I have never leased a car. Our home is almost paid for. I have a couple of credit cards which are immediately paid before the 30 days. I have no other debts. I have developed other incomes besides my day job.
I filed bankruptcy more than 20 years ago because of foolishness. I wish Dave Ramsey was around then, I learned most of my financial skill by learning from my mistakes :-)
Thanks, I was not aware Dr. Stanley had a new(?) book, but I will have to look into it.
If you don’t have the cash to pay for it outright, then you can’t afford the thing. It’s just that simple!
If you need a vehicle for business and it will make you money, then I have no problem with financing it. Would it be better to pay cash if you have it to avoid financing? Probably. But unlike a lot of other business purchases it is easier to get financing for a vehicle (because it can be repossessed), so that frees up cash for other business expenses.
On the other hand, leasing is a trap. Expenses to get into it, and even more expenses to get out because I have never known anyone to just leave at the end of a lease without having a thousand or so dollars of "excess damage" fees. They could have kept the car hidden in a garage for three years and it would still have excess damage.