Posted on 12/28/2024 1:11:54 PM PST by Responsibility2nd
In a podcast, personal finance guru Dave Ramsey boldly declared that even if offered $1 billion at 0% interest for 10 years, he wouldn't take it. That's right, not even a billion dollars with no interest could tempt Ramsey to break his cardinal rule of never borrowing money.
……
"Mathematically, it might make sense," he admitted. "But I built a career and financial success on avoiding debt and I'm not about to change that now. Borrowing money is an unnecessary risk and I'm not interested in playing that game."
(Excerpt) Read more at finance.yahoo.com ...
“It’s called hyperbole to make a point.
Borrowers are beholden to others.”
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Exactly...
You are wrong. Read the thread before making goofy comments.
If Ramsey is indeed worth $200 million then it’s because ....
1. He’s profited off of poor financial dummies. $129.99 times millions of dummies is a pretty sweet scam.
2. He’s borrowed and gone into debt to grow his business empire.
How can he say never borrow or go into debt when he does so?
So usually my financial small group has a mixture of both. Every now and then somebody will say that it's not fair that he/she didn't have a father in his life. I ask if it's going to be a source of bitterness or a source of motivation to make sure his kids have it better. There's almost always a black couple who speak up and say that the fatherless motivated them to make sure their kids didn't have the same problem. And from there we usually focus on budgeting, saving and investing.
Unlike Ramsey I don't spend the first month or so on nothing but budgeting and baby step goals, making everybody bored. I usually mix it up between investing and budgeting. ("Okay. Now that we've shown how much investments can grow if you stick to it, let's make a budget so we can have money to advance towards our goals and make wise goals to get where we want.")
Usually race doesn't come up in a bitterness way. Usually it comes up with some humor about budgeting ("y'all don't know how much black girl hair do's cost"). The few times race does come up in a manner of it-ain't-my-fault-I'm-broke-cuz-of-white-people, I learned a long time ago not to try to win it with facts at first. I use the word "bitterness" as a Christian buzz word to poo poo on their racist belief.
After we've all gotten to know each other for a while, sometimes I pull that person aside and tell him/her that my being white ain't got a thing to do with her not knowing who her daddy is. So is she going to let the media and political class keep telling her not to make wise decisions because of the flat out lie of blaming whites, or is she going to quit leaning on the crutch that's really a shackle with a voluntary lock and decide to unlock the shackle and focus on making godly decisions so her kids don't have the same fate she does? But that has a chance of working only if we've gotten to know each other well enough to get a feel for who'd benefit from the tough love grumpy uncle talk.
Yeah, I’d do that.
Great information, awesome to hear what you are doing.
Would be great to get coffee with you if you lived in my area!
Wow. In that answer, he sounds just like a very rich person who doesn’t want to bother because he doesn’t need any money.
In which case the bank doesn’t simply steal $450,000 from you. The equity in your home over and above your $1 debt belongs to you, so you will get several hundred thousand dollars back after the foreclosure sale.
Mortgage banking is a bad example to use when assessing the viability of debt. U.S. banking laws are set up so that it’s one of the only sectors of the economy where the business gets screwed in favor of the customer.
The biggest risk with U.S. government bonds is inflation and interest rate changes. Earning 4% on a bond doesn’t work so well if the inflation rate rises to 6%.
Sam Hyde has the best economic advice.
And there you go!
I’d guess this must relate to the Homestead act?
Most people are financially stupid, hotshot. Most people are hedonistic and dig themselves into a big hole. Ramsey is there to help them dig out with simple, basic, easy to follow plans. He has sound advice for getting out of debt and living within or below your means. He’s helped thousands upon thousands of people. The Mrs. and me have generally followed it and it’s paying off.
We do however both have Alaska Airline credit cards that we use and pay off to get miles for trips.
What have you don’t to help so many people!?
Apparently you can get commercial loans that are non-recourse in YX
“ Yes, you can obtain a non-recourse commercial loan, but it depends on factors like the lender, property type, and borrower qualifications. Non-recourse loans protect borrowers from personal liability in case of default, limiting the lender’s recourse to the collateralized property. They are common for high-quality assets like multifamily properties and are offered by lenders such as CMBS providers, life insurance companies, and specialized brokers. However, they often have stricter qualification criteria, higher interest rates, and specific carve-outs for “bad acts”.
Texas was the very last state in the Union to allow Home Equity Loans.
Our lawmakers thought Texans were too stupid to manage their own property and finances.
I'm not sure financing a depreciating asset can be a good thing. Financing an appreciating asset can be a good thing.
Ramsey provides good advice for people who have a problem controlling their spending. People who are savers and investors can use borrowed money to make money.
Most people??
Just because you fit the profile of the average Ramsey acolyte don’t presume most people are too stupid to manage their money.
I’m on track and doing well, thanks for your concern. We were dumb when younger but started getting better with help from Ramsey. Got a 401k, pension, IRA, gold, silver, and crypto. I’m good.
Why are you so angry and bitter about a guy that has helped so many people?
Acolyte? Really?
It was a credit card balance transfer offer. I used the money to pay down our 9% mortgage. I figured if I had to take out a new loan in a year it’d be worth to save over $2,000. But after a year I had the money to pay off the credit card.
I then received the same offer and it did again. So a third of our mortgage wax paid off through 0% loans.
I looked at the Ramsey “Financial Peace University” outline and knew it’d be a waste of time for me or someone who can manage his finances well.
I thoroughly disagreed with his anti-credit card approach. We’ve earned over $100,000 in credit card travel and other bonuses. And when we had to borrow money for a while we used credit card debt, moving the balances around with balance transfer deals. When it was finally paid off our average interest for an unsecured loan was 2.9%.
Ramsey’s medicine is designed for people that dont have the knowledge and discipline that you have.
Song. Thanks.
If Erin Burnett ($6 million dollars a year) is replaced to save money on MSNBC’s show Out Front this dancer could take over.
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